Church Savings Account

The ideal account for churches!

Churches Mutual is a not-for-profit savings & loans co-operative. It is dedicated to encouraging people to save, but also promotes responsible borrowing by providing low-cost loans at times of need.

Membership Benefits

Churches Mutual offers a Church Savings Account which is open either to lump sum investment or regular savings and can be added to at any time.

For legal reasons we cannot guarantee the dividend payable on savings in advance but do aim to pay a small return. The amount of dividend depends on the the amount of trading surplus achieved by Churches Mutual in the previous financial year. In the interest of transparency we do advise that since the rapid rise in the Bank of England base rate the return on Churches Mutual savings accounts are unlikely to match rates available elsewhere. However with Churches Mutual you do have the assurance that you know what your church's money is funding, as deposits are used to provide ethical and affordable loans to other individual and church members of the credit union. As we grow in size, with more members using our services, we hope to offer a bigger return on savings.

We also appreciate that it is often the Treasurer or Finance Officer who is faced with explaining the benefits of the Church Saver’s Account to their committee. We have produced a sheet of FAQs or ‘Treasurer’s Tips’ which may be useful. It can be downloaded here. If there is anything we have missed or could be clearer, please let us know.

Corporate Eligibility

Organisations that qualify under the Churches Mutual’s common bond criteria can become corporate members and place sums on deposit with Churches Mutual in order to help its other members.

These include Anglican, Church of Scotland, United Reformed, Roman Catholic and Methodist churches as well as other charities associated with these denominational churches.

How to apply

If your organisation would like to open a Church Savings Account with Churches Mutual Credit Union please read the information on this page and send us a completed corporate membership form. If you have any questions about the form or your eligibility please contact us.

Church Saving Account Requirements

An organisation wishing to join Churches Mutual as a corporate member should appoint representatives to be signatories to the account and to act on the organisation’s behalf (a minimum of two but no more than four).

Confirming & Verifying Signatories

In common with other financial institutions, we require validation and identification of all signatories to the Churches Mutual account.

These representatives will be required to produce identification documents giving proof of name, date of birth and address in accordance with Churches Mutual’s normal identification requirements for individual members.

Details of the Organisation

In addition, we will require details of all shareholders, directors or beneficial owners holding more than 25% of shares in the organisation who are NOT signatories.

Note – Churches Mutual uses a Credit Referencing Agency to establish identification and verification and to prevent fraud and money laundering. The agency used retains your information for 12 months regardless of whether this application is successful or not.

To open a corporate account Churches Mutual will also require additional information:

  1. To verify you as a bona fide organisation, one of the following:
  • A registered charity limited by guarantee or shares
    • A copy of the registration documents
  • A trust
    • A copy of the Trust Deed
    • A list of trustees, including names and addresses
  • An unincorporated charity (such as a Church, Church Council or other church governing body)
    • Charity registration number and church number if applicable (if not the full name of the parish or church)
    • A list of officers, including names and addresses

Note – The Charity Commission accepts that the churches within Churches Mutual Credit Union’s common bond are charities. The Charities Act 2006 required all religious charities in England and Wales with annual income over £100,000 to register with the Charity Commission. The Charities & Trustee Investments (Scotland) Act 2005 required all religious charities in Scotland to register with OSCR (The Office of the Scottish Charity Regulator) whatever their level of income.

  1. A copy of the following resolution: “We confirm that at a properly convened meeting it was resolved that”:
  • “We wish to open an account with the Churches Mutual Credit Union and in doing so agree to abide by the social objects, rules, policies and procedures of the Churches Mutual”
  • “The individual/s representing our organisation will complete all required personal details and agreed to provide identification documents according to the requirements of Churches Mutual, together with individual instructions regarding the conduct of the account (such as: any two to sign, address for correspondence)”
  • ” Churches Mutual will rely on the appointed representatives unless it receives written confirmation of changes to representatives”
  • “We will provide Churches Mutual with evidence of eligibility to join the Credit Union”
Next Steps

Once you have appointed your representatives and passed the required resolution, you may apply for corporate membership of Churches Mutual using the corporate membership form. If you would like to discuss this further, please call us on 01452 930360 or contact us here.

Get in touch

For Church Savings Account Enquiries please fill in the form below. Or call us on 01452 930 360

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Why Churches Mutual?

We have accounts designed for the long term investor looking to secure the future or for regular instalment savers seeking to put money away for a rainy day or to build up a nest egg.

Like many credit unions we pay a dividend on our savings accounts. There is more information about dividends in the FAQs.

Churches Mutual Credit Union is overseen by the Prudential Regulation Authority and the Financial Conduct Authority and your savings are protected by the Financial Services Compensation Scheme for complete peace of mind.

Rob’s Story

I have enjoyed a very positive relationship with Churches Mutual Credit Union for the last 7 years. When I joined as a regular saver, I wanted the opportunity to contribute
to an ethical organisation that shows real concern for the needs of its members. Knowing that the organisation helps people in challenging circumstances is very
important to me. The mutuality of the organisation is also instrumental for me.

Unlike other personal savings, I view the savings with Churches Mutual as part of my Giving to help Church Ministers and Church workers in financial need, rather than an

The way that the account is administered is very professional. If I need to draw out any money from my account, there has never been an issue and the money is transferred very quickly.

I would recommend Churches Mutual wholeheartedly.

Rob Cooper

Monday to Friday – 9.00am to 1.30pm

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(Closed Weekends and Bank Holidays)

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