Invest in your community
A Hoot Community Savings Account is for organisations and groups looking for an ethical and mutual place to deposit and manage their money or invest in savings
By using a Community Savings Account you are safe in the knowledge of knowing your money is carefully invested back within the community to provide fair and reasonable loans to individuals. Plus you become a shareholder of the credit union and have a right to vote like any other member.
Who is the Corporate Account for?
Can any organisation have a Hoot account?
If your organisation, group or business has a place of business or operates in the area covered by the common bond you are eligible for a Hoot account.
When you open a Community Savings Account you will become a corporate member of the credit union. You will then be able to deposit savings.
As a corporate member of the credit union you will have the same rights as individual members including one vote at our Annual General meeting. The credit union rulebook outlines the rights, rules and limitations of corporate membership.
When you open a Hoot Community Savings Account you will get:
We are sorry but Hoot Community Accounts do not offer cheque books, debit or credit cards, overdrafts, direct debits or standing order facilities.
*Charges apply ‡Maximum of 5 cheques issued per year.
When your organisation applies to become a credit union member you must nominate someone to hold the authority to act on behalf of the organisation.
An incorporated body is a member in its own right. If you are an incorporated body your nominated person on will be known as the Corporate Representative.
An unincorporated association must be represented by an individual/s. If you are an unincorporated body your nominated person will be known as the Designated Representative. That individual may also me a member of the credit union in their own right.
Individual signatories do not need to meet the eligibility above but the organisation must meet eligibility. We may ask for additional evidence of eligibility or verification of your organisation in addition to the application requirements.
You may nominate additional signatories to the account by completing the relevant section of the application form but the Representative will be responsible for the account.
We also require details of all shareholders, directors or beneficial owners holding more than 25% of shares in the organisation who are not signatories. If you have such shareholders in your organisation, please ask for a supplementary application form.
Each Representative or signatory must provide evidence of Identification in line with the credit union’s obligations on Anti-Money Laundering.
Return on deposit
All members receive a share in the organisation’s trading surplus, called a ‘dividend’ rather than a fixed rate of interest. This is paid annually, depending on credit union performance and the agreement of members at the AGM, as a percentage of your deposit and is not guaranteed.
Financial Services Compensation Scheme
Hoot Credit union is a member of the Financial Services Compensation Scheme which means that some corporate deposits are protected up to £85,000.
Most types of claimants are eligible to claim compensation for deposits. But there are some limited exceptions, such as claimants who are authorised financial services firms or public bodies.
Details of how savings are protected and information on exclusions from protection by the FSCS can be found in the leaflet Protecting Your Savings.
The website www.fscs.org.uk has more details.