Generic Savings Garden

Dividend Savings Account

Our standard membership account

Saving with us is easy, all you need to do is join the credit union.

Open a Dividend Share Account today and you will be joining the thousands of local residents who are already members of the credit union. You will have a share in an ethical business that works just for you and all the other members. Complete an application in minutes and open an account today and when the credit union makes a profit, you get a share of the dividend.

  • Convenient access to your money
  • Online account access
  • Same day bank transfers
  • Pay in with your PayPoint card

It costs just £5.00 to join the credit union and £3.00 of that is your initial shareholding.

You can deposit money into your Dividend Share Account at any time and it's easy to access your savings at any time.

We have online account access and if you have given us bank account details for yourself and third parties you will be able to transfer these during the working week.

Your savings are insured; in the case of sudden death your loved ones will have access to your funds and this may be topped up by our insurer.

We charge 25p each week to offset the costs of operating your account.

Anyone who lives and/or works within Suffolk, Cambridgeshire, or Norfolk can join as can tenants of various housing associations and workers in certain regional businesses. Please click here to check the full list.

Membership Terms and conditions

To become a member of Eastern Savings and Loans 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 £5 to retain membership of the credit union.

A member’s collective savings balance is not permitted to exceed the FSCS limits in operation at the time. Deposits may be subject to Money Laundering Verification. Lump sum deposits may be made by bank transfer, debit card, cheque or postal order, subject to any applicable limits. Cheque deposits require ten days clearance from the date of deposit.

Members may make unlimited withdrawals, subject to the terms of any loan or other services. Notice of withdrawal must be made by telephone, via the website or in writing.

An annual dividend may be paid, gross of tax, on some or all sums deposited, subject to surplus. ESLCU 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.

Regulation

Eastern Savings and Loans Credit Union is authorised by the Prudential Regulation Authority and Regulated by the Financial Conduct Authority and Prudential Regulation Authority. Our FRN is 213756.

Eastern Savings and Loans offers free life insurance on your savings and on your loans (terms and conditions apply).

The amount covered depends on your age when you put money into the credit union.  Insurance is paid on your shareholding at 100% of the amount saved between the ages of 18 and 64, and at 25% of the amount saved between the ages of 65-79.  There is no insurance on money saved under the age of 18 or over the age of 80. The maximum cover is £2,500.

How our free life insurance can help:

  • John is under 65 when he saves £2,000, but is over 65 when he dies. We pay out £4000: his £2,000 savings have been doubled by life insurance.
  • Emily is over 64 when she saves £2,000. Upon her death we pay out £2,500: the original £2000 has been increased by 25%.

Life cover protects and adds to your savings in case of death and repays your loan if you die before you have paid it off (terms and conditions apply).

Further details: