Member deposits

Deposits are placed by members of the society with their own society. The terms are set by the board, approved through the general body, and published to the membership.

Request a callback How membership works

What members can place

Three kinds, and the right one depends on when you need the money back rather than on how much you have.

Savings

Money that stays available. Interest is credited as the bye-laws provide, on the balance held through the period.

Recurring

A fixed amount placed each month for an agreed term. Built for members putting something aside from regular income.

Term deposits

A sum placed for a fixed period. The longer the term, the better the rate the board publishes for it.

Rates, minimum amounts and terms are set by the board and published to the membership. The society tells you the current terms before you place anything.

What we tell you before you place a deposit

The society states the terms in full and in writing, in plain figures, before a member commits anything. A member should be able to repeat the terms back from memory.

Ask for the current terms

Stated up front, every time

The rateAs published by the board for that product and term.
The termWhen the money is available again, and what early withdrawal involves.
The riskA co-operative deposit carries the risk of the society. That is said plainly rather than left out.
Your nominationWho receives the deposit if something happens to you.

A co-operative society is not a bank and deposits with it carry the society's own risk.

How a deposit is opened

In person, with a member of staff, after membership. That sequence is fixed.

01 You are a member

Membership comes first. A deposit follows admission, never the other way round.

02 The terms are explained

Rate, term, early withdrawal and risk, stated in writing before anything is signed.

03 You place the deposit

At the society, with a receipt and a written record of the terms.

04 You hold the record

A passbook or certificate, and a nomination on file.

Ask about deposit terms

Leave your name and number and someone from the society calls you back with the current rates and terms.

Request a callback