Frequently asked questions

You can call in to our branch on Townhead Street in Sheffield city centre or on Effingham Square in Rotherham at any time during opening hours. Find address details here

You can email us on admin@sycb.co.uk and we’ll get back to you as soon as we can during our opening hours. If you are able to, you can also call us or call in to our branch.

Our opening hours are shown at the bottom of every page. We are closed at weekends and on Bank Holidays.

You can call us on 0114 276 0787 during our opening hours, email us on admin@sycb.co.uk, or pop in to see us. Our address and opening hours are on our contact us page.

No. We’re always here to listen and happy to help, whatever your money worries. If you need formal debt advice or other financial services that we don’t offer, we’ll point you in the right direction.

You can read more on our Money Management and Resources Hub. If you feel overwhelmed by your debt or outgoings, please reach out to a reputable organisation such as StepChange, MoneyHelper or Citizens Advice. They will be able to help you best. If you need help with your mental health right now, contact Samaritans or the NHS.

At the moment, we’re unable to offer live chat. To contact us, please call, email or pop in to see us.

We’re sorry you need to make a complaint. We aim to resolve all complaints to your satisfaction

You can email us on admin@sheffieldcommunitybank.com or call us on 0114 276 0787. You can also complete our complaints form and send it to us by email or post.

We aim to resolve complaints by the end of the third working day following the complaint. But if it cannot be resolved quickly, we’ll write to you with a full response or next steps within five working days. For more details on how we handle complaints, see our complaints procedure in full.

When you take out your first loan or make your first deposit, we will open a membership share account for you at the same time, using £1 from your deposit or £1 from your loan. This is your formal share in South Yorkshire Community Bank.

To join, you will need to complete an application form, which you can do online at the same time as applying for a loan or savings account. If you need any proof of identity, address or other information, we will contact you to ask for this.

Typically it covers local areas where people live or work, or certain employers who offer our payroll services.

Our common bond includes:

If you live or work in any of the following postcodes:

• All Sheffield and  ‘S’ postcodes
• DN postcodes: DN1 to DN12, DN14, DN17, and DN22
• DE postcodes: DE4, DE6, DE45, and DE55
• SK postcode: SK13

If you don’t live or work in these areas, you can still become a member if:

• Your employer participates in a payroll scheme
• You are an employee or tenant of one of our common bond partners.

Once you have been a member of South Yorkshire Community Bank, you can always be a member.

Anyone who is within our ‘common bond‘. Typically that is people who live in particular local areas, or who is employed by one of our participating employers.

A community bank is sometimes also known as a credit union. That means we’re a ‘mutual’. In other words, we’re owned by our members – our savers and borrowers – rather than shareholders. It also means we’re not here to make a profit, but to serve our community. Because we don’t make a profit, any money we make goes back to members as dividend, or to help improve our services and help more people in our local community.

We’re still regulated, and any deposits are protected, in the same way as mainstream banks. But we’re more personal and accessible, especially to those who may find it difficult to get loans from mainstream banks. Borrowing with us is fair and ethical at affordable rates, unlike some other lenders.

The more people save and borrow with us, the more we can help others in the community too. You can read more in our About us section.

Each member has to keep £1 in their Member Share Account to be a member of South Yorkshire Community Bank. This is your ‘share’ that means you own part of South Yorkshire Community Bank. It is held in your Membership Share Account so that you don’t accidentally withdraw your membership ‘share’ and close your account when you don’t mean to.

If you do not have a Membership Share Account with a £1 deposit, you will over time. That’s because we are gradually moving £1 into every member’s Membership Share Account. In the past, the £1 ‘share’ has sometimes been kept in other accounts or your main savings account, meaning it’s easy to withdraw it by mistake. The £1 is still yours and if you decide you want to leave Sheffeld Community Bank and close all of your accounts, as long as you do not have any loans left to pay, you will be able to withdraw it at that point.

Get in touch with us straight away and we can discuss next steps

Get in touch with us straight away and we can discuss next steps

Get in touch with us straight away and we can discuss next steps

You can download the app by searching for South Yorkshire Community Bank in the App or Play store. You can also scan the QR code or click the links on the promotonal panels thorughout the website.

If you are already a member, you can sign up for online services via our website or our app. To use the website, log in (via this link or any log in button/link). At the bottom of the first screen you see, you will see an option to “Sign up for an online account”. Click the link and follow the instructions.

To use the app, download the app from Google Play or the Apple App Store. At the bottom of the home (first) screen, you will see a link to set up your account.

If you are not a member, you can join via the app or the website.

If you have already signed up for online services but have forgotten your password, you will see links to reset your password in the same place as the links to sign up for online services.

If you are still struggling with access to inline services, contact us and we’ll do our best to help you.

No. You can only pay a cheque in at either of our branches, or you can send it to us by post.

Visit the app or online banking and follow the on screen instructions to reset your password

Yes! We will ask you what your loan is for when you apply.

Our Essentials Loan is a loan for small amounts over a maximum of 12 months that is designed to help you with life’s basics. Log in to apply.

You must be 18 or older to apply for a loan.

Yes! You can set up free Junior Saver accounts for your children, and have some or all of your Child Benefit paid into their account. You just need to request this when opening your account and the accounts for your children.

A Family Loan is where repayments come straight out of your Child Benefit. It also comes with a savings plan, to help you progress to even cheaper loans while building up a small nest egg.

You can also use any remaining Child Benefit to save for Christmas with our Christmas Saver account, or in an account for your child/children with our Junior Accounts.

A Payroll Loan is where the payment for the loan is taken directly from your wages or salary, before they are paid to you. Making it an easy way to manage your money. Payroll loans are only available with participating employers. Your employer will only know how much is being deducted from your wages. They will never know whether it is for a loan, savings or both.

A Progress Loan is our simplest loan. You do not need to save first and will pay back via standing order, rather than benefits or payroll. You do not need to own your own home to apply for a Progress Loan.

A Savings-Based Loan is a type of loan that requires you to save with us first, for a minimum of 12 weeks. This shows us you can make regular payments, and builds up a pot of money you can use as ‘security’ against your loan.

We have two types of Savings-based Loan. A Saver Loan and a Super Saver Loan. The Loan you are eligible for will depend upon how much you have saved and your credit record. You cannot make bulk deposits in your savngs to gain quicker access to a Savings-based Loan.

A Saver Loan is a type of loan that requires you to save with us first for a minimum of 12 weeks. This shows us you can make regular payments, and builds up a pot of money you can use as ‘security’ against your loan.

Anyone who would like a Savings-based Loan will first apply for our Saver Loan. With a Saver Loan, you can apply for three times your savings balance. For example, if you have saved £300, you can apply to borrow up to £900. Our Saver Loan used to be known as a Gold Loan.

If your credit record is good or better, you may be offered a Super Saver Loan.

A Super Saver Loan is a type of loan that requires you to save with us first for a minimum of 12 weeks. this shows us you can make regular payments, and builds up a pot of money you can use as ‘security’ against your loan.

If you have applied for a Saver Loan and have a good credit record, you may be offered a Super Saver Loan. This means you may be offered better borrowing interest rates than with our Saver Loan and be able to apply for more than three times the balance of your savings account. This may be as up to 10 times your savings if you have a excellent credit record, even if this is your first loan with us.

No. Our Progress Loan does not require you to build up savings before you apply.

Anyone over the age of 18.

All loans will be assessed individually, but as a minimum you will need to:

• Be able to prove income of £500 or more per month (from salary, benefits or other income) for the last 3 months.
• Not have had a Debt Relief Order of Bankruptcy order in the last 2 years.
• Not be currently in an IVA.
• If you are applying for a top up loan, have repaid at least 1/3 of any previous South Yorkshire Community Bank loan balance.

All credit applications are credit scored.

Once we have received your completed application, including your bank statements, we will send you an expected decision date.

On average loans are currently taking 1 to 2 working days for a decision.

Whenever you apply for any loan, a search is registered on your credit report. This may affect your credit score if your application is declined.

No, we assess all loans on a case-by-case basis.

Applying online or through the app is the quickest way. However, if you would like additional support pop into one or our branches and one of our team will be happy to help.

Once we have your signed agreement back, the funds will usually be sent to your bank account on the same working day.

Yes. There are certain circumstances where you can apply for more than one loan. They are if you wish to take out an additional essentials loan, speak to one of our team for further information

Alongside your application form, please provide:

• Your most recent three months’ bank statements.
• If you receive Universal Credit, a copy of your payment breakdown, showing the elements you receive and any deductions.
• If you are Self-Employed, a copy of your most recent self-assessment tax return, or a letter from your accountant confirming your income.
• If you have any other income not shown on your bank statements, proof of income – such as a wage slip if you are paid in cash, or letters for any benefits or pensions.

Yes. While it’s easier and faster to apply online, if you prefer you we offer a paper loan application.

You can request one by calling us, emailing us or coming in to see us.

Maybe. Most of our loans allow you to apply for a top-up loan. But some, such as our Essentials Loans, don’t. You can check the FAQs for the loan you want, or get in touch and we’ll be happy to help through our get in touch page.

Yes! We accept employment income and benefit income. As long as you receive a minimum of £500 per month in total, and can supply proof of all of your income.

Yes, though some of our loans are better suited to poorer credit histories than others. Check the key facts of each loan for this information. Generally, if you have a poor credit history, you’re more likely to be approved for one of our Savings-based Loans or, if you receive Child Benefit, our Family Loan (as long as you pay your Child Benefit to us).

Saving with us helps to show that you can maintain regular payments. It also builds up some savings that can be used as security against the loan. Whenever you apply for a loan, you should only apply for what you need.

That’s because the larger the amount of the loan, the higher your credit rating will need to be. Whichever loan you apply for, we consider all applications individually through the combination of an affordability and credit check. Find out more about how we make our loan decisions.

Yes. To close your loan account you will need to pay it off in full. Simply get in touch so that we can help you with the best way to do this.

You can view your remaining loan balance and payment history by logging in to online banking or the app.

You will have to change the standing order from a different bank account, we cannot do this for you

Yes, you can pay off your loan early. There are no additional fees when paying off early.

When your loan is approved, you will be asked to set up a standing order using the instructions provided. If you have any difficulties setting up your standing order, please get in touch so we can help you.

You will be sent a reminder to get in contact and make payment, if you fail to do so, we will commence our debt recovery process.

Junior Saver accounts attract interest at the same rate, calculated in the same way and applied at the same time as dividends. It is called interest rather than dividend because it is for a junior account and you do not have to be a member to open a junior account. Dividends can only apply to member accounts because members have a Share in South Yorkshire Community Bank.

Your Secured Savings account helps you to build savings so that you are eligible to receive our better value Savings-Based Loan.

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.

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.

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.

Each member has to keep £1 in their savings accounts to be a member of South Yorkshire Community Bank. This is your ‘share’ that means you own part of South Yorkshire Community Bank. Usually, it is held in your Membership Share Account, so that you don’t accidentally withdraw your membership ‘share’ and close your account when you don’t mean to.

If you do not have a Membership Share Account with a £1 deposit, you will over time. That’s because we are gradually moving £1 into every member’s Membership Share Account. In the past, the £1 ‘share’ has sometimes been kept in other accounts or your main savings account, meaning it’s easy to withdraw it by mistake. The £1 is still yours and if you decide you want to leave South Yorkshire Community Bank and close all of your accounts, as long as you do not have any loans left to pay, you will be able to withdraw it at that point.

You must be 16 or over to open a savings account. If you are under 16, your parent/guardian/trustee can open a Junior Saver account on your behalf.

To see the full range of savings accounts that we offer please click here

Not for any saving or loans product, however there is a £5 per month service charge for the Scuba budgeting account.

You can save up to a total of £25,000 with South Yorkshire Community Bank split between your chosen savings accounts. But some of our accounts have a savings limit so be sure to check the FAQs for each type of account.

Yes! Visit our Junior Saver page for more information.

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. You can close this account at any time.

When you turn 16 you will become a full member of South Yorkshire Community Bank and will start receiving dividends.

You can close you secured savings account when your loan is repaid in full.

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.

You can close this account at any time.

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

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)

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.

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.

Withdrawals are free of charge online. There is a £2 charge for prearranged or over the phone same day transfer.

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.

Dividends are a share of any money that is left over – the ‘surplus’ – from the money we make each year after we have paid our operating costs. Our operating costs include things like paying our people and bills, as well as investing in improvements to our services. Because South Yorkshire Community Bank is ‘member-owned’ we don’t have shareholders. Our members are our borrowers and savers. We are also ‘not-for-profit’, which means our main focus is helping people, not making money.

Dividend is paid on savings, though not all savings accounts receive dividends. It is a bit like interest, but the rate and amount paid depends on how well South Yorkshire Community Bank performs within the year. In most years we do make a small surplus and savers are rewarded with a dividend payment into their account. Savings accounts that do not receive dividends include our Christmas Saver account. Please check the terms and conditions of your savings accounts so that you know whether you will receive a dividend or not.

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

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.

Only the Junior Saver account is paid interest. Most other savings accounts receive a dividend, though some don’t, such as the Christmas Saver account.

Contact us and we can advise on next steps