Using your account as a savings account

In this section

You can save a maximum of £100,000 in your share account. Currently, you can earn 0.5% interest on balances between £1 to £100,000. Interest is calculated daily but is credited at the end of each financial year.

Managing my Account

Whether it’s updating your details, paying in or withdrawing funds you can manage you member share account using the manage your membership section of our website.

Here you can find out more on:

  • Withdrawing funds
  • Depositing funds
  • Ordering a share account statement

Alternatively you can contact our Member Support Team:

  • By phone:   0800 389 5354
  • By email:   membersupport@eastofengland.coop (Mon to Fri, 8.30am to 5.00pm)
  • By post:    Member Support Team, Wherstead Park, The Street, Wherstead, Ipswich, Suffolk IP9 2BJ

Can I leave less than £1 share balance in my account?

If withdrawals are made leaving a balance of less than £1 you will cease to be a full member and any voting rights would be lost. If your balance falls below £1, we will reclaim the balance from your next dividend.

 Is there any risk?

Members are advised that share investments with the East of England Co-operative are classified as risk capital. In the unlikely event that the society fails, you may not have all or any of your investment returned to you. You can withdraw your funds without penalty. Unlike Banks and Building Societies, the Society is not subject to prudential supervision by the Financial Conduct Authority.

 Income Tax Return

Tax on interest is paid gross, you may need to declare this on your tax return depending on your individual circumstances.

For more information about the East of England Co-op including Presidents statement, governance, details about our Board of Directors and Annual Report and Accounts, click here.