DIVIDEND AND RATES

Dividend and Rates

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

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.