About your share account

When you become a Member of the Channel Islands Co-operative Society, an A Class share account will be opened with your £1 and you will become a shareholder.

You will earn dividend on qualifying products or services with us which will then be paid into your A Class share account as a lump sum after the declaration of dividend at the Annual Meeting of Members.

IMPORTANT: The position you occupy as a Shareholder of the Society is no different from that of a Shareholder in any other body corporate in the sense that, if in the unlikely event the Society becomes insolvent, you may not have, all or any, of your investment returned to you.

Adding funds into your share account

You can pay completed dividend stamp cards, cash or cheques into you’re A Class share account, all of which will earn interest on your invested funds and will be paid in January. The maximum balance you can hold in this account is £25,000. Any balances over £25,000 will be posted to you in the form of a cheque.

Please note we do not accept third party deposits of any nature into members share accounts. Any deposits into your account can only be made by yourself at the counter and any cheques paid in must be from a bank account in your name.

Withdrawing from your share account

You can withdraw any money you have available in your A Class share account at any time from our Post Office Counters, however you will need to leave in a minimum of £1 in order to continue to be a Member. Click here for details of our opening times.

Longer-term Saving

Members can also benefit from the Society’s B Class share account, which offers a higher rate of interest on balances from £1,000 to a maximum of £75,000.

Please note all withdrawals from a B Class share account are subject to a 90 day wait period. 

IMPORTANT: Whilst interest is paid on A & B Class share accounts they are not bank accounts.

Interest rates

Rates of interest as of Monday 26 July 2021:  

A Class Shares and Loan* Accounts

Band

Interest rate

£1.00 to £1,000.00

0.00%

£1,000.01 to £10,000.00

0.10%

£10,000.01 and over

0.50%

 

*Loan accounts are no longer available

 

B Class Shares

Band

Interest rate

£1,000.00 to £75,000.00

0.80%


If you are paying into your share account for the first time or making a withdrawal, you will need to take with you:

 

One of the following forms of Photographic ID:

  1. Current Passport
  2. National Identity Card
  3. Full, Photographic Driving Licence
  4. Armed Forces Identity Card
  5. Birth Certificate

 

An original, or certified copy of an original, of the following dated within the last three months:

  1. Recent household or utility bill
  2. An original of a recent official letter from a States’ Department or Parochial Authority, e.g. a letter from the Tax Office, or Jersey / Guernsey registered law company
  3. Recent Bank or Credit Card Statement

 

Code of Practice to Shareholders

This Society abides by a voluntary code, the Corporate Governance Code for Consumer Co-operative Societies: 2013 (the “Code”) which governs Co-operative Societies. The code requires us to provide a statement to its shareholders explaining the nature of their investment and any change affecting it.

The position you occupy as a shareholder of the Channel Islands Co-operative Society is no different from that of a shareholder in any other corporate body because if The Channel Islands Co-operative Society fails, you may not have all, or any of your investment returned to you. Your investment is withdrawable without penalty at the discretion of the Board.

Although not subject to formal prudential supervisions, a condition of the Society’s exemption under the Banking Business (Jersey) Law 1991 is that the Society’s Auditor must report annually to the Jersey Financial Services Commission that savings deposits with the Society to not exceed 100% of its most recently published capital and reserves.

You can view our latest audited statements by using this link.

 

Our Privacy Policy

We take your privacy seriously and are committed to maintaining the privacy and security of your personal information.


We will only hold personal data about you which is essential to managing your membership allowing you to exercise your rights as a Member to comply with legal requirements.

 

It is important that you know what information we hold about you, what we use it for and how we protect it. You can view our Privacy Policy in full by clicking here.

IMPORTA​NT NOTICE

The Channel Islands Co-operative Society is not a Bank and is not regulated under the Banking Business (Jersey) Law 1991 or the Banking Supervision (Bailiwick of Guernsey) Law, 1994 respectively.

Therefore, it is not part of the Jersey Bank Depositors Compensation Scheme or Guernsey Banking Deposit Compensation Scheme.

Upon becoming a Member of the Channel Islands Co-operative Society, you will become a shareholder of the Channel Islands Co-operative Society.