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About your share account

When you become a Member, a share account will be opened with your £1. When you make purchase products or use our services, you will earn dividend on those purchases which will then be paid into your account as a lump sum in May.

Earning interest

We also pay interest on the money you have earned in your share account, which is paid in January. The maximum amount you can have in your share account is £25,000.

Rates of interest as at 14 November 2016: 

Band

Interest Rate

Up to £1,000

0.10% per annum

£1,001 to £5,000

0.25% per annum

£5,001 to 10,000

1.10% per annum

£10,001 and over

1.35% per annum

 

Paying in to your share account

You can pay completed dividend stamp cards, cash or cheques into your share account all of which will earn interest. The most you can hold in your share account is £25,000. Any additional amount over £25,000 will be posted to you in the form of a cheque. 

Withdrawing from your share account

You can withdraw any money you have available at any time during opening hours, however, you will need to leave a minimum of £1 in order to continue to be a member.

You can withdraw funds from your account in the form of either cash or Society vouchers which can be spent in-store.

If you are paying into your share account for the first time or making a withdrawal we will need photographic ID and proof of your address.

Financial peace of mind for you

We follow a voluntary code of practice that governs Co-operative Societies and which requires that we provide you with a statement about the nature of your investment and any change affecting it:

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 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. The Society is not a Bank and is therefore not covered by a banking deposit protection scheme.

There has only been one change which has occurred during the year which related to interest rates which were notified separately.

We are pleased to confirm that your investment in the Society is backed by our net assets of over £54 million and our independent Auditor reports annually to the Financial Commissions of Jersey and Guernsey that deposits held with us do not exceed 100% of our most recently published capital and reserves.

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

In order to meet regulatory requirements that are in force in the Channel Islands, we need certain information from you before you can make any transactions on your account in the form of photographic ID, proof of address and a contact number. 

Photographic ID can be:

  • Current Passport.
  • National Identity Card.
  • Full Driving Licence, provided it is of a type that carries a photograph of the holder.
  • Armed Forces Identity Card.
  • Birth Certificate.

Proof of address can be:

  • Recent household or utility bill.
  • An original of a recent letter from an employer on headed paper.
  • An original of a recent official letter from a States’ Department or Parochial Authority, e.g. a letter from the Tax Office.
  • Recent Bank or Credit Card Statement.