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Members agree to save a minimum of £5 monthly through payroll. There is no maximum amount and lump sums can also be added into savings accounts.
Yes, unless your savings are acting as security against a loan. You can make a withdrawal by contacting our office or by setting up an online account with Transave.
Depending on Transave’s financial performance you will receive an annual dividend on the total amount saved into your account during the financial year (October to September). This is usually paid in March each year.
Savings are protected by the UK government’s Financial Services Compensation Scheme up to a value of £85,000
You can remain a member of Transave by switching to a monthly bank standing order.
New members can apply for an introductory loan of up to £500 instantly, repayable over three months.
After one month members can apply for up to three times the amount in their savings up to a maximum of £1,000 and after six months for up to three times the amount up to a maximum of £20,000.
Children, or adults living at the same address can also apply for a Transave account. Family members have the choice of saving through their relative’s payroll or through a bank standing order.
Managing your Money
Whatever the situation with your finances, it’s good to know where you stand and that you are making the most of what you have.