The Regular Savings Account is set up automatically upon joining the credit union.

To be a member of Hoot Credit Union you must be 16 years or over and either live, work, study or volunteer in any of the postcodes within the common bond area or be employed by one of our partner employers.

• View our list of partner employers in our Payroll Section.
• Find out full details of eligibility for membership by reading our common bond.

• Free Life Savings and Loan Protection Scheme (terms and conditions apply)
• All funds protected by the FSCS scheme
• Access your account online or via our app
• Withdraw by bank transfer or cash
• Maximum deposit of £15,000
• Potential annual dividend on savings

Once your account is open you will receive your welcome pack giving you information on how to make a deposit into your account.

Your eligible deposits with Hoot Credit Union are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.

Please click here to read “A guide to the Financial Services Compensation Scheme” or visit www.fscs.org.uk.

• To become a member of Hoot Credit Union a person must live or work within the common bond area at the time of application, be 18 years of age or over and have permanent UK Residency.
• Members must maintain a minimum balance of £1 to retain membership of the credit union.
• A member’s collective savings balance cannot exceed £15,000 or any such limit declared by the credit union in accordance with regulatory limits.
• Deposits may be subject to Money Laundering Verification. Lump sum deposits may be made by cash, bank transfer or Prepaid card, subject to any applicable limits.
• We regret that we cannot accept personal or third party cheques as deposit. Cheques from approved organisations made out to the member are accepted and require ten days clearance from the date of deposit.
• Members may make unlimited withdrawals, subject to the terms of any loan or other services and subject to applicable withdrawal limits.
• An annual dividend may be paid, gross of tax, on some or all sums deposited, subject to surplus. Hoot Credit Union is not responsible for tax declarations and does not give advice on tax due on dividends. Please contact HMRC for advice.
• The dividend will be recommended by the Board of Directors and authorised by the members at the Annual General Meeting. Any dividend due will be backdated accordingly. Any dividend payable may be freely withdrawn by the member.
• Any dividend due is calculated for the credit union financial year which is 1st October to 30th September. Dividend can only be paid to active members accounts. Accounts closed after the financial year end (30th September onwards) but before the dividend is credited, will forfeit the right to any dividend due. Members who close their account during the financial year also forfeit the right to any dividend due. Dividend is not paid to any member that has a current bad debt within the credit union.
• A member may leave the credit union at any time without penalty providing no debts are outstanding. All share accounts will terminate on closure of the membership.
• The credit union reserves the right to apply certain charges to member’s share accounts. For details of these charges please refer to Tariff of Charges.