• To become a member of Orchard Credit Union Limited, a person must meet our Common Bond requirement.
  • These terms and conditions relate to all Orchard Credit Union savings accounts. Please read and keep them in a safe place.
  • In addition to these conditions, specific terms and conditions may also apply to certain types of account. You will be provided with a copy of these where applicable.
  • If we make any changes to these terms and conditions in the future, we will advise you of what these are and the reasons for them.
  • A privacy notice is available at our office at 1 Victoria Street, Armagh. A paper version will be made available to you, at your request.


  • A Member must hold a minimum balance of £10.00 in their share account with Orchard Credit Union.
  • If you do not make any transactions on the Member Account for a period of 36 months and you do not respond to our correspondence, your account will become dormant and will be placed in a suspense account.
  • The Rules of Orchard Credit Union provide further details of membership. A free copy of the rules is available to every Member on request.

Annual Fees

  • The Board of Directors can exercise their right to charge an annual membership fee of up to £10.00 for each active member’s account.

The Board of Directors can exercise their right to charge an annual administration fee of up to £10.00 for each dormant account.

Payment of Dividends/Interest

  • If a surplus has been achieved, the Board of Directors will recommend the rates of dividend payment for agreement by the Members at the Annual General Meeting (AGM). The AGM is held during the six months following the accounting year end (30th September).
  • Any dividend shall be declared on all full shares held during the preceding year of account or interim period. New members joining the credit union will be entitled to a proportional part of the dividend on any shares held for less than the full year of account on every full month of membership. Dividend shall be paid to those in membership of the credit union on the following working day after the date that the dividend is declared.
  • For new Members who join after the accounting year end but before that year’s AGM, the dividend will be paid after the following year’s AGM.
  • Dividends or interest rebates due to any Member will be placed to the credit of their share balance and will be payable following ratification at the AGM.
  • An annual dividend can only be paid to active members accounts. Accounts closed after the financial year end (30th September onwards) but before the dividend is credited, will forfeit the right to any dividend due. Members who close their account during the financial year also forfeit the right to any dividend due.  Dividend is not paid to any member that has a current bad debt within the Credit Union.


  • Dividends and interest are paid gross of any tax but are not tax free. You must therefore declare your dividends and interest payments on your tax return, if applicable.

Junior Accounts at 16

  • At the age of 16, we will write to advise that the junior account may be eligible for conversion to that of a full member, subject to them meeting our common bond requirements and the provision of suitable identification


  • We will send you a statement of your savings account at least annually.

Transactions and Payments

  • Transactions can be made in person at our office, or lodgments can be made by Standing Order
  • Withdrawals can be made by cheque on request.
  • Funds that are paid into the Credit Union by Standing Order will be available for you to withdraw on the same day as receipt.
  • When a cheque is received, funds will be available to withdraw within three working days. We reserve the right to debit your account in the event of a cheque    being returned

Proof of Identity

  • We are required by law to verify the identity and address of all new members, and sometimes existing members who wish to continue to operate an account with us.
  • In addition, we obtain your photograph for verification and authentication purposes, this enables officers and staff to quickly identify members. It is the policy of Orchard Credit Union to obtain and retain up to date photographic identification on our members’ computer accounts.
  • It is also the policy of Orchard Credit Union NOT to retain photographs of those accounts under the age of 16 years. The signing parents/guardians photograph will be used in this instance.

How we will use your information

  • We may share your information with credit reference agencies for use in credit decisions, for fraud prevention and to pursue debtors. We will ask you when you join the Credit Union whether you are happy for us to send you information about our products and services by post or email. If you change your mind at any time, please let us know.
  • Under the Data Protection legislation, you can make a written request for a copy of the records we hold about you. The current fee is £10.


  • You have 14 days from the date that your account is opened within which to cancel it. If you wish to cancel please write to: The Old Savings Bank, 1 Victoria Street, Armagh

Making a Complaint

  • If you wish to make a complaint you can contact us by telephone on 028 37 524506, or in writing to The Old Savings Bank, 1 Victoria Street, Armagh BT61 9DS
  • We will always do everything we possibly can to sort out the problem. We’ll send you a written acknowledgement within five working days and keep you informed on our progress until your complaint has been resolved.
  • Should you remain unhappy with our final response, or if eight weeks have passed since you first raised the matter with us, you have the option to refer to the Financial Ombudsman Service. For more information about the Financial Ombudsman Service please visit


  • All communications between you and us will be in English.

Orchard Credit Union Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority  Registered no: 574017