What is it?
- Start saving for Christmas in January
- Withdraw your savings during November and December
- Regular savers receive a free entry into a free prize draw for a luxury hamper*.
*For all account holders at 31st October, £200 minimum balance applies. Full Terms and Conditions available here.
Key facts
-
Dividend included?
No. This account does not pay an annual dividend.
-
Life savings insurance included?
No. A Christmas Saver account does not include life savings insurance.
-
FSCS protected?
Yes. All your savings are protected by the Financial Services Compensation Scheme.
What our happy members say
“I find it hard to save. South Yorkshire Community Bank has programmed me to save for my family’s Christmas presents so I no longer need to get into debt to provide them.”
Carole W
Am I eligible?
To open a Christmas Saver account you must be:
- 16 or over
- A member of South Yorkshire Community Bank
How to open a Christmas Saver account
-
Complete our Christmas Saver account form
Complete the Christmas Saver form and return by handing it in to a branch, by email or post.
-
Receive your account information
Once it is set up, we will write to you and you will be able to see your balance online.
-
Make your first deposit
You can pay in by standing order, benefit transfer, cheque or payroll deduction, if your employer is part of our payroll scheme.
Managing your account
- You can make deposits any time, up to £25,000 in total across all savings accounts
- You can withdraw from your Christmas Saver during November and December, by phone or in person to your nominated bank account, or online to any UK bank account.
- We will send you an annual statement by post or email in February.
- You can ask for additional statements at any time, free of charge, or see your transaction history online,
Get the app
Did you know you can manage your savings and loans with our app?
Scan the QR code on your mobile device to download the app now.
Christmas Saver FAQs
Below you will find out most frequently asked questions about our Christmas Saver account. For more FAQs, explore our Resources hub.
App and Online Services
Can I pay cheques into my savings account via the app?
No. You can only pay a cheque in at either of our branches, or you can send it to us by post.
Interest and Dividend
Are dividends paid on Christmas Saver accounts?
No. If you would like to be paid a dividend, a different type of savings account might be better for you.
Managing My Account
When can I close my Christmas Saver account?
You can close this account at any time, but you will lose the perks of the Christmas Saver account if you close it at any time other than during November and December.
How do I pay into my savings account?
You can pay in by:
- Standing order
- Payroll deduction if you employer is part of our payroll scheme
- Benefit transfer
- Cheque ( 14 working days clearing time)
How do I close my Savings account?
To close your account, you should withdraw the full balance, and stop paying in. If you have a regular deposit which is split across multiple accounts, please let us know how much you would like to pay into your remaining accounts in future.
Product Basics
What is a Christmas Saver account?
Save regularly for the festive period, with extra bonuses.
- Start saving for Christmas in January
- Withdraw your savings during November and December
- Regular savers receive a free entry into a free prize draw for a luxury hamper*.
*For all account holders at 31st October, £200 minimum balance applies.
What perks do I get with a Christmas Saver account?
Regular savers receive a free entry into a free prize draw for a luxury hamper*.
*For all account holders at 31st October, £200 minimum balance applies.
Will my savings be safe?
Yes. All your savings accounts with South Yorkshire Community Bank are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000. That means your savings are safe, even if something happens to South Yorkshire Community Bank.
Who is eligible for a Christmas Saver account?
If you are already a member of South Yorkshire Community Bank and can save at least £200 between 1st January and 31st October in any year, you can add a Christmas Saver account and benefit from the additional perks.
Savings Withdrawals
Are there any charges for withdrawing my money?
Withdrawals are free of charge online. There is a £2 charge for prearranged or over the phone same day transfer.
When will the savings in my Christmas Saver be available to withdraw?
You can withdraw from your Christmas Saver between 1st November and 31st December. If you withdraw outside of this period, you Christmas Saver will then be closed for the rest of the year.
How can I withdraw from my savings?
You can withdraw your savings to your nominated bank account online, by phone or by calling in to see us.
To withdraw your savings online, you can request a withdrawal (not available for junior accounts). Online withdrawals are free, and will be processed within one working day, excluding weekend and bank holidays.
To withdraw by phone, you will need to have set up a withdrawal password. If you have this in place, call us on 0114 276 0787. When you call, we will ask you some security questions, including your password.
To withdraw in branch, you can visit us at any time or complete a withdrawal form. There is £2 a charge to request withdrawal over the phone or in person. If you want to withdraw £10,000 or more, please contact us by phone or visit our office.
Terms & Conditions: Christmas Saver Account
I understand and agree to these terms:
- I can pay into this account at any time, using the methods outlined in my welcome letter, or on sycb.co.uk.
- I can only withdraw from this account between 1st of November and 31st December, inclusive. If I withdraw outside of this period, my Christmas Saver will be closed for the rest of the year.
- If I save at least £200 into this account by October 31st, by regular deposits, I may be entered into a Christmas prize draw for a hamper or another prize, and/or receive a shopping voucher*.
- Dividends are not paid on my Christmas Saver account.
- Life savings insurance does not apply to my Christmas Saver account.
- I have the right to cancel this account within 14 days of applying. If I do, all deposits and payments will be refunded, minus any administration fees or fees for services.
- The maximum balance I can hold across all of my South Yorkshire Community Bank accounts is £25,000.
- These terms may be varied from time to time, and I understand that I can find the current version, as well as the Credit Union Rule Book which details other requirements of membership, online at sycb.co.uk. I can also request copies of these documents via phone, email or post.
* These rewards are funded by the Illegal Money Lending Team, not by South Yorkshire Community Bank and is also subject to the free prize draw terms and conditions. If the Illegal Money Lending Team is unable to fund the rewards, and we are unable to find another sponsor, we may not be able to offer rewards. More info about the Illegal Money Lending Team: www.stoploansharks.co.uk
Funds in the Christmas Saver account are covered by the Financial Services Compensation Scheme, which protects deposits up to £120,000 in the event of the failure of South Yorkshire Community Bank. For more information visit www.fscs.org.uk.
In addition to these terms, more details on how we will manage your account, including the dormancy process for unused accounts, can be found in the New Joiner Information pack, Privacy Policy and FSCS Information Sheet. If you have not received these documents, or would like another copy, please visit sycb.co.uk or contact us by phone on 0114 276 0787, or email at admin@sycb.co.uk.