16 December 2025

Important Membership Highlights

This overview covers some of the key terms and conditions for membership at Gateway Credit Union.

These complete Terms and Conditions are available to download for your full reference.

Common Bond: Membership is open to residents and/or workers in Southeast Wales, including Torfaen, Monmouthshire, and surrounding areas, or employees of their payroll partners.
Identification: All members must provide Valid Photo ID, Proof of Address, and Proof of National Insurance number to open and maintain an account.
Withdrawals: The Credit Union does not issue cash or cheques; all withdrawals are processed via bank transfer to a single registered bank account.

Minimum Balance: After the initial £2 membership fee, members must maintain a minimum balance of £5.00 in their account.
Maximum Savings: The maximum amount any member can hold is £30,000.
Dormancy Fee: A £5.00 fee will be applied annually to all accounts that remain inactive as of the financial year-end (September). Dormant accounts will not earn dividends.

Qualification: Members must have completed three continuous years of savings immediately prior to death (only adult membership counts).
Award: The award payable to the deceased member’s estate is the lesser of an amount based on years of continuous membership (up to a maximum of £1,500) or the average of maximum balances in the three years prior to death.

Locked Period: Christmas savings accounts are locked from 1 January to 31 October.
Withdrawals: Withdrawals during the locked period require 60 days’ notice. Making more than one withdrawal during this period will result in the account being closed.