Interest is calculated on the daily balance of each member's share account at the close of business each day. Interest on any payments made by cheque does not accrue until the fourth working day following payment. No interest shall be payable on balance less than £10. Interest rates will be determined by the Board of Directors from time to time in line with market conditions.
Interest is paid gross with the shareholder being liable for income tax.
No interest is paid on share account balances up to £10. Interest is paid at 1% p.a. for balances up to £200 (including the first £10), and 2.00% p.a. (effective from 14th December 2016) for balances up to the maximum holding of £100,000 (including the first £200).
Interest is credited to the member's account once a year in January.
Interest rates are subject to variation. Changes will be publicised by notices in the Society's branches.
Opening an account
Applications for membership shall be submitted in writing in such form as the Board of Directors may prescribe. Evidence of identity/address may be required.
The Board of Directors shall have full power in their discretion to accept or refuse any application for membership. The criteria for considering applications will be on the basis of the applicant's likely participation in the business and activities of the Society and the anticipated support for and adherence to Co-operative principles.
Confirmation will, therefore, be sought that the applicant
a) Trades with the Society
b) Supports the following statement:
The Midcounties Co-operative supports the co-operative principles of the International Co-operative Alliance. These state "co-operatives are voluntary organisations, open to persons able to use their services and willing to accept the responsibilities of membership".
The Board of Directors may delegate the consideration and determination of membership applications to officials or committees, who shall act under the direction and control of and conform to the instructions given by them.
The Board of Directors shall not be required to state reasons for the deferral or refusal of any application.
Applicants will be advised within 28 days if their application has been accepted of refused.
Payments made into your account
All payment and withdrawal requests need to be sent to:
Membership Benefits Team
Warwick Technology Park,
There are three ways you can invest funds into your Membership Share Account:
- By cheque (Posted with share account passbook to Membership team at Head Office)
- By electronic bank transfer (A Guidance Document for Members can be downloaded here)
- By standing order (A Standing Order form may be downloaded here)
Withdrawing from your account
There are three ways you can access the funds in your Membership Share Account:
- Payment by cheque (A Cheque Withdrawal form may be downloaded here)
- Payment by electronic bank transfer BACS. Funds will be received into the member’s bank account 3-5 working days after processing date (A BACS form may be downloaded here)
- Payment by electronic bank transfer CHAPS. Funds will be received into the member’s bank account same working day. There is a charge of £15 made for this service which will be taken from your share account balance (A CHAPS form may be downloaded here)
- For security of your account we will always require your share passbook to be forwarded to us with all transaction requests so it can be updated and returned to you (Passbooks are always returned to the Member’s address we hold on our system)
- No payments can be made to a third party
- No cash investments or withdrawals can be made
Closing your account
Written request to close an account should be forwarded, together with the share account book, to the Share & Bond Team at the Society's registered office. The closing balance including interest will be forwarded to the account holder by cheque or BACS. A current “open” share account with a share balance of £2 or less can be closed over the phone by calling 0800 093 7553, providing the member agrees that the share investment can be donated to a charity of the Society’s choice. Different procedures apply for “archived” share accounts. Please call 0800 093 7553 for more information.
The Society will not close the account of any member without first giving 30 days notice.
Updating your share account passbook
You can send your share account passbook to:
Share & Bond Team
Warwick Technology Park
Change of address
Please notify the Member Services Department in writing of any change of address together with your share account passbook.
If you have a complaint please write to the Share & Bond Team at the Society's registered office (as above), telephone 0800 093 7553 or email firstname.lastname@example.org.
Should you remain dissatisfied you can contact the Society's Secretary & Head of Governance, also at the Society's registered office.