Savings account terms and conditions

The information on this page is split into:

General terms and conditions

Specific terms and conditions which relate to a particular savings account

Instant Access Savings Account
Christmas Saver Account
Premier Savings Account
Platinum Savings Account
Cash ISA
Junior ISA
Term Deposit Account

Please ensure that you read both the general terms and conditions and the specific terms and conditions for the savings account(s) that you are looking to open.

General terms and conditions which apply to all EuroTrust Credit Access savings accounts

General Membership Terms and Conditions

Please ensure that you read both the general terms and conditions and the specific terms and conditions for the savings account(s) that you are looking to open. The terms and conditions described below apply to members of 16 years of age and above.

Membership is open to anyone living or working in the East of Scotland, employed by one of our Select Partners, or a member of Community Trade Union.

All members of EuroTrust Credit Access must have an Instant Access Savings Account and maintain a minimum balance of £1 in it at all times. The £1 is held as a non-refundable deposit. The non-refundable deposit will be used to: contribute to the alleviation of poverty within the community; and/or to contribute towards the economic regeneration of the community, upon you leaving EuroTrust Credit Access. There is no minimum duration for this account.
You can save any amount from £15-£1,500 per month and your savings are protected by the FSCS scheme up to £85,000. For further information about the scheme (including the amounts covered and eligibility to claim) please call us on [phone_no] or ask at our office, visit the FSCS website www.fscs.org.uk or call 0800 678 1100. Any deposits made may be subject to money laundering verification.
We have the right to suspend your account if we suspect fraudulent activity.
Your account is for personal use only. If you need an account for business purposes please request details of the appropriate business account from us.
You must call us on [phone_no] or write to us at EuroTrust Credit Access ltd., Credit Union House, 31 Dunedin Street, Edinburgh, EH7 4JG immediately on any change of name or address, change of e-mail address or change of telephone or mobile number. If you do not do this we may charge your account with the cost of locating you. Proof of change of name or address may be required.
Statements are available on request. We will provide statements either by post or via the secure login area of our website. You must inform us immediately of any incorrect item on your statement.
You have a right to cancel your account 14 days from our receipt of your signed agreement or when you have started to transact on the account. You can cancel by writing to us at EuroTrust Credit Access, Credit Union House, 31 Dunedin Street, Edinburgh, EH7 4JG. You will have to repay us any amount you owe us including any interest and charges.

Deposits

Money can be paid into your accounts in the following ways:

By Direct Debit (it is your responsibility to ensure that the bank details provided are correct)
By Payroll Deduction (from participating partner employers)
By Benefit payments
By Cheque payable to EuroTrust Credit Access only
By Debit Card

Direct Debit payments

There is a two day clearing system in place for all Direct Debit payments. This is to ensure that the payment clears and is not returned unpaid by your bank. Funds will be placed in your Instant Access Savings Account for this period and as such will accrue dividend. It is your responsibility to ensure that the bank details provided are correct.

Dividend payments and tax declarations

Dividend payments, as referred to in the product terms and conditions below, are automatically added to your account savings balance. Payments are made without the deduction of income tax and members should therefore declare dividend payments to Her Majesty’s Revenue and Customs (HMRC) as part of any tax return submissions. Please contact HMRC for advice.

The dividend will be paid annually and gross of tax and is subject to surplus and approval by members at the AGM (not guaranteed).
The dividend is declared at the Annual General Meeting, to which all members aged 18 and over are invited.
Dividend or interest will only be paid to those in membership at the time the dividend is declared or when interest is due to be paid.
You are only eligible for a dividend or interest if the dividend or interest value is over £1.
Accounts may include dividend or interest but not both.
Dividend payments are not taxed at source, therefore you may be liable for taxes or costs that are not paid by or via us e.g. higher rate tax.
For accounts that may attract interest additional terms and conditions may apply.

Withdrawals

Money can be withdrawn from your accounts in various ways:

By BACS transfer to another bank account – Please note that a BACS transfer to another account may take up to 3 working days
By transfer to another EuroTrust Credit Access account
By loading onto a pre-paid card and withdrawing at an ATM or ‘cash back’ in a shop

Dormant Account Fee

A fee of £5 will be charged on an account when there have been no credits/deposits into the account for a period of 12 months. Such an account will be deemed to be dormant. We’ll be in contact prior to this to discuss the options available.

Stopping payment or changing your deposit

If you want to cancel or change a direct debit or similar arrangement, you are required to maintain any loan or budget payment arrangements that you hold with us.

For your protection, we reserve the right to suspend access if:

We suspect fraud or money laundering
Incorrect customer security details are used to attempt to access your account.

We may make changes to this agreement at any time. If any changes are made, we will notify you personally via letter or email at least 30 days before we make the change. At any time up to 60 days from the date of the notice you may, without notice, switch your account or close it without having to pay any extra charges or forfeit any dividend for doing this.

Complaints

If you are not satisfied with any aspect of our service or products, you can tell us about your concern in the following ways:

Visit our office and speak to a member of staff. For details of the opening times, please call us on [phone_no] or visit our website www.etagroup-eu.com
Write – address your letter to Complaints, EuroTrust Credit Access, Credit Union House, 31 Dunedin Street, Edinburgh, EH7 4JG
Telephone – Please call [phone_no] to speak to a member of our Member Services Team who will be pleased to help you.

You MUST give the Credit Union chance to resolve any complaint before taking your issue further.
EuroTrust Credit Access is a member of the Financial Ombudsman Scheme. If you’re not satisfied with our response you may contact the Financial Ombudsman.

Write to The Financial Ombudsman Service, Exchange Tower, London E14 9SR
Call 020 7964 1000 (switchboard), +44 20 7964 1000 (for calls from outside the UK), 020 7964 1001 (main fax)
Email: complaint.info@financial-ombudsman.org.uk

Data Protection

EuroTrust Credit Access is a data controller of the information provided on application and other forms in terms of the Data Protection Act 2018 as amended. This information will be used internally by the credit union in order to process your membership and other entitlements.

In order to comply with money laundering regulations, before we provide any service, we may search the records of one or more registered credit reference agencies who will provide us with information from the Electoral Register and any other data appropriate to the search. The agency will keep a record of that search. This may be used by other lenders when processing future applications for credit you may make.

Information held about you by the credit reference agencies may already be linked to records relating to one or more of your partners. Where appropriate, any loan applications submitted may be treated as financially linked and your application may be assessed with reference to any ‘associated’ records.

In addition, if the application is successful, details of how you repay the agreement may be provided to the credit reference agency who will make this available to other lenders who may use the information for credit assessment, tracing of absconders and fraud prevention.

If your loan application is successful, your details will be held by EuroTrust Credit Access to enable your loan to be managed. Details of any financial transactions involved (such as payroll deduction) will be made to the company/organisation concerned.

In the event that you default on your loan or any terms and conditions in relation thereto, details of such default or defaults be passed to debt recovery agencies and courts. In such circumstances, it is understood that the lender may disclose details of the borrower’s account and any matters relating to the account to any credit reference agency and to any individual, individuals or organisations for this purpose registered by the lender with the Data Protection Registrar.

Members of EuroTrust Credit Access can opt in to receive information about the credit union, its products, services, promotions and developments as well as account statements.

Members will receive an annual statement delivered via post or soft copy, whichever is their chosen method of communication.

Instant Access Savings Account terms and conditions

Regular payments must be made into the account by payroll deduction if you work for one of our sponsoring employers, by Direct Debit or by Benefits.
You can save any amount from £1 up to the maximum covered by the FSCS which is £85,000.
The requirement for regular savings into the account is waived for members who have set up regular payments into a EuroTrust Credit Access Cash ISA or Premier Savings Account. Additional deposits can be made into the account by debit card deposit.
Withdrawal or transfer requests can be submitted at any time.
Daily cut off times are in place and, as long as you meet the deadline for a particular day, your withdrawal request will be processed that day and the funds paid into your nominated bank account, appearing as cleared funds within two to three working days.
Loans from EuroTrust Credit Access will be secured against the savings held in this account.
An annual dividend may be paid, gross of tax, on all sums deposited in the Instant Access Savings Account, subject to surplus. Any dividend payment is based on your lowest monthly balance.
The dividend rate to be paid will be recommended by the Board of Directors and approved by the members at the Annual General Meeting each year.
Any dividend due will be paid into the account following the Annual General Meeting.
Should you cancel your membership of EuroTrust Credit Access before our AGM is held in January, the funds in your Instant Access Savings Account will be paid out as part of our standard procedures. In these circumstances, no dividend will be payable.

Christmas Saver Account terms and conditions

The Christmas Saver Account is open to any current member of EuroTrust Credit Access aged 16 and over.
If you are not yet a member of EuroTrust Credit Access, you may open a Christmas Saver Account at the time of joining.
The Christmas Saver Account is a secondary savings account. Under the terms of membership, all members must also have a main savings account – an Instant Access Savings Account.
Funds can be paid into the Christmas Saver Account at any time. There are no restrictions as to minimum and maximum deposits to be held in the account.
Should you wish, regular payments can be made into this account by payroll deduction if you work for one of sponsoring employers or by Direct Debit.
You may amend the amount you are paying into the account by contacting the Member Enquiry Line or through online banking.
Ad hoc or additional payments can be made at any time by cheque or debit card deposit. Cheque deposits require five full working days for clearance from the date of deposit.
An annual dividend may be paid, gross of tax, on all sums deposited in the Christmas Saver Account, subject to surplus.
Any dividend payment is based on your daily account balance over the course of the year. The dividend rate to be paid will be recommended by the Board of Directors and authorised by the members at the Annual General Meeting each year.
Any dividend due will be paid into the account following the Annual General Meeting which is generally held in December each year.
Loans may not be secured against the savings held in this account.
Withdrawals from the account are permitted between 1 November and 24 December each year.
Any request to withdraw funds out with this period will result in the account being closed with any remaining funds transferred to your main Instant Access Savings Account.
Should your Christmas Saver Account be closed over the course of the year, all funds will be transferred to your main Instant Access Savings Account or withdrawn. No dividend will be paid.
Should you cancel your membership of EuroTrust Credit Access over the course of the year, your Christmas Saver Account will be closed as part of the cancellation process. In this circumstance, no dividend will be payable.

Premier Saver Account terms and conditions

The Premier Savings Account is open to any current member of EuroTrust Credit Access aged 16 or over.
If you are not yet a member of EuroTrust Credit Access, you may open a Premier Savings Account at the time of joining.
The Premier Savings Account is a secondary savings account. Under the terms of membership, all members must also have a main savings account – an Instant Access Savings Account and maintain a minimum balance of at least £1 in this account while you are making regular payments in to your Premier Savings Account.
Regular deposits must be set up for this account with between £50 and £500 paid in to the account each month by payroll deduction if you work for one of our sponsoring employers or by Direct Debit.
You may amend the amount you are paying into the account by contacting the Member Enquiry Line or via online banking.
Should a member fail to maintain their regular payments into their account then the account may be closed and the balance on their Premier Savings Account will be transferred the member’s Share 1 account, which attracts an annual dividend.
A maximum of £25,000 can be held in a Premier Savings Account at any time.
Additional payments can be made at any time by debit card deposit.
This account attracts interest payments. The rate of interest is set every six months with rates fixed from 1 April to 30 September and 1 October to 31 March.
The interest rate is set by the Board of Directors as delegated by the membership at the AGM. Details of the latest rates will be available on the website or from the Member Enquiry Line.
Loans may not be secured against the savings held in this account. This applies to loans from EuroTrust Credit Access and those from other lenders.
Funds in the account may not be used to make payments against loans from EuroTrust Credit Access.
Withdrawal and transfer requests can be submitted at any time. Requests can be submitted via online banking, by post having completed the appropriate request form, via telephone or in person at the EuroTrust Credit Access office.
Withdrawal and transfer requests will be held for the required 90 day notice period prior to payout.
Should your Premier Savings Account be closed and the funds withdrawn without the required 90 day notice being given, no interest will be payable.
Should you cancel your membership with EuroTrust Credit Access before our AGM is held in December, the funds in your Instant Access Savings Account will be paid out as part of our standard procedures. In these circumstances, no dividend will be payable.

Platinum Savings Account terms and conditions

The Platinum Savings Account is open to any current member of EuroTrust Credit Access aged 16 or over.
If you are not yet a member of EuroTrust Credit Access, you may open a Platinum Savings Account at the time of joining.
The Platinum Savings Account is a secondary savings account. Under the terms of membership, all members must also have a main savings account – an Instant Access Savings Account.
In the event that a member allows their Platinum Savings Account to fall below the minimum £2,000 level, the account may be closed and the balance on the account will be transferred to the member’s Share 1 account, which attracts an annual dividend.
A maximum of £25,000 can be held in a Platinum Savings Account at any time.
The Platinum Savings Account accepts lump sum deposits only. No regular payroll deduction or Direct Debit payments can be set up for this account.
Ad hoc payments can be made at any time by debit card deposit, online, over the phone or at the front counter.
This account attracts interest payments. The rate of interest is set every six months with rates fixed from 1 April to 30 September and 1 October to 31 March.*
The interest rate is set by the Board of Directors as delegated by the membership at the AGM. Details of the current rate will be available on the website or from the Member Enquiry Line.
Loans may not be secured against the savings held in this account. This applies to loans from EuroTrust Credit Access and those from other lenders.
Withdrawal and transfer requests can be submitted at any time. Requests can be submitted via online banking, by post having completed the appropriate request form, via telephone or in person at the EuroTrust Credit Access office.
Withdrawal and transfer requests will be held for the required 90 day notice period prior to payout.
Should your Platinum Savings Account be closed, and the funds withdrawn without the required 90 day notice being given, no interest will be payable
Should you cancel your membership of EuroTrust Credit Access over the course of the year, your Platinum Savings Account will be closed as part of the cancellation process. In this circumstance, no interest will be payable.

*The Board of Directors reserve the right to change the rate of interest at any time with 30 days’ notice.

Cash ISA terms and conditions

The terms and conditions relating to our Cash ISA should be read in conjunction with the HM Revenue and Customs rules which are subject to change at any time. These rules are available at www.hmrc.gov.uk/isa

The Cash ISA is open to any current member of EuroTrust Credit Access aged 18 or over.
If you are not yet a member of EuroTrust Credit Access, you may open a Cash ISA at the time of joining.
The Cash ISA is a secondary savings account. Under the terms of membership, all members must also have a main savings account – an Instant Access Savings Account.
If you save regularly into your Cash ISA you need only maintain the minimum £1 balance in your main Instant Access Savings Account.
To be eligible to open a Cash ISA you must be resident, and ordinarily resident in the UK for tax purposes or, if not so resident, either perform duties which by virtue of Section 28 of Income Tax (Earnings and Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the UK, or married to, or in a civil partnership with, a person who performs such duties. You must inform EuroTrust Credit Access if you cease to be so resident or to perform such duties, or cease to be married to, or in a civil partnership with a person who performs such duties.
An initial deposit of at least £100 is asked to open a EuroTrust Credit Access Cash ISA.
Should you change your mind about investing in the EuroTrust Credit Access Cash ISA, you have 14 days in which to close it or transfer funds to another account penalty free. Any returns which have accrued during the 14 day period will be exempt from UK Income Tax. Closing the account will not prevent you from opening another Cash ISA during that tax year.
When applying for a Cash ISA, you must provide a complete and permanent address on the application form. A temporary address is not acceptable.
All applications to open a Cash ISA must include your digital signature. We will send this to you via Docusign.
Currently EuroTrust Credit Access can only allow cash investments in a ISA.
EuroTrust Credit Access accepts Cash ISA transfers in from other providers using the ISA Transfer Service. If your previous Cash ISA provider permits this, you can transfer in part of your existing Cash ISA to EuroTrust Credit Access and leave part of your investment with your existing provider.
ISA transfers will be completed with all rights and obligations on your instructions and within the time stipulated by you in accordance with the ISA Regulations relating to transfers.
No interest will be paid on ISA transfers to other providers part way through a tax year.
Permitted transfers between Cash ISA accounts ensure the investment retains its tax-free status. If you attempt a transfer between Cash ISA accounts without using the ISA Manager’s transfer service, the investment will lose its tax-free status and be considered a withdrawal and new subscription which may breach the Cash ISA scheme rules.
The tax year runs from 6th April through to the 5th April the following year.
For the 2024/25 tax year, the maximum Cash ISA annual deposit is £20,000. You can do this as a regular deposit via direct debit, payroll deduction or via bank transfer on the app. Alternatively, a single deposit can be made using the same methods.
EuroTrust Credit Access will on request transfer holdings to another ISA provider.
Your ISA ends on the date of your death. There will be no Income Tax or Capital Gains Tax to pay up to that date but ISA investments will form part of your estate for Inheritance tax purposes. If your spouse or civil partner died on or after 3 December 2014, you can inherit their ISA allowance. As well as your normal ISA allowance, you can add a tax-free amount up to the value they held in their ISA when they died.
This account attracts interest payments. The interest rate setting is delegated to the Board of Directors by the membership at the Annual General Meeting each year. The rate is set for the beginning of April each year and is reviewed every six months.
Returns are calculated on a daily basis and added to the account annually on or just after 6 April.
Statements for your Cash ISA are issued annually shortly after 6 April. Additional statements can be requested at any time.
Withdrawals from your Cash ISA can be submitted without penalty at any time.
Withdrawals from an ISA have no effect on the subscription limit unless you have used up your annual allowance.
A minimum balance of £100 is required for your EuroTrust Credit Access Cash ISA to remain open. If you have used up your annual allowance, any withdrawn money may not be re-invested in that tax year.
EuroTrust Credit Access reserve the right to close subscription to the Cash ISA at any time.

Additional general terms and conditions relating to the Cash ISA

Cash ISA investments will and must remain in the beneficial ownership of the investor and must not be used as security for a loan of any kind. The ISA Manager will satisfy themselves that any person, whom they delegate any of their functions or responsibilities under the terms agreed with the investor, is competent to carry out those functions and responsibilities.
EuroTrust Credit Access must notify the investor if, by reason of any failure to satisfy the provisions of Financial Conduct Authority (FCA) regulation, an ISA has, or will, become void.
On the instructions of the investor and within the time stipulated by the investor in accordance with the ISA account terms, all or part of the investment held in the ISA and proceeds arising from that investment shall be transferred or paid to the investor.

Junior ISA terms and conditions

The terms and conditions relating to our Junior Cash ISA should be read in conjunction with the HM Revenue and Customs rules which are subject to change at any time. These rules are available at https://www.gov.uk/government/collections/tax-on-savings-and-investments-detailed-information

The Junior ISA is open to any current junior member of EuroTrust Credit Access under the age of 18.
If you are not yet a member of EuroTrust Credit Access, you may open a Junior ISA at the time of joining.
The JISA is in the name of the child, and they are the beneficial owner.
The Junior ISA is a secondary savings account. Under the terms of membership, all members must also have a main savings account – an Instant Access Savings Account. If you have savings in your Junior ISA, you need only maintain the minimum £1 balance in your main Instant Access Savings Account.
To be eligible to open a Junior ISA you must be resident, and ordinarily resident in the UK for tax purposes. You must inform EuroTrust Credit Access if you cease to be so resident.

A Child can only hold up to 2 JISAs – one cash and one stocks and shares throughout their whole childhood. Only Cash JISAs are provided by EuroTrust Credit Access.

To be eligible to open a Junior ISA you must not have a Cash Junior ISA with another provider, and you must not have a Child Trust Fund. Any under-18 born before 2 January 2011 would have had a Child Trust Fund automatically opened for them by the Government. Child Trust Funds can be converted to a Junior ISA.
An initial deposit of at least £5 is asked to open a EuroTrust Credit Access Junior ISA. A minimum balance of £5 is required for your EuroTrust Credit Access Junior ISA to remain open.

JISA accounts have a registered contact, this can be the child if over 16 and under 18 or the person with parental responsibility.

Until the age of 16, parents or legal guardians are entirely in charge of paying money into the Junior ISA, however, the child is the owner of the account and can take control of decision making at 16. Money deposited in Junior ISAs are not touchable until the child reaches 18 years of age.

Anyone with parental responsibility for the child can open an account. Usually these are the child’s parents, but even grandparents if they are legal guardians of the child. However, anyone is allowed to put money into the account.

Once the child turns 18, the JISA automatically rolls over into a normal adult ISA.

Should you change your mind about investing in the EuroTrust Credit Access Junior ISA, you have 14 days in which to close it or transfer funds to another account penalty free. Any returns which have accrued during the 14-day period will be exempt from UK Income Tax. Closing the account will not prevent you from opening another Junior ISA during that tax year.
When applying for a Junior ISA, you must provide a complete and permanent address on the application form. A temporary address is not acceptable.
Currently EuroTrust Credit Access can only allow cash investments in a JISA.
The tax year runs from 6th April through to the 5th April the following year.
For the 2024/25 tax year, the maximum Junior ISA savings will be £9,000. Funds can be deposited at any time, either as a single deposit or regular / irregular payments. Deposits can be made through regular direct debit, debit card payment or transfer from another bank account.
EuroTrust Credit Access will on request transfer holdings to another Junior ISA provider.
This account attracts interest payments. The interest rate setting is delegated to the Board of Directors by the membership at the Annual General Meeting each year. The rate is set for the beginning of April each year and is reviewed every six months.
Returns are calculated on a daily basis and added to the account annually on or just after 6 April.
Statements for your Junior ISA are issued annually shortly after 6 April. Additional statements can be requested at any time.
EuroTrust Credit Access reserve the right to close subscription to the Junior ISA at any time.
If your child dies, any money in their Junior ISA will be paid to whoever inherits their estate. This is usually one of the child’s parents, but it could be their spouse or partner if they were over 16 and married or in a civil partnership.

Additional general terms and conditions relating to the Junior ISA

A JISA is a type of ISA managed in accordance with the ISA regulations by EuroTrust Credit Access under terms agreed between the Credit Union and the registered contact. The JISA must be held in the name of the child, who is the beneficial owner.

EuroTrust Credit Access must notify the registered contact if, by reason of any failure to satisfy the provisions of the JISA regulations, a JISA has, or will, become void.
EuroTrust Credit Access will satisfy itself that any person to whom it delegates any of their functions or responsibilities under the terms agreed with the registered contact is competent to carry out those functions and responsibilities.
On the instructions of the registered contact and within the time stipulated by them, the JISA with all rights and obligations shall be transferred to another provider.

Term Deposit Account terms and conditions

Term Deposit Accounts are open to any current member of EuroTrust Credit Access aged 16 or over and UK resident.
If you are not yet a member of EuroTrust Credit Access, you may open a Term Deposit Account at the time of joining.
The fixed term deposit accounts are secondary savings accounts. Under the terms of membership, all members must also have a main savings account – an Instant Access Savings Account, with a minimum balance of £1.
There is a £5,000 minimum account balance requirement for this account and a maximum balance of £85,000.
The Term Deposit Accounts accept lump sum deposits only. No regular payroll deduction or Direct Debit payments can be set up for this account.
The right to cancel does not apply to our fixed rate fixed term products.
Initial deposits must be made within 10 days of opening the account.
At the end of the fixed term, the funds and interest earned will be deposited in your instant access Share 1 account.
Withdrawals are not permitted in our fixed term accounts; however, you can close the account early under exceptional circumstances. Please note that if your fixed term deposit is closed early, you will receive no interest and only receive back the money you put in.
Withdrawal requests (in exceptional circumstances) can be made via telephone, in person at the EuroTrust Credit Access Office, or in writing.
Interest will be paid at the end of the fixed term.
Should you cancel your membership of EuroTrust Credit Access over the course of the year, your Fixed Term Account will be closed as part of the cancellation process. In this circumstance, no interest will be payable.
The rate of interest is fixed at the time of account opening for the full duration of the term.
This Term Deposit product offering has limited availability and can be withdrawn at any time. This will not affect existing Term Deposits which will be held for the full duration.