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Savings - FAQ

Frequently asked questions

How do I open an account?

To open a savings account, simply become a member of Kent Savers.  To be a member of Kent Savers, you can apply to join online, or complete the membership application form in full, enclosing the appropriate documentation. We require proof of your identification as well as proof of your address in order to verify your identity and comply with anti-money laundering regulations. We may also obtain an identity check from an online credit reference agency.

What accounts do you offer?

Kent Savers offers a savings (share) account, a notice account, an Xmas account and a Community Investment account for members aged 18 and over, and a junior savers account for those under 18. Our share account requires £3 or more in it at all times in order to keep it open, and there is a £2 annual membership fee. The maximum you are able to save with us £18,000.

How much interest do you pay on savings?

As a co-operative, Kent Savers pays a share of the profits each year to members in the form of a dividend on their shares. The dividend is based on each member’s average daily savings balance.  The dividend is decided by our members at our annual general meeting.

Is my money safe?

Kent Savers is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small business – are covered by the scheme. In respects of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account. For further information about the scheme (including the amounts covered and eligibility to claim) please ask your local branch, refer to the FSCS website or call 0800 678 1100.

How do I pay into my account?

You can pay into your savings account by Direct Debit, Standing Order, Internet Banking, Cheque, Payroll Deduction, through the Pay Point scheme at the Post Office and selected newsagents, via your mobile phone or online.

How do I withdraw my money?

You are able to withdraw money from your savings account by completing a Share Withdrawal Form. Please read the How to Withdraw Your Shares information sheet carefully before completing the form. If you wish to withdraw your shares, please download and complete the form.

To withdraw money by BACS, we will ask to you to register details of your bank current account. We''ll use your registered account for any payments we make to you such as share withdrawals and new loans.

Do you offer an ISA?

Kent Savers does not offer an ISA product.  However when we pay a dividend on members'' savings the dividend is paid gross, i.e. without deduction of tax.

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Kent Savers Credit Union Tel: 0333 321 9050 Email: info@kentsavers.co.uk Web: http://www.kentsavers.co.uk
Kent Savers Credit Union is authorised by the Prudential Regulation Authority and regulated by the Prudential Regulation and Financial Conduct Authorities - Firm No. 503258