Our Rates


Year-end dividends are calculated from income and are credited to the Member Account and Notice Plus Account annually, following the Annual General Meeting. Interest is paid on the ISA and the Reserve Account quarterly. 

This page shows our rates for savings and loan products. To find our mortgage rates, please visit our mortgages page.


Savings accounts that earn a dividend

The previous gross dividend rates for our savings products:

Member Account

2014 2015    2016 2017 2018 2019
1.75% 1.8% 1.4% 1.25% 1.5% 1.5%

Notice Plus Account

This account is closed to new applications. However, existing members who already hold a Notice Plus Account will continue to earn a dividend.

2014 2015 2016 2017 2018 2019
2.75% 2.8% 2% 1.75% 2% 2%

Savings accounts that earn interest

ISA

This account is closed to new applications. However, existing members who already hold an ISA will continue to earn interest.

1st – 31st October 1st – 30th November
1st – 31st December
Tax Free Rate AER Rate Tax Free Rate AER Rate Tax Free Rate AER Rate
0.40% 0.40% 0.40% 0.40% 0.40% 0.40%

Tax Free Rate is the contractual rate of interest payable where interest is exempt from income tax.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Reserve Account

This account is currently closed to new applications. However, existing members who already hold a Reserve Account will continue to earn interest.

1st – 31st October 1st – 30th November
1st – 31st December
Gross Rate AER Rate Gross Rate AER Rate Gross Rate AER Rate
0.40% 0.40% 0.40% 0.40% 0.40% 0.40%

Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law, currently 20%.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

 


Interest Rates on Loans

Loan rates apply from 16th October 2020

Type of loan Rate (APR)
Member Loan
£0 – £3,999
£4,000 – £6,999
£7,000 – £14,999
£15,000 – £24,000
£25,000 – £35,000
10.9%
7.9%
5.9%
6.9%
7.9%
Debt Consolidation Loan
Under £5,000
£5,000 – £25,000
9.9%
8.9%
Student Officer Loan
£0 – £10,000 5.5%
Budget Account
Up to £2,000 A monthly fee
Revolving Credit
Up to £5,000 12.68%
Loyalty Loan
Up to £40,000 3.5%
Holiday Loan
Up to £10,000 10.9%
Christmas Loan
Up to £2,000 10.9%
Commutation Loan
Up to 80% of commutation entitlement or £100,000 (whichever is lower) 9.9%
70+ Loan
Up to £5,000 9.9%

APR stands for Annual Percentage Rate and represents the total cost of credit on a loan.
Please be aware that the maximum lending across all unsecured loans is £35,000.      


 

Loans Information

Fees
Administration Fee None
Early Repayment Fee None
Default Fee None
Interest
Type of Interest Fixed
Basis of Calculation Daily