Savings

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

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.

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.

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.

Yes! Visit our Junior Saver page for more information.

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.

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.

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.