Share account information
As a member of Lincolnshire Co-op, we’ll automatically open a share account for you. To be a member the minimum share capital is £1. At the end of each year we pay out a dividend bonus. If you don’t have £1 in your share account at this time, we will automatically transfer this from your bonus. If the minimum amount has not been invested within 3 years, your membership may be withdrawn.
The share account gives you the opportunity to invest in shares in Lincolnshire Co-op. If you wish to use your share account you will need to provide proof of identity. Please contact us on 01522 781 135 (Mon-Fri 8.30am-5pm) and we’ll send you the relevant paperwork to complete.
Interest rates and withdrawals
Money invested in our share accounts will earn interest at the rates shown below which is calculated on a daily basis and paid in September each year.
|Balance ||Interest rate*|
|£0 - £19.99 ||Nil|
|£20 - £20,000 ||0.25%|
*Effective from 5th March 2017. Interest rates correct at time of publication - may be subject to change.
Money can be withdrawn from your share account at any of our members’ helpdesks subject to our rules and the following notice periods:
|Partial withdrawal - £0 - £250||On demand|
|Partial withdrawal - £251 - £500||3 days notice|
|Partial withdrawal - £501- £20||1 weeks notice|
|Total withdrawal - any amount||2 weeks notice|
Your investment is not covered by the Financial Service Compensation Scheme, as the Society (unlike banks and building societies) is not subject to prudential supervision by the Financial Conduct Authority.
Share Account investments are currently withdrawable as set out above, without penalty. This is at the discretion of the Board and may be subject to change.
Lincolnshire Co-op abides by a code of practice which requires us to provide a statement to our shareholders of the nature of their investment and any change affecting it. The position you occupy as a shareholder of Lincolnshire Co-op is no different from that of a shareholder in any corporate body in the sense that if Lincolnshire Co-op fails, you may not have all, or any of your investment returned to you.
If you have any questions regarding the code of practice please address them to Group Secretary, Lincolnshire Co-op, Stanley Bett House, 15-23 Tentercroft Street, Lincoln, LN5 7DB or email firstname.lastname@example.org.
Members’ help desk locations:
Market Place, Gainsborough
Sincil Street, Lincoln
West Street, Long Sutton
Alternatively please contact our Member Accounts team on 01522 781 135 if you wish to make a share account transaction.