Key facts
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Dividend included?
Yes. This account pays an annual dividend, subject to approval.
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Life savings insurance included?
No. An Easy Saver account does not include life savings insurance.
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FSCS protected?
Yes. All your savings are protected by the Financial Services Compensation Scheme up to £120,000.
What our happy member say
“I started off with a loan and got used to not having that money so now I save it for when I need it. It’s very accessible.”
Shelley H
“Super easy to open an account and start saving.”
Mark P
Am I eligible?
To open an Easy Saver 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.
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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.
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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.
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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 Easy Saver account
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Complete our joiner form
An Easy Saver account will automatically be set-up for you when you join.
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Receive your account information
We’ll send you your membership number as part of your welcome pack.
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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 as often as you like, up to £25,000 in total across all savings accounts
- You can withdraw as often as you like, by phone or in person to your nominated bank account, or online to any UK bank account.
- 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.
Easy Saver FAQs
Below you will find out most frequently asked questions about our Easy 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
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
When can I close my Easy Saver account?
You can close this account at any time.
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.
Product Basics
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.
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.
Terms & Conditions: Easy Saver 1 Account
I have agreed to become a member of South Yorkshire Community Bank, and as part of becoming a member, I have automatically opened an Easy Saver 1 account.
I understand and agree to these terms:
- I can pay into and withdraw from this account at any time, using the methods outlined in my welcome letter, or on www.sycb.co.uk.
- 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 Easy Saver 1 account. Dividends are not guaranteed, and the dividend rate varies 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.
- Life savings insurance does not apply to my Easy Saver 1 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. I can also request copies of these documents via phone, email or post.
Funds in the Easy Saver 1 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.sheffieldcommunitybank.com or contact us by phone on 0114 276 0787, or email at admin@sycb.co.uk