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:
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.
|YEAR ENDING||DIVIDEND RATE|
|2022||0.15% / 1.50%|
ISA savings rates for 2021/22
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 2021 until March 2o22||0.0%|
|November 2020 until March 2021||0.0%|
|April 2020 until October 2020||0.1%|
|April 2019 until March 2020||1.00%|
|April 2018 until March 2019||1.00%|
|April 2017 until March 2018||1.00%|
|August 2016 until March 2017||1.00%|
|April 2016 until July 2016||1.25%|
We are no longer taking new subscriptions for our ISA account.
View our ISA account Terms and Conditions for more information.
As of 1 December 2021, the maximum you will be able to save is £500 each month. A member’s collective savings balance is not permitted to exceed £50,000.