Dot ComUnity Credit Union - ISA

Ed-1

MRMX9 wrote: »

I have opened an ISA account with them and have found the process very efficient. Bar ISA transfer forms – which have to be sent by post (as is common practice anyway) – you can arrange everything else by email and online.

I was able to activate my account online after filling in the online application form. You join at a reduced annual membership rate of £12 – and must pay £5 into a share account – which appeared in my online account the day after I transferred the money from my bank account.

The 3% fixed rate ISA is fixed for one year – but you can withdraw funds at 90 days notice so unlike most other fixed rate accounts you can access it before the fixed rate ends. Based on what I have been informed the ISA limits for 2014-15 apply (£5,940 max at present) – and will be raised to £15k from 1 July – but you can transfer in prior years ISAs without limit although they normally limit investments to £40,000 before needing trustee approval.

Membership also gives you £15k of life insurance, access to personal loans if required and other services. You also get to support a credit union doing lots of good work helping small businesses, carers and those with disabilities/learning difficulties. Plus the £5 share account allows you to share in any dividend the credit union pays out annually.

Clearly it’s a small organisation doing good things – so why not give it a go. As has been stated it operates under the £85k savings limit protection scheme as a registered credit union. And your funds will go to help people who really need it – not bank shareholders or building society directors!

To open the ISA it says I must join as an ‘individual member’ but when I look the online application form to join it says the annual fee for the individual membership band is £30. If I continue, will it only cost a reduced annual rate of £12? Can you open this ISA with any other membership status?

Archi_Bald

The £30 vs £12 is a bit confusing, as is the fact that you must have a basic share account with at least £5 in it.....I got mine opened with the £12, and the £5. I understand the £12 is "lost" but the £5 stays yours, and might get some membership benefits.

The £12 reduces the interest rate by a tiny margin for me, so I don't mind it.

hgt

Ed-1 wrote: »

To open the ISA it says I must join as an ‘individual member’ but when I look the online application form to join it says the annual fee for the individual membership band is £30. If I continue, will it only cost a reduced annual rate of £12? Can you open this ISA with any other membership status?

DotComUnity have a special reduced rate of £12 for customers wishing to open the ISA account. So if you apply for your membership online, you can choose the concessionary rate of £12.

Ed-1

I've decided to join and open the ISA as it was either do this or withdraw my ISA funds to 3% current accounts (already filled 4% and 5% etc.) and I'd quite like to keep them in the tax-free wrapper.

Question: On my welcome letter there is some account details. Are these for the share account in which I've got to put £5? I've logged into the members area and the only account I can see is entitled 'Everday - Personal'. No sign of an ISA although I indicated I wanted to open one when joining. I've posted my membership fee off today. Do I need to fill in a separate application for the ISA?

hgt

I haven't received my welcome letter yet... though I did fill in a separate form to apply for the ISA account (plus I sent a transfer form). So it will be interesting to see what happens when mine comes through.

MRMX9

Ed-1

You do need to fill out an application form to open the ISA. Its on the product page on the website - and seems to have been updated to allow you to type the details in.


You can find this from the homepage by clicking Credit union on the top menu, then savings then cash isa.

You can send a signed pdf copy by email - that is sufficient - so no need to send it by post.

Give it a couple of days after you send in the application form and it will appear in your online account alongside your basic share account for the £5 and the everyday personal account which you won't need but is the default instant access account with the credit union. If you are making future payments by bank transfer just ask them to default these into the ISA account.

The online system not only tells you how much you paid in and on what date - but the exact time too!.

It all worked fine for me!

Ed-1

MRMX9 wrote: »

Ed-1

You do need to fill out an application form to open the ISA. Its on the product page on the website - and seems to have been updated to allow you to type the details in.


You can find this from the homepage by clicking Credit union on the top menu, then savings then cash isa.

You can send a signed pdf copy by email - that is sufficient - so no need to send it by post.

Give it a couple of days after you send in the application form and it will appear in your online account alongside your basic share account for the £5 and the everyday personal account which you won't need but is the default instant access account with the credit union. If you are making future payments by bank transfer just ask them to default these into the ISA account.

The online system not only tells you how much you paid in and on what date - but the exact time too!.

It all worked fine for me!

Thanks for that. Answered all my questions. It seems that if you want to deposit money, you need to send it to a default account that they hold and then they identify it is you by reference to your membership number. How though do they know which account to credit the money to if you hold more than one?

I must admit I was impressed when I logged in to the online area and saw that they even have the facility to withdraw funds online. That's better than a lot of building societies!

Archi_Bald

Seems I was ahead of the online bits with my ISA application, had to do mine on paper. I can see a Basic Share and an Everyday Personal Account now but no sign of any ISA. My cheque for the Personal Account was in the same post as my ISA application.

Reserving judgement on DotComUnity for a while longer though I still feel reasonably positive.

C'mon DotComUnity, we know you read this forum, make our lives easier please, get yourself an official MSE posting privilege and help us understand how you operate by posting some facts about your operation on here.

Ed-1

Archi_Bald wrote: »

Seems I was ahead of the online bits with my ISA application, had to do mine on paper. I can see a Basic Share and an Everyday Personal Account now but no sign of any ISA. My cheque for the Personal Account was in the same post as my ISA application.

Reserving judgement on DotComUnity for a while longer though I still feel reasonably positive.

C'mon DotComUnity, we know you read this forum, make our lives easier please, get yourself an official MSE posting privilege and help us understand how you operate by posting some facts about your operation on here.

Why did you send a cheque for the personal account? Is this the £5 that needs to go in the basic share account?

I haven't yet got a basic share account. How do I get one? If I send £5 do I automatically get one?

Know the answers to any of these?

mt77

Decided to go for this last Friday, and so far haven't had the need to post anything yet; Everything has been done via email / by bank transfer.

When applying online, you need to select the concessionary rate (£12) rather than individual membership (£30). I then did 2 seperate bank transfers - one for membership (£12) and one for share account (£5).
Electronically filled out the PDF forms for ISA account and ISA transfer request and sent them via email. So far, the online account is setup with £5 in my share acc. Still waiting for my ISA account to show and transfer.