About Transave
Transave is one of the largest credit unions in the UK, with over 30,000 members – we’re a not-for-profit financial co-operative, providing an easy way to save and a better way to borrow for almost 30 years. Our mission is to do the right thing by our members by providing fairer financial products and helping them take control of their finances.
Transave is a not-for-profit financial co-operative so is owned by our members instead of outside shareholders.
You can join Transave if you work for one of our employer partners or are employed in a wide range of occupations and sectors. For details, please see Who Can Join page.
Transave Account
Interested in joining Transave? All you have to do is complete our online join form.
Yes, membership is restricted to people living in the United Kingdom.
To open an account, you need to be at least 18 years old.
Yes, you can request that your customer record and any associated data is deleted where there are no additional legal and/or regulatory requirements for us to keep it.
To submit a request, please contact our Customer Support team via email at [email protected].
You can find a full explanation of your rights in our Privacy Policy.
App & Online Account
Our app is free to download from the App Store or Google Play store. To find the app Search for ‘Transave’.
To get started visit our Register for Online Access page: https://www.transave.co.uk/register/. Complete and submit the online form and we will send you a verification email. Once you have verified your details go to our member portal page at: https://www.transave.co.uk/account/ and log in to your account using the password you selected when registering, plus the five digit member number you will have been sent as part of your welcome email when joining Transave.
We try to support as many devices as possible but as with many other apps, some are too old for us to support.
For both iOS and Android, our app will support the latest version of your operating system, as well as the two preceding versions. Whilst our app may continue to work on older operating systems, we won’t officially support it and it may stop working. It’s your responsibility to ensure you’re using a device compatible with these operating systems for the entire term of any products you have with us.
To check which operating system your device uses: For Android: go to ‘Settings’ then ‘About Phone’. The operating system will be listed here. For iOS: go to ‘Settings’ then navigate to ‘General’ and then ‘About’. The operating system will be listed under ‘Version’.
Go to our password reset page at https://www.transave.co.uk/forgotten/ and complete the online form so that we can verify your details and issue a new password.
Saving
Members agree to save a minimum of £5 per week or £20 per month and funds will be deducted direct from your pay (if you work for one of our payroll partners) or via a bank Direct Debit. There is no maximum savings amount and lump sums can also be added into your savings account.
You can change the amount you save regularly at any time by contacting our office or via your online account.
Yes, unless your savings are acting as security against a loan. You can make a withdrawal by contacting our office on 0330 175 5555 or by setting up an online account/app with Transave and making the withdrawal online. If you request a withdrawal before 1PM the funds will normally reach your designated bank account on the same working day. If you make the request after 1PM it will be the next working day.
Depending on Transave’s financial performance you will receive an annual dividend on the total amount saved into your account during our financial year (October to September). This is usually paid in February each year.
Savings are protected by the UK government’s Financial Services Compensation Scheme (FSCS) up to a value of £85,000.
If one of our members dies in service their savings will be paid to their nominated beneficiary. In addition, a lump sum Funeral Grant will normally be paid to the beneficiary. For more information see Bereavement Cover
Borrowing
You can borrow up to five times the amount you have in your Regular Saver at the point of application (up to a maximum of £25,000). Please note that because your savings will act as security on your loan, you will be unable to withdraw them until you have repaid your loan in full, or your savings balance exceeds your loan balance.
We conduct a credit search for every loan application. This helps us ensure responsible lending and safeguard the interests of our valued members who save with us. However, our approval decision is not based solely on your credit score. We also assess loan applications by considering factors such as income, expenses, debt level, and repayment capability.
You can pay off your loan in full at any time with no early settlement penalties or other charges. Just give us a call on 0330 175 5555 and we can confirm the amount owing, which you can then pay by bank transfer or debit card payment.
We aim to get your decision as quickly as we can, with over a third of our applications receiving an instant decision it is often the same day, however it can take 2 to 3 days during our busiest periods, like Christmas, or if we’ve asked you to provide some additional information. You’ll receive texts and emails keeping you up to date with the progress of your loan, including if we need you to do anything, like send documents to us.
To ensure the loan is affordable for you, we will ask to view recent bank statements digitally via Open Banking. We’ll provide you with a secure link to send the information to us.
Your loan application will be automatically rejected If you have a recent County Court Judgement (CCJ, are bankrupt or have entered into any of the following: Trust Deed, Administration Order (AO), Debt Management Scheme (DAS), Individual Voluntary Arrangement (IVA), or Debt Relief Order (DRO).
Top up loans are an alternative to applying for a whole new loan when you need some extra cash. Instead of having to go through the entire application process again, if you have an existing Personal Loan, you can top this up to an amount you need subject to credit and affordability checks.
When you pay-off your loan the same amount continues to be collected unless you instruct us otherwise. Any money not required to pay off your loan will automatically be paid into your savings account. You can withdraw any amount from your savings account, but please bear in mind that sometimes direct debit instructions cannot be stopped and at other times there will be a delay whist the debited amount clears in our bank.
If you would like to adjust this arrangement, let us know:
- In the Transave App, select Secure Messages from the menu
- Email us at [email protected]
- Call us on 03301755555
Money Worries
No, speaking to us will not impact your credit score in any way.
No, we want to support our members so don’t charge for missed payments. However, missing payments may still mean that you pay more over your loan term, so please get in touch as soon as possible.
Firstly, don’t panic. Simply get in touch as soon as possible if you’re concerned about making your payments. We’ll always work with you to understand your circumstances and find the best solution.
Get in touch as soon as possible and we’ll work with you to better understand your circumstances and find an affordable solution. Our Member Solutions team can be contacted on 0114 243 8460 or by email at: [email protected]
We hope it doesn’t get to that, but if it does, we’ll attempt to contact you as soon as we see payments are being missed to chat through your options. If we’re unable to reach you, we’ll have to consider bringing legal proceedings as a last resort. We’ll notify you well in advance of any legal proceedings starting though and will always aim to work with you to find an alternative solution where possible.
