If the credit union a generates surplus, that surplus may be shared with members in the form of a dividend on savings (subject to adequate levels of reserves being met). If the credit union is in a position to pay a dividend, this rate will be decided and agreed by our members at our Annual General Meeting, based on recommendations from our Board.
Following an unprecedented couple of years for members, the credit union, and the wider economy, the Board was pleased to be in a position to propose two dividend payments in 2022:
The first dividend payment (0.15%) would be calculated on savings balances from 1 October 2021 to 31 March 2022.
The second dividend payment (1.50%) would be calculated on savings balances from 1 April 2022 to 30 September 2022.
Interest rates have been rising over the course of the year ending 30 September 2022 and the Board of Directors wanted to reflect this in the Dividend proposal, which they believe is a fair reflection of market rates over both periods. It also reflects the challenging economic conditions and their impact on the credit union’s performance.
We’re delighted to announce that at the AGM on 7 December, the membership voted in favour of these rates*, which reward our savers whilst maintaining adequate reserves for the credit union’s future.
*Votes were pre-cast online and by post.
Previous dividend payments
0.15% / 1.50%
ISA savings rates for 2022/23
ISA accounts receive a return paid annually in April each year. ISA rates of return can vary from month to month throughout the year and we will update this page with the dividend rate to be paid each month.
The ISA return paid at the end of previous tax years was calculated at the following historical rates:
April 2022 until March 2023
April 2021 until March 2022
November 2020 until March 2021
April 2020 until October 2020
April 2019 until March 2020
April 2018 until March 2019
April 2017 until March 2018
August 2016 until March 2017
April 2016 until July 2016
We are no longer taking new subscriptions for our ISA account.
Please check first that you are eligible to apply:
You are aged 18 or over
You have a UK bank account in your own or joint names
You are a permanent UK resident
You have never been bankrupt or had a Court Decree
To complete your application you will need:
Your current employer's address details
Details of monthly income and outgoings
Bank or building society details (sort code and account number)
To enable us to make a decision on your loan application we will contact Credit Referencing & Fraud Prevention Agencies. This will register a search against your credit record and if your application is successful we will share the information we hold for you with these agencies. Further details are available in our Privacy Notice
It is important that you read the Privacy Notice document above. If there is anything that you do not understand, please contact us.
Please be aware that the longer you take to pay back a loan, the more you will pay back in interest. If you go for a shorter term your monthly repayment might go up, but you'll save in interest and pay back your loan faster.