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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 account. Those working in the Healthcare and Care sectors can also apply to join and save via a bank direct debit.
Yes, unless your savings are acting as security against a loan. You can make a withdrawal by contacting our office on 0330 175 5555 or by setting up internet banking with Transave and making the withdrawal online. If you request a withdrawal before 1PM the funds will normally reach your designated bank account on the same working day. If you make the request after 1PM it will be the next working day.
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 http://www.fscs.org.uk
You can remain a member of Transave by switching to a monthly bank direct debit
New members can apply for an Instant Loan of up to £7,500 repayable over three to 60 months immediately on joining. Personal Loans loans of up to £25,000 and a maximum of five times the amount held in savings are also available subject to the following criteria: In month one after joining maximum loan of £9,000, in month two £11,000, in month three £14,000, in month four £18,000, in month five £23,000.
Children, or adult relatives 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 direct debit.
Yes, in the short term if your circumstances change (for example you are off sick). However any pause should only be done after discussions with Transave.
The interest rate (APR) charged on Personal loans is as follows: £1 to £2,499 18.1%, £2,500 to £4,999 16.6%, £5,000 to £7,499 15.2%, £7,500 to £25,000 14.2%. The APR for Instant loans is 28.3% regardless of the amount borrowed.
Your loan application will be automatically rejected If you are bankrupt or have entered into any of the following: Trust Deed, Administration Order (AO), Debt Management Scheme (DAS), Individual Voluntary Arrangement (IVA), or Debt Relief Order (DRO).
When a payment into Transave is received from a member we will allocate funds in the following order of preference:
If the payment total received is insufficient to cover all of the above allocations, we will pay all the required amounts in full and in the order given above, until all the funds are used (i.e. no ‘part-payments’).
Transave Credit Union trading as TransaveUK Registered Office, G4 Business Centre, Carlisle Street East, S4 7QD.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, Firm Ref No 213773.
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