Savings

Savings in the credit union are called Shares, as each member is also a shareholder and owner of the credit union. Encouraging regular saving is the major aim of the credit union. member’s savings are pooled together to provide money to loan out to members.

The Credit Union also provides members with FREE life insurance on their shares (savings) and their loans.

How you can save:

• By Standing Order - If you have a bank account you can set up a bank standing order. You can pay in amounts on a weekly, fortnightly or monthly basis. You choose the date and the amount you want to pay in. If you want to increase the amount or change the date at any time you just have to contact your bank and make the adjustment – it’s that simple!
  Download standing order form for Word 2000>>
  Download as a PDF document>>
  
• Payroll Deduction – If your company is interested in setting up this then please contact our Head Office for an information pack.
  
  
• Service Points – Members can pay in cash or cheques Please ask the office for details of any service points in your area or click here for the current list.
  If you would like to set up a service point in your area, or for any local group, please contact the office. More >>

Dividend

Kerrier & The Fal Credit Union Ltd does not pay interest on savings. Instead, as a registered co-operative, non-profit making business, it gives a dividend to members who have saved regularly.

Dividends are the members' reward for saving regularly and are calculated from the surplus made at the end of each financial year. We have no external shareholders so our surplus, goes into running the credit union and back to the members as their dividends. Dividend is calculated on the daily balance of a member’s savings, just the same way as a building society calculates interest on savings.

As Kerrier & The Fal Credit Union has only been up and running for six months the board of directors have not yet set the dividend for this year. Established credit unions can typically pay out a dividend of between 3% and 5% (Please note that a Credit Union does not, by law, have to deduct tax, it is the responsibility of the member to declare their dividend for tax.) Dividends are paid on your Membership Account annually, after the Annual general Meeting of the members. This dividend is your share of the net surplus made by the credit union in the previous financial year.

Please note: members who close their accounts prior to the Declaration of Dividend at the Annual General Meeting forfeit their right to any dividend

Young Savers Club (for Under 16’s)

Sign up your children, grandchildren, nieces, nephews or any special child in your life and get them into an early regular savings habit.

You can pay into the Young Savers account the same way as you would as an adult member of the Credit Union through cash at our service Points to bank standing order.

The Credit Union Member applying for the Young Saver membership can be Trustee of the account until the Young Saver reaches the age of sixteen or an age under 16 as specificed by the Trustee.
Alternatively, you can nominate another adult as a Trustee. On reaching their 16th birthday, all Young Savers become Full Members of Kerrier & The Fal Credit Union Ltd.
However, loans are not permitted until the member is 18 years old.