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30-day Notice

Save up to £5,000 and receive added benefits for saving on a longer-term basis.

Get in touch to open
Family of three in front of autumnal trees. One adult has the child in his arms while the other holds an umbrella above them.

What is it?

  • Build a long-term savings habit with free life savings insurance (T&Cs apply)
  • Save up to £5,000
  • 30 days notice to withdraw
  • Up to 4 withdrawals a year

Key facts

  • Dividend included?

    Yes. This account pays an annual dividend, subject to approval.

  • Life savings insurance included?

    Yes. A 30-day Notice account includes life savings insurance which will pay a lump sum to your beneficiaries upon your death. T&Cs apply.

  • FSCS protected?

    Yes. All your savings are protected by the Financial Services Compensation Scheme up to £120,000.

What our happy members say

“Straight forward to deal with. Best to save with. You can watch your money grow.”

Dapper D

“As an impulsive spender it’s ideal because you get thinking time.”

Rachel C

Am I eligible?

To open an 30-day Notice account you must be:

  • 16 or over
  • A member of South Yorkshire Community Bank

What’s different about saving with us?

We’re a not-for-profit organisation. Which means we run our services focused on helping members and our community, not making the biggest profits.

  1. Why do you pay dividend rather than interest?

    Each year, we have costs to run our community bank. Our surplus is what’s left after this.

    We use this surplus to invest in improving services and reward savers with a dividend. So when we do well, you do too.

  2. How much dividend will I get?

    In most years we do make a small surplus.

    We aim to pay dividends equal to the interest rates on building society instant access savings accounts.

    Your dividend is calculated based on your average savings balance over the year. It is paid in the following March.

     

  3. Is my dividend guaranteed?

    Dividends are approved at our Annual General Meeting (AGM), and paid shortly afterwards.

    We can’t guaranteed that a dividend will be approved, and past performance is not a reliable indicator of future results. Read more about the dividends we have paid over the last five years.

How to open an 30-day Notice account

  • Get in touch

    Call, email, visit us or get in touch via our website to ask us to set up this account for you.

  • Receive your account information

    We will write to you by post to let you know we have set up this additional account. You will be able to view it on the app or via online banking.

  • Make your first deposit

    You can pay in by standing order, benefit transfer, cheque or payroll deduction, if you employer is part of our payroll scheme.

Managing your account

  • You can make deposits as often as you like, up to £5,000 in your 30-day Notice account and £25,000 in total across all savings accounts
  • You can withdraw up to 4 times a year, by phone or in person to your nominated bank account, or online to any UK bank account.
  • You must give 30 days’ notice to withdraw from this 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.

Google Play App Store

30-day Notice account FAQs

Below you will find out most frequently asked questions about our 30-day Notice 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.

Applying For A loan

How is my loan interest rate determined?

Interest rates can vary depending upon how much you borrow (which is shown clearly in the tables on each product’s page) and your credit score.

Interest and Dividend

How much dividend do you pay?

We cannot guarantee that a dividend will be approved at our Annual General Meeting, and past performance is not a reliable indicator of future results.

Your dividend will be calculated based on your average savings balance over the year, and paid the following March, shortly after the AGM. See more on our Dividends page.

If you do not want to receive dividends on your savings, please complete a Dividend Opt-out Declaration form.

Managing My Account

What do I do if I don’t want to receive dividends/interest on my savings?

If you do not want to receive dividends or interest, please complete a Declining of Interest or Dividend Payment Form.

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.

When can I close my 30-day notice account?

You must give 30 days’ notice to close this account. You can close this account even if you have already made the maximum number of withdrawals this year.

Product Basics

What is a 30-day Notice account?

A 30-day Notice account is designed to help you make long-term savings. You can save up to £5,000 in this account and will need to give us 30 days’ notice to make a withdrawal. You can only withdraw up to 4 times a year.

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.

How much can I save in my 30-Day Notice Savings Account?

You can save up to £5,000 in this type of account. If you’d like to save more, you can save up to £25,000 in total split between accounts. As with the 30-Day Notice account, some of our accounts have a savings limit. So be sure to check the FAQs for each type of account.

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.

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.

How can I withdraw savings from my 30-Day Notice Account?

To withdraw from your 30-Day Notice Account, you will need to give us a minimum of 30 days’ notice. You are able to withdraw from your 30-Day Notice Account up to 4 times a year.

Terms & Conditions: 30 Day Notice 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 www.sycb.co.uk
  • I can withdraw from this account up to 4 times each year. To withdraw from this account, I will contact South Yorkshire Community Bank by phone, online or at the office, at least 30 days before I want to receive my withdrawal.
  • This account includes free life savings insurance. If my next of kin makes a claim, subject to the insurance policy conditions, the insurance may increase the balance of my account, depending on my age at the time I paid into the account:
    • Money paid in before my 65th birthday: 100% increase
    • Money paid in on or after my 65th but before my 80th birthday: 25% increase
  • If South Yorkshire Community Bank makes a surplus and declares a dividend at the Annual General Meeting, I will receive a dividend as a percentage of the balance of my 30 Day Notice account. Dividends are not guaranteed, and the dividend rate may vary from year to year. I will not receive a dividend if my membership is dormant. I can find more information, as well as previous years’ dividend rates, online.
  • 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 in my 30 Day Notice account is £5,000. 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 www.sycb.co.uk. I can also request copies of these documents via phone, email or post.

Funds in the 30 Day Notice 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 www.sycb.co.uk or contact us by phone on 0114 276 0787, or email admin@sycb.co.uk.