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Q.
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Who can join Rothersave?
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Anyone who lives or works within the boundaries of Rotherham in South Yorkshire.
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Q.
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Is there a minimum ammount I have to regularly save?
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Normally £3 per week or £12 per month.
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What will it cost me?
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One payment only of £3, which is the Membership Fee.
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Q.
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When is the office open?
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Monday - Friday 9.00am - 4.00pm, we do not close for lunch
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Q.
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Do my savings attract interest?
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Yes if profits allow this, we have paid up to 3.5% and for the Financial Year ending 2010 our members received a dividend of 0.5%. Dividends are not taxed at source.
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Q.
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If I save the minimum amount can i save more or less at a later date?
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Yes, by calling in or contacting our office and completing a simple Payroll Amendment Form or Standing Order. When decreasing your deposits, please remember that you must cover any loan payments as well as your minimum savings
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Q.
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If my savings are called shares does this mean they are used on the stock market?
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No, the word shares is the name we call your savings and these are not used on the stock market.
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Q.
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Can members pay in additional sums of money into their savings?
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Yes. Cash/cheques/postal orders may be paid direct into the office, whereby reciept will be issued. Alternatively a cheque or postal order may be posted to the office, again a receipt will be sent to the member.
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Q.
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Can I save direct from my pay?
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Yes, if you work for Rotherham MBC, 2010 Rotherham Ltd, DC Leisure Group, Morrison PLC or Willmott & Dixon Group you can save direct from your payroll. If you work for any other employer please contact the office, and ask for Pete and he will try and arrange for payroll deductions from your employer.
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Is my money safe?
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We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £50,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £50,000 each (making a total of £100,000). The £50,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website or call 0800 678 1100.
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Q.
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Does the credit union issue loans?
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Yes, you can apply for a loan after you have been saving regularly for a minimum of 3 months or 12 weeks. The amount you can apply for is up to 3 times what you've got in your savings - normally excluding one-off large deposits, up to a maximum of £5,000. The loan can be repaid over a maximum period of 36 months and has an A.P.R of 12.68%.
A key factor is you've been saving on a regular basis.
Loans of up to £8,000 are now available for members who have been saving for 3 years or more, contact the office for further details.
For more loan information click here.
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Q.
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If i have an existing loan, can i apply for an additional loan?
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Yes, with a minimum of 9 weeks between each loan application, please contact the office for further details.
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What is the free Loan Protection Life Insurance Policy? |
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Upon death, any outstanding loan maybe be settled from this free Insurance policy. However, there are exceptions and limitations to the policy. For further details and full terms and conditions please see below. |
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NEW - Loan Protection Insurance
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Rothersave Credit Union Ltd offers a free Loans Protection Life Insurance Policy to our members in the event of death, details of which are below including eligibility, limitations and terms and conditions. The policy is underwritten at Lloyd’s and the agent acting on behalf of the Lloyd’s Syndicate is Self Assured Ltd. Please note that the policy does not cover for accident, injury, illness, redundancy or loss of employment. All claims are determined by Self Assured Ltd and the decision whether to pay out under this policy lies totally with them. Information held by the Credit Union may be shared with Self Assured Ltd to enable them to assess a claim.
FOR BORROWERS
Upon death, any outstanding loan maybe fully settled by Self Assured Ltd. However, if a loan is taken out and the member is aware of a chronic or terminal illness that they are suffering from and subsequently die from that illness, then the insurance protection is null and void. In addition, any loan arrears will not be covered by the insurance. Therefore, in the case of chronic illness, terminal illness and arrears, as outlined above, Rothersave will offset the shortfall by the deceased members’ savings. It is important that any member applying for a loan must declare any illness when applying for a loan with Rothersave. The insurance policy provides cover on our loans up to the age of 80. (Our previous discretionary Death Benefit Scheme only covered up to the age of 65 Both the age limitation increase and the removal of any discretionary element is an improvement with this new insurance policy compared to our previously provided Death Benefit Scheme. There is no longer the previous discretionary Death Benefit Scheme available on savings accounts and no insurance cover. Any savings that the member has with Rothersave, upon death, will be paid to the nominee(s) as recorded in their Rothersave file, except any possible shortfalls as mentioned above. All members are advised to ensure that Rothersave has your correct up to date nominee(s) details in writing, and remind members that it is their responsibility to ensure that this information is updated if there are any changes
FOR SAVERS ONLY (with no present loan outstanding).
There is no longer the discretionary Death Benefit Scheme available on savings accounts and no insurance cover. Any savings that a member has with Rothersave, upon death, will be paid to the nominee(s) as recorded in their Rothersave file.
All members are advised to ensure that Rothersave has your correct up to date nominee(s) details in writing, and remind members that it is their responsibility to ensure that this information is updated if there are any changes.
GENERAL
Please note that this Loan Protection Life Insurance Policy can be changed, withdrawn or amended either in part or whole at any time and without notice.
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Q.
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What is the Members' Lottery?
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It is drawn monthly and is only available to Rothersave members. The lottery issue cash prizes to the winners and is very popular wth our members. OVER 18's ONLY
Click here for more information. |
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Q.
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Do members receive statements?
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Q.
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Can I withdraw my savings?
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Yes. However, should you have an outstanding loan that is greater than your savings, you cannot make a withdrawal. If your savings are greater than your outstanding loan amount, we would let you withdraw the difference. We can BAC’s your withdrawal straight into your bank account or cheques can be issued. It can take up to 1 week to process withdrawals.
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Q.
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Can I close my account?
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Yes, and you can withdraw your savings providing your loan liabilty is covered. However if you do close your account you will lose any future benefits of being a Rothersave member.
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Is there a catch?
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No, the credit union is not here to 'rip people off'. It is a genuine service to help people save and borrow by means of a financial co-operative. All net profits go back to the members in the form of a dividend, subject to approval at the Annual General Meeting.
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Q.
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Who manages the credit union and do Directors receive training?
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It is managed on a day-to-day basis by the Operations & Development Manager and the office staff. A voluntary unpaid Board of Directors oversee the running of the credit union and formulate policies and strategy within legislation in the interest of members. All Directors receive appropriate training as required.
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Q.
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Can I have 'a say' in the running of the credit union?
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Members are invited to attend the Annual General Meeting and vote on several matters including appointing the Board of directors. We also welcome suggestions from our members on a day-to-day basis
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Q.
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Is there any legislation which Rothersave must adhere to?
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Yes, a whole host of legislation dating back to the 1960's
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Q.
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Is Rothersave regulated by any statutory body?
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Yes, the Financial Services Authority (FSA)
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Are the accounts audited?
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Yes, We not only have our own regular internal audit, but are legally required to have an independant professional auditor. These audited accounts are presented to the AGM and are sent the FSA.
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Do any employers have a credit union for their staff?
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Yes, many employers especially the public sector allow their employees to save direct from payroll deductions to a credit union or have a credit union of their own, some of which have been established for many years. Rothersave was originally established in 1998 to provide a service to all Rotherham Metropolitan Borough Council staff. As a caring employer RMBC allows payroll deductions for all its employees to Rothersave as it recognises the value of providing high standards of staff care, which includes helping them with their financial welfare.
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Q.
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What are the future plans of Rothersave Credit Union?
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To continue to provide our members with a friendly, professional service. We are constantly looking to improve the benefits which we offer our members.
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