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, you will become an equal shareholder member of the Channel Islands Co-operative Society.

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 each Annual Meeting of Members.

 

Types of share accounts

A Class Share Account

This is the account which will hold your £1 when you become a member. You can invest up to £25,000 in the Society through this share account. If your investment goes over £25,000, for example after interest or dividend has been applied, we will send you the excess in the form of a cheque.

B Class Share Account

You can also benefit from the Society’s B Class share account, which offers a higher rate of interest for investments in the Society from £1,000 to a maximum of £75,000. If you wish to reduce your investment, you will need to give 90 days’ notice.

Third party payments or receipts 

We do not make third party payments on behalf of account holders’, nor do we accept third party receipts on behalf of account holders.  

 

Loyalty Bonus Pot

This sits alongside your A Class Share account and is where we will credit your 1% loyalty bonus the day after your purchase, seven days a week, January to November.  Find out more about the loyalty bonus. 

 

Member Portal

You can view your investments with the Society via our Member Portal. You can log on or register by clicking here. 

 

Earning interest

Accrued interest on your investment will be paid to your account at the end of our financial year which ends on the second Sunday in January each year. 

Interest is calculated on the lowest balance of our period table, consisting of 13 periods in our financial calendar, which begins on the second Monday in January each year. 

Interest is not accrued during the 90 days withdrawal period on B Class Share accounts. 

 

Adding funds into your share account 

You can add to the balance of your share account to earn interest in one of the following ways: 

Completed stamp cards 

You have until 31 December 2022 to pay any completed stamp cards into your account. If you have incomplete 4p or £1 stamp cards, these can be added to your investment at any financial services counter for the value of the stamps, so if there are three £1 stamps on a card, that will equate to £3 being paid into your A Class Share account. 

We appreciate that you may not have fully completed 4p stamp cards and we will accept incomplete 4p stamp cards alongside completed ones. 

Increasing your investment in the Coop 

You can make additional investments into your Coop share accounts by visiting any of our financial service counters.  

  1. Cash subscriptions for withdrawable share capital are limited to £500 in any calendar month, including on an aggregate basis both amounts subscribed for and withdrawn 
  2. Cheques must be from an account in your name, or in the case of joint accounts it should come from an account in the same names. 

We do not accept third party payments of any nature into your share account(s). 

Please note that for any subscriptions for withdrawable share capital made, the Society has a legal obligation to understand the rationale and source of the subscription/(s). This will be requested at the time of the transaction. Such requests may include the need for additional information and supporting documentary evidence where appropriate. 

BACS transfer 

We do not accept transfers to your account directly. 

 

Withdrawing from your share account 

You can withdraw part or all your investment by visiting our Member & Post Office service counters. You will need to leave a minimum of £1 in your A Class Share account to continue to be a member. 

For B Class Share accounts, you will need to give 90 days notice to withdraw funds. 

Please note that the Society has a legal obligation to understand the application of the funds being withdrawn, and you may be asked to provide additional information and supporting documentation for the transaction where appropriate. 

For all share accounts, cash withdrawals of up to £500 per calendar month are permitted (combined), provided the aggregate cash transactions in or out of the accounts have not already reached £500. 

Otherwise, withdrawals will be made in the form of cheques drawn in the name of the member or where joint accounts the members, or by way of BACS transfer to a bank account held in the name of the member, where the account is held with a bank in the Channel Islands. 

 

 

Interest rates

Rates of interest as of Monday 22 August 2022:

A Class Shares

Band

Interest rate

£1.00 to £1,000.00

0.00%

£1,000.01 to £10,000.00

0.25%

£10,000.01 and over

0.80%

 

B Class Shares

Band

Interest rate

£1,000.00 to £75,000.00

1.35%

 

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 members explaining the nature of their investment and any change affecting it. 

The position you occupy as a member of the Channel Islands Co-operative Society is no different from that of a member in any other corporate body because if the 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. 

View our latest audited statements.

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. View our full Privacy Policy.