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. 



Savings accounts that earn a dividend

The previous gross dividend rates for our savings products:

Member Account, Family Member Account  and Junior Account

2018 2019 2020 2021 2022
1.5% 1.5% 0.5% 1.0% 2.25%

 

Notice Plus Account

2018 2019 2020 2021 2022
2.0% 2.0% 1.0% 1.5% 2.75%

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 August 1st – 30th September 1st – 31st October
Tax free rate AER Rate Tax free rate AER Rate Tax free rate AER Rate
3.5% 3.5% 4.0% 4.0% 4.0% 4.0%

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

1st – 31st August 1st – 30th September 1st – 31st October
Gross Rate AER Rate
Gross Rate AER Rate Gross Rate AER Rate
3.5% 3.5% 4.0% 4.0% 4.0% 4.0%

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 13th September 2023.

Type of loan Rate (APR)
Member Loan
£0 – £4,999
£5,000 – £35,000
12.89%
7.9%
Consolidation Loan
Under £5,000
£5,000 – £25,000
12.89%
10.9%
Student Officer Loan
Up to £10,000 6.5%
Budget Account
Up to £2,000 A monthly fee
Revolving Credit
Up to £5,000 12.68%
Loyalty Loan
Up to £40,000 5.5%
Holiday Loan
Up to £4,999 12.89%
Commutation Loan
Up to 50% of commutation entitlement or £50,000 (whichever is lower) 10.9%
70+ Loan
Up to £5,000 12.89%

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

 


Mortgage Rates 

Standard Variable Rate Mortgage

Product Interest rate The overall rate for comparison is Product fee Early Repayment Charge
Standard Variable Rate 5.5% 5.7% APRC* £595 None

*The actual rate available will depend upon your circumstances. Ask for a personalised illustration.

 

Fixed Rate Mortgages

Rates correct as at 1st September 2023.

Product Initial interest rate Followed by SVR The overall rate for comparison is Product fee Early Repayment Charge**
Two Year Fixed Rate 6.5% 5.5% 5.9% APRC* £995 3%
The initial interest rate will be fixed for two years from the advance of the loan.
Three Year Fixed Rate 6.3% 5.5% 5.9% APRC* £995 3%
The initial interest rate will be fixed for three years from the advance of the loan.

*APRC stands for the Annual Percentage Rate of Charge. It is an annual interest rate which takes account of fees and charges to reflect the total cost of your mortgage. The APRC allows you to easily compare quotes from different lenders.

**ERC of 3% of the outstanding loan amount is payable at the time of redemption during the fixed rate period. You will not be charged an early repayment charge for making overpayments, which are permitted up to 10% of the original mortgage advance per annum.