1. What charges are there to open a new savings account?
There is no charge to open a new savings account.
Open a savings account now
2. Can I apply for a savings account by post?
Yes, you can apply by post. Download Membership Application Form (552.4kb) or call us on 01903 237221 and we will send you one.
3. How many savings accounts can I have?
You can have up to four savings accounts, or three savings accounts and one loan account.
4. Can I open a joint savings account?
No, unfortunately you cant open a joint Boom! savings account.
5. How can I pay into my savings account?
To pay into your account you can:
- Transfer money directly from your bank or set up a standing order from your bank account
- Make cash deposits into the account at our offices in Crawley or Worthing
- Pay by cheque made out to West Sussex & Surrey Credit Union and with your account number on the back. Send your cheques to Boom!, 129 Montague Street, Worthing, BN11 3BP.
To set up a standing order or make a bank transfer, our details are:
- Account number: 65313363
- Sort Code: 08 92 99
- Your reference is your savings account number.
If your employer is a member of our Save As You Earn Scheme, they can pay your savings directly into your account.
6. How is my money protected?
Your savings with Boom! credit union are protected by the Financial Services Compensation Scheme. So, if for any reason the credit union was to fail you would get all your money back.
7. If I have a Save As You Earn account, how do I change the amount I want to save each month?
You can change the amount you want your employer to put in your credit union savings account each month through the smart phone app, website or by emailing firstname.lastname@example.org.
8. How can I check the balance of my savings account?
You can use our smart phone app, login to our website or call us to check your balance.
9. How do I withdraw money from my savings account?
You do not have to give us any notice that you want to withdraw your savings.
You can transfer your savings to a current account by logging into your online account. Transfers will usually go through on the same day if you make them on Monday to Friday. If you request a transfer after 4pm on Friday it will only be paid into your bank account the following Monday (or the following Tuesday if the Monday is a Bank Holiday).
Use a prepaid card
You can apply for a credit union prepaid card that is linked to your savings account. You can top it up from your savings account and use it as you would use a debit card. Find out more about getting a prepaid Visa card
You can call us on 01903 237221 to request a withdrawal and we will send you a form to complete and a reply paid envelope. Once we get the form back, we can issue your cheque or pay the money into the designated bank account on the same working day.
(Because your savings represent your shares in the credit union, this is sometimes called a share withdrawal request.)
Visit us in Worthing or Crawley
You can complete a share withdrawal form at our offices. We can then either transfer the money into your designated bank account immediately, or issue you with a cheque. If the cheque is for £500 or less you can cash it for free at specific local post offices. We cant make cash payments. Please remember to bring proof of ID with you.
10. How are dividends calculated and paid on my savings?
We pay dividends on your savings in April each year. These are calculated over the financial year, which runs from 1 October to 30 September. We do not deduct any tax from your dividend, and will pay it directly into your primary savings account.
11. Do I have to pay tax on the dividends paid on my savings?
Unlike banks, we don't deduct any tax directly from the dividend we pay you. You should declare your dividend to the HMRC and they will advise you on what tax you may owe.
12. Do I get paid a dividend if I close my savings account before the end of the financial year?
No. Our financial year runs from 1 October to the 30 September, and we only pay dividends on accounts that are active on the 30 September. Dividends are paid in arrears in April.
13. Can I get a prepaid card for my savings account?
Yes, you can. All adult members of the credit union can apply for a prepaid Visa card. You just need to be 18 or over and have a mobile phone that can receive text messages.
Find out more about our prepaid card
14. Can I get a prepaid card for my childs Junior Saver?
No, unfortunately we cant issue prepaid debit cards for junior savers. You need to be 18 or over to use our prepaid card.
15. With a Junior Saver, what happens when the child turns 16?
When the child turns 16, their Junior Saver will automatically be converted to a Boom! Saver Account.
16. Do I have to pay tax on the dividend paid into my childs savings account?
In most cases you won't need to pay tax on the dividend paid on a Junior Saver. Just like adults, children get an annual tax free allowance (£11,000/year in 2016/2017), so unless your child has an annual income greater than their personal allowance or they earn more than £100 in interest a year on money given to them by their parents, they won't have to pay any tax.
You can find out more at https://www.gov.uk/savings-for-children