The account for organisations
Our corporate membership account available to businesses and authorities
Corporate membership is for organisations (rather than individuals) based in Acorn Community Bank. Businesses, charities, partnerships, clubs, societies, local councils and voluntary groups, whether incorporated or not, can become corporate members and place sums on deposit.
By depositing funds with us your organisation’s money helps the credit union to grow and support the local community.
The maximum deposit is £60,000. Deposits are protected by the Financial Services Compensation Scheme (FSCS) for many organisations. You can check if it applies to you using the FSCS checker tool.
Acorn Community Bank does not pay interest on deposits. Instead, corporate deposits, just like savings from individual members, would qualify for a profit sharing dividend.
If you wish to apply for corporate membership, you can download an application form here.
- Your deposit helps the credit union to grow
- Deposit up to £60,000
- Security protected with up to 3 signature authorisation
- All transactions available online
- Deposited money available for immediate withdrawal, so may be counted as liquid funds
- Minimum £1 balance
- Maximum £60,000 balance
- Initial account opening fee of £2:00
- Can be set up for multiple signature withdrawal authorisation
- Balance always available to view on-line
- Account balance qualifies for dividend
- No penalty for withdrawals
There is a one-off initial joining fee of £2
There is a minimum deposit of £1 required for membership. This may be withdrawn, and if it is withdrawn, membership of the credit union ceases.
If the funds in your account fall below £5 for 12 months or more, we may close your account and apply the funds to our reserves.
The maximum deposit is £60,000
The account benefits from our participation in the Financial Services Compensation Scheme (FSCS) subject to the standard conditions of the scheme.
Money can be paid into your account:
- By Standing Order or bank transfer.
- Please use your Membership Number as the transaction reference.
- By Cash at our Cavendish Square office
Funds may be deposited, and withdrawals made at any time. In practice, if 2-signature verification applies, a withdrawal may only be made during office hours.
An annual dividend may be paid on sums deposited in Corporate Saving Accounts. The dividend rate will be determined by the Board of Directors and ratified by members at the Annual General Meeting (AGM). Any dividend due will be paid directly after AGM.
Your balance and transactions can be viewed on-line and statements are available on request.