There are 2 simple stages to joining Sovereign Credit Union
* As with all regulated financial services, the law requires us to confirm your identity, normally by seeing two forms of I.D:
For more information or for help, please contact us and well will be happy to assist you.
This is our main account for members over the age of 18. It is also called an Ordinary Share Account because having money in it shows that you own shares in the Credit Union. You choose how much you want to save and how often. Save for a ‘rainy day’, a holiday, a wedding or just about anything. Details of ways to make your savings payments are outlined under ‘Frequently Asked Questions about making payments and withdrawals’. Once you have your login details you can create a statement on you account page.
You can withdraw your savings when you wish. You can obtain a copy of our withdrawal form from our office or from the file below.
Despite being able to withdraw their money, many members prefer to leave their savings in the account and use them as the basis for applying for one of our loans to obtain what they are looking for.
Only the savings in this account are considered when judging a member’s eligibility for a loan.
Junior savings accounts are available for members under 18 and come packaged with parent/guardian controls which can be specified when the account is opened. Each application must include the details of a parent or guardian. On the member's 18th birthday Junior Savings Accounts will automatically become Ordinary Savings Accounts. You can obtain a Junior Application form from our office or from the file below.
You can make Christmas easy by putting money into our Christmas savings Account throughout the year. In early November your Christmas Savings will be transferred back to you. The big advantage is that it is money, which you can use anywhere, as opposed to vouchers which restrict your options.
You can deposit into your Christmas account as often as you wish and the account stays open indefinitely. Any money deposited after one Christmas’s savings have been paid to you will automatically start building your savings for next Christmas.
The interest payable on credit union loans is capped by law, which makes them fair and competitive. In addition Sovereign Credit Union offers a discounted interest rate when a loan is completely secured against the member's savings.***
So, Sovereign Credit Union loans are tailored to meet your needs, whatever size of loan you're looking for, from £50 to £5,000. Some commercial lenders won't consider small loans, but we will.***
You can choose the period over which you repay the loan, depending on the amount borrowed.***
The Small Print
*** Loan repayment costs are affected by the amount you want to borrow, the length of time over which the repayments will be made and whether or not the loan is completely secured against your savings. Please ask for a personal illustration.
We are a careful lender. We don't encourage you to borrow more that you can afford.
We aim to make a decision on a loan application within three working days. However, it is important that you answer all questions accurately and provide the information required. This will include two forms of proof of income e.g. three payslips if your are monthly paid, six payslips if you are weekly paid, bank statement(s) covering at least three months, and/or a benefits letter. In some circumstances we may need to ask for additional information.
Some members choose to use this account for active money management while continuing to save and, if they wish, become eligible for our loans. Money is paid into the accounts in the form of wages, pension, benefits or a regular standing order. This money can be divided in up to three ways:
When we receive your application for this account we will provide you with further details about how the account works, and confirm the instructions from you on how you want to operate the account. We may ask you for documentation regarding any bills you wish to be paid, in order to avoid confusion. Bill paying is subject to the terms and conditions of the company you wish to pay.
For more details of the Prepaid Card, please contact us.
Q How can I put money into my account?
A1. You can pay in cash at our office at 11 The Square, Cumnock KA18 1BG.
A2. You can arrange payments by one of the following methods:
Q. Is there a minimum amount for saving?
A. No. It's up to you how much and how often you save.
Q. How can I withdraw money from my savings?
A. Withdrawals are normally made by bank transfers. Just call or visit our office, or obtain a withdrawal form by following this link.
Q. Is there a fee for adult members?
A. There is no joining fee. All adult members are charged an annual fee of £5 which is deducted from their Ordinary Savings Account on or near the 1st of October each year. (If a member wishes only to have a Christmas Savings Account then a nominal Ordinary Savings Account is opened in their name to hold £5 from their savings pending each 1st of October.) There is no fee for junior members.
Q. What happens if my savings balance falls below £5?
A. If there is less than £5 in your Ordinary Savings Account, and/or your annual fee is not paid, then the account becomes dormant. However, the account can be reactivated at any time simply by resuming saving.
Q. Is there an annual fee for junior members?
A. There is no joining fee nor annual fee for junior members.
Members of credit unions have been sheltered from financial turbulence because credit unions don't speculate with their members’ money on global markets. The money they raise locally through savings is ploughed back into the community in the form of affordable loans to members.
The credit union has been a lifesaver for us, providing loans that are affordable and flexible. We have been able to move house, furnish and decorate thanks to Sovereign Credit Union loans. We are now planning a trip to Australia, financed by another loan.
Over the past few years, the credit union in Cumnock has provided me with a friendly and professional service that has made saving and borrowing simple.
Sovereign Credit Union
11 The Square
Phone: 01290 420044