How do I close my Savings@Work account?
If you want to close your Savings@Work account and leave GWCU, send us an email and we will arrange this for you.
We will notify your employer’s payroll department to stop your salary deduction for savings. You’ll still need to make any loan repayments (more information on this below).
Depending on when you cancel your deduction, it could take up to a month to take effect. This means that there might be a further deduction even after you’ve asked to close your account. If that happens then the funds will still be credited to your account. We will transfer any outstanding balances to your chosen bank account. Please make sure that the bank account you’d like us to make the payment to is set up through the Member Portal first.
Please remember that if you close a Cash ISA account you may lose any tax benefits that apply. It’s usually worth transferring to another provider instead of closing the account if you want to maintain the ISA status for your funds.
Any interest you are entitled to for those accounts that pay interest will be paid when you close your account. If you leave before the Annual General Meeting, usually in January, then any dividends that might otherwise have been due won’t be payable.
If you have a loan that is repaid via payroll, you can continue to repay your loan through your salary, unless you are leaving your employer, in which case we'll transfer any outstanding loan repayments onto Direct Debit. Please contact us well in advance so that we can arrange this with you and make sure you don’t miss any repayments which could then affect your credit rating.
Remember you don’t have to stop using your GWCU account if you leave your employer. Thousands of our members save and repay loans without belonging to one of our employer partners and we’d love to keep you as a member, just like them.