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24 August 2017



Savings as shares in a Credit Union are a better way to save. You are not just another customer but an active member of a highly successful financial co-operative. Yes, you have a share in the ownership of the Credit Union.

Ways for you to save will include:

  • Make direct transfers on a regular basis from your bank account
  • By credit or debit card payments over the telephone into your account 
  • Payroll deduction through employer sponsored plans

You can then begin to save - as much or as little as you can afford up to 15,000 GBP in a members share account or 30,000 GBP in a joint members share account.

Dividends or Interest:

It can be confusing for people who have no experience of credit unions that their saving account has a dual role. Many people only have experience of interest bearing savings accounts in banks. When you save at a credit union like Your Credit Union you automatically become a member and we call your saving account a share account. As a member you have a share in the ownership of Your Credit Union. You will be invited to attend the Annual General Meeting and participate in electing new Board members, agreeing the accounts of Your Credit Union and voting on the annual dividend and other proposals by the Board. Each member has one vote regardless of the size of their share account.

Throughout the year your money is lent out to qualifying Your Credit Union members who pay interest on their loans. That interest is used to pay for the running costs of Your Credit Union and any dividend that can be returned to the members. At the Annual General Meeting the Board will propose how much dividend can be returned to shareholders. The dividend can range from 0% at smaller credit unions to 3% at some of the larger credit unions. We have paid a 2% dividend for the last 2 years (2013/14 & 2014/15)

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