About Savings
Local money local impact
If you're looking for the advantages of a traditional bank with the added confidence of understanding where your savings go, consider a Boom Savings Account. With us, your savings support loans for local individuals who may struggle to obtain favourable terms elsewhere. By opening a Savings Account with us, you're investing in your community. Additionally, when we announce dividends, you'll reap the rewards, knowing your money is secure and accessible.
Eligibility
You can open a savings account if you meet the following criteria.
- You are 16 or over.
- You live or work in Berkshire, South Oxfordshire District, Kingston upon Thames, Surrey, West Sussex, East Hampshire (Basingstoke and Deane, Hart, and Rushmoor Districts), or South Bucks and Wycombe Districts.
- You make an initial savings deposit of at least £5.
Good to know
- There are no membership or account fees.
- Withdraw your savings whenever you want to.
- Deposits are FSCS protected, up to £85,000.
- Manage your account online or using our mobile app, providing 24/7 access.
- Received dividends when they are declared.
Returns on your savings
We may pay dividends on your savings, however, it's not guaranteed. If we pay dividends, they will be deposited into your account in April for the previous financial year. Our financial year runs from October to September.
Paying into your account
There are several ways that you can deposit funds.
- Deposit a regular amount at a regular frequency via a standing order.
- Make one-off bank transfers.
- Log into Online Banking and use a debit card.
- Post a cheque.
- Make regular deposits directly from pay with MyMoneyBox, our payroll deduction scheme.
Withdrawing your money
You can withdraw your savings anytime by making an external account transfer using Online Banking or the mobile app. Register or log into your account here.
Mobile app
Joining has never been easier. Fill out the online form or download our mobile app.
Learn moreWe will ask you to upload proof of your identity and address, so please have them ready. We can accept photos of:
- A copy of your photographic ID, such as a passport or driving licence.
- A recent utility or council tax bill.
Apply by post or in person
Please get in touch if you would like a paper application form or book an appointment to apply in person.
Deposits in Boom Community Bank are protected by the Financial Services Compensation Scheme (FSCS). The £85,000 limit relates to the combined amount in the eligible depositor's accounts. Further information is available at www.fscs.org.uk
Find out more
Frequently asked questions
To open a savings account, you must be 16 or older and live or work within our common bond area, including these regions:
- Berkshire
- South Oxfordshire District
- Kingston upon Thames
- Surrey
- West Sussex
- East Hampshire (Basingstoke and Deane, Hart, and Rushmoor Districts)
- South Bucks and Wycombe Districts
Deposits made in Boom Community Bank, up to £85,000, are safeguarded under the Financial Services Compensation Scheme (FSCS). This £85,000 limit applies to the total balance across all eligible depositor's accounts.
To open a savings account, provide a valid photo ID and address proof.
Photo ID
Identification documents must be in date and display the correct name and address. We can accept the following:
- Passport
- UK driving licence or UK blue disabled driver's pass (photocards)
- National ID card or EU Member State photo ID card
- Biometric Residence permit (BRP)
- Home Office travel documents
- UK Armed Forces ID card.
If you don't have a photo ID, we may ask you for a combination of other documents, such as your birth certificate, marriage certificate, and letters from an official office.
Proof Of Address
Proof of address documents must be dated within the last three months. We can accept:
- Council tax, gas, electricity, or water bill
- Building society, credit card or bank statement from the past three months
- Tax assessment or HMRC letter
- Photographic ID, such as a driving licence (when not used as proof of ID)
- Council rent card
- Mortgage statement
- Private tenancy agreement
- Certificate of voter registration
- Official letter from a UK solicitor, Benefits Agency, Pensions Service, JobCentre Plus or the DVLA
You have several options to deposit money into your account, including:
Online Banking: Log in to online banking via our website and make a deposit using your debit card.
Telephone: You can deposit funds over the telephone by providing your debit card information.
Cheque: We accept cheques for deposits. Please make it payable to Boom Community Bank, and remember to write your membership number on the back. Please post your cheques to:
Boom Community Bank
17 Liverpool Gardens
Worthing, West Sussex
BN11 1RY
BACS Transfer: You can transfer money into your account via BACS (Bankers' Automated Clearing Services).
Additionally, to save a regular amount of money, you can set up a standing order for automated, recurring deposits.
Please use the following bank details for transferring funds into your savings account. Always remember to include your deposit reference number.
Name of bank: The Co-operative Bank
Account Holder: WSSCU LTD CAPITAL
Sort Code: 08-92-99
Account Number: 65313363
We will allocate your deposit to your savings account the following day after receiving your funds. Our operating days are Monday to Friday (excluding bank holidays).
Ensure each deposit is referenced correctly using your membership number followed by your first initial and surname. Add S1, S2, S3, or S4 to specify the savings sub-account for fund allocation. For instance, 1234AMEMBERS1.
Please make sure to reference each deposit with the corresponding deposit reference number accurately. If you are unsure, please get in touch with us.
Your membership number can be located in the initial welcome letter or email, account statement, or credit agreement. If you need a reminder, click the link below.
Access real-time account balances and download statements by enrolling in online banking. Alternatively, you can use the online form to request a statement to be sent by mail.
Dividends are calculated daily and linked to each £1 of savings held in your account, specifically to dividend-bearing shares, on that particular day. To be eligible for a dividend payment, you must be a member during the Annual General Meeting, and your account should maintain a minimum balance of £5. Dividend payments are not guaranteed. If dividends are disbursed, they will be credited to your account in April for the preceding financial year. Our financial year spans from October to September.
Dividend Percentage History
Below is a summary of the dividend percentages per share over the past three years:
- 2020: 0.00%
- 2021: 0.30%
- 2022: 0.40%
