How does the Share Account work
Who can open a Share Account?
Couples, families, schools and businesses as well as community and faith groups can all become investors and help us support people living and working in remote communities.
As part of our “Know your customer” responsibilities, we carry out electronic checks to meet anti-money laundering regulations. Most of the time these checks can be carried out without the need for additional documentation.
How does it work?
By opening a Share Account, you are investing in withdrawable shares only. (£1 = 1 share). As an investor you will become a member with one vote, regardless of the amount you invest. Unlike conventional shares, withdrawable shares cannot be sold, traded or transferred between members. They also do not increase in value. It is ‘withdrawable’ because as a member you can request the return of some or all of your investment from Shared Interest Society, but the Board can suspend withdrawals temporarily or indeﬁnitely.
Do I get interest?
The Directors decide in advance what the interest rate will be, with any interest credited to members’ share accounts on 31st March for the year ended on the previous 30th September. You have the choice to receive interest, waive or donate it to Shared Interest Foundation. You can alter these arrangements at any time. Interest is calculated at our published rate on the closing daily balance of your share account. Interest rate changes are advised to members as soon as practicable, usually through our regular newsletter, Quarterly Return or on our website.
What happens after I open a Share Account?
We pool your investment and use these funds to make loans to organisations of farmers and craftspeople as well as some fair trade buyers. The loans typically fund seeds, plants, materials, crops, equipment or ﬁnished goods. Once the crops or crafts are sold, the organisation repays Shared Interest the capital plus a fair rate of interest. The funds can then be recycled and lent out again.
As a member, you will have a democratic say in our social aims and future success, with an opportunity to attend our AGM and member events. We will keep you informed with regular statements detailing your investment and a quarterly member magazine. You can also choose how you would like to receive these by post or email. Our secure Member Portal also enables you to keep up to date with your Share Account online.
Is my investment at risk?
It is important to note that this is an investment and your funds are at risk. The loans we oﬀer are generally unsecured, so investors share the risk of losses exceeding cumulative reserves, but can never lose more than they invest. If there were substantial bad debts in one year, for example, wiping out our reserves, we would have to make a charge against Share Accounts and reduce the value of your investment. It should be noted that we have never had to make such a charge during the entire operation of the Society from its commencement in 1990 to date (March 2023). Shared Interest Society is not a regulated entity and any investment in the Society is not covered by protection such as the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service.
Increasing your investment
The maximum investment is £100,000. You can add money to your Share Account in a number of ways;
BANK TRANSFER If you have access to online banking you can transfer funds directly to your Share Account. All you need is our bank account number 70062793 and sort code 08-90-06 and our organisation name which is Shared Interest Society Limited.
STANDING ORDER You can set up a standing order with Shared Interest by filling in one of our standing order forms and returning it to us at our address below.
Pearl Assurance House
7 New Bridge Street West
Newcastle upon Tyne
Please remember to quote your Share Account number and allow enough time for the bank to set up the standing order.
CHEQUE You can make further investments into your account using a cheque in two ways. You can take the Bank Giro Credit Slip at the bottom of your statement along with your cheque to your bank. Alternatively you can send cheques directly to our Newcastle office (please note this could take longer to be credited to your Share Account). Cheques sent directly to us must have your ten digit share account number written on the back and all cheques should be made payable to: Shared Interest Society Ltd.
ONLINE DEBIT CARD INVESTMENT If you are registered for our online member portal you can make investments using your debit card. If you are not registered and would like more information please get in touch with our membership team on firstname.lastname@example.org or tel 0191 233 9101.
Changing your Details
Address change: In order for us to change your address you can either email, write to us or complete the change of details form. Please ensure you include your Share Account number, your new address and a signature from all signatories on the account, and also a utility bill or bank statement within the past six months (something that has your name(s) and new address on it).
Removing or adding signatories: In order for us to change the signatories on a Share Account we require you to write into us or complete the Add or remove signatories form. Please ensure you include your Share Account Number, and a signature from all signatories on the account.
Change of Name: In order for us to change any details, email email@example.com the original or certified copy of your marriage certificate or deed poll certificate. We can then update your information for you or you can post in the information along with a letter to our office address.
You can make a withdrawal or close your account by writing a letter or by completing a Withdrawal Form and either emailing or posting this to us. This should be signed by all named signatories on the account.
You can receive your withdrawal in two ways:
- Bank transfer: In order for us to transfer the funds directly into your bank account we ask that you enclose a bank statement showing your name(s), address, account number and sort code information. This is for security and to ensure that the funds are transferred into the correct bank account.
- Cheque: If you would prefer to receive a cheque, please include either a utility bill or bank statement as a form of identification with your correspondence.
Closing your Share Account
You can do this by either sending in a letter or fill in the Withdrawal Form. Please ensure that you check the box to say you want to close your account and for security reasons we need signatures from everyone on your account, as well as a bank statement that shows your name(s), address, account number and sort code information. We can either send you a cheque or we can put the money in a current account as long as it is in your name and you provide the Account number and sort code.
If a member has passed away, in order to close the account, we would require the following documents:
- Death Certificate (Original or Certified Copy)
- Grant of Probate (if available, along with all named executors signatures if there is more than one)
- If there is no Grant of Probate, please could you send us written proof that you are the only executor named on the will
You can scan in the documents and email them to firstname.lastname@example.org or post the documents to our address below. These documents will be returned once copies of the originals have been made.
We will also send you a withdrawal form to be signed by all executors if the share account is to be closed. Any questions regarding closure of a loved one’s account can be discussed by calling our membership team on 0191 233 9101.
If you would like to register onto our online member’s portal, please call our membership team on 0191 233 9101 and we will ask you a couple of security questions before setting you up, you will also need to give us separate email addresses to register you onto the site.
Once registered, we can send you an email when your statements and quarterly report are available to view online. You will also have the ability to change your home address details if they are different from what we hold on your account.