Savings


Saving money with your credit union is a good idea. You are not “just another customer” but an active member of a highly successful financial co-operative, which provides security and protection for your savings, along with an excellent dividend which is added to your account annually.

How your credit union savings account works?

Once you start saving regularly your funds build up quickly. Each share saved is eligible for a dividend at the end of the year. The more savings you have the more dividend you receive.

By saving regularly you not only help yourself, you also help your community as your savings provide a loan fund for other credit union members.

Benefits of a credit union savings account:

  • Competitive dividend on your savings at the end of the year.
  • Members savings (up to certain limits) are insured at no direct cost to the member through the credit union Life Savings Insurance Scheme.
  • Easy access to your savings if you wish to make a withdrawal
    (once not pledged against a loan)

Withdrawing your savings?

Members can withdraw their credit union savings provided they are not pledged as security for a loan. However, as far as possible, you the member are encouraged to keep your savings intact, thus ensuring:

  • You continue to earn a dividend
  • You continue to benefit from Life Savings Insurance Protection
  • Your credit worthiness and capacity to borrow is maintained.

Note: Dividends are calculated on the lowest share balance held in each members share account each month.