Saving with us is safe, earns you money, and helps others in your community.
How it works
You can apply for your Boom! Saver online, by post or at one of our offices. To open a savings account you must:
- Be 16 or over
- Live or work in West Sussex, Surrey or Kingston, or work for an employer based in West Sussex, Kingston or Surrey
- Make an initial deposit of £5.
When you open a savings account with us, you automatically become a member of Boom! with a say in how we run. The money you save makes it possible for others members to get affordable loans to pay for unexpected emergencies and the things that are important to them and their families.
Why save with us?
- No set-up or monthly account fees
- Same-day withdrawals with no charges
- All savings are 100% protected by the FSCS
- Manage your savings online
- Make regular payments or save when you can
- Your savings help other local people financially
- You become a member of the credit union with a say in how we run
- You get an annual dividend on your savings account that is agreed by the AGM.
What you need to open an account
You can apply for Boom! Saver online, come into our offices, or complete this application form [pdf] and post it to us. We do electronic ID verification, but in some cases we might need to see some ID or proof of your address. We may need to see:
- A passport or drivers licence
- A utility or council tax bill from the last three months to prove your address.
You will also need to send us a cheque or a postal order for £5. This will be deposited into your new savings account.
If you have any questions about proof of ID or address, contact us.
As a saver, you automatically become a member of the credit union.
Paying into your account
To pay into your account you can transfer money directly or set up a standing order from your bank account. You can save up to £30,000 in your account.
If your employer is a member of our Save As You Earn Scheme, they can pay your savings directly into your account.
Also, card payment over the phone is possible for the initial £5 deposit.
Earning money on your savings
We pay an annual dividend on your savings rather than interest. The dividend depends on how much profit we make in the year. This profit is shared between all our members.
Dividends are paid into your account in April.
Fees and charges
- No account set up fees.
- No monthly or annual account fee.
- No fee for withdrawals or for closing your account.
Withdrawing money from your Boom! Saver
You do not have to give us any notice that you want to withdraw your savings. You can request that the money is transferred by calling us, logging into your online account, or visiting us in our offices in Worthing or Crawley.
Because your savings represent your shares in the credit union, this is often called a share withdrawal request. You can download Share Withdrawal Form (208.9kb) and send it to us.
To transfer your savings to any other bank account you can use our website or smart phone app. You just need to register for online access.
Transfers usually go through on the same day if you make them on Monday to Friday. If you request a transfer after 1:30pm on Friday it will be paid into your bank account the following Monday (or the following Tuesday if the Monday is a Bank Holiday).
Use a prepaid card
You can apply for a credit union prepaid card that is linked to your savings account. You can top it up from your savings account and use it as you would use a debit card. Find out how to get a prepaid Visa card
Visit us in Worthing or Crawley
You can complete a share withdrawal form at our offices. We can then either transfer the money into your designated bank account immediately, or issue you with a cheque. If the cheque is for £500 or less you can cash it for free at specific local post offices. We cant make cash payments. Please remember to bring proof of ID with you.
How do we compare?
So, how do we compare to the savings accounts offered by high street banks?
The biggest difference in our savings accounts is that the money you deposit in your savings account is used to benefit all of our members. Your savings will fund loans with reasonable interest rates for members who may otherwise have no alternative but to pay the three-figure interest rates charged by payday lenders.
Any profits that we make are paid out as a dividend which is equal to a percentage of your savings.
This is competitive for a savings account that lets you withdraw your savings at any time. Many high street banks offer similar rates for this type of savings account. Some offer rates up to 1.5%, but usually this is a short-term bonus rate offered only for a set period - after a year or two years it will then drop.
Still have a question that needs answering - take a look at our Savings FAQs.