COVID-19 Member Support

FAQs

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information on this page. If your question isn’t answered here, contact us.

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 on 1114 243 8437 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

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 £1,000 instantly, repayable over one to six months.
After one month members can apply for a personal loan of 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 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 standing order.

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.