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
This account is closed to new applications. However, existing members who already hold a Notice Plus Account will continue to earn a dividend.
| 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 December | 1st – 31st January | 1st – 28th February | |||
| Tax free rate | AER Rate | Tax free rate | AER Rate | Tax free rate | AER Rate |
| 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
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.
| 1st – 31st December | 1st – 31st January | 1st – 28th February | |||
| Gross Rate | AER Rate | Gross Rate | AER Rate | Gross Rate | AER Rate |
| 2.0% | 2.0% | 2.0% | 2.0% | 2.0% | 2.0% |
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 14th November 2022.
| Type of loan | Rate (APR) |
| Member Loan |
|
| £0 – £4,999 £5,000 – £9,999 £10,000 – £19,999 £20,000 – £35,000 |
12.89% 7.9% 6.9% 7.9% |
| Consolidation Loan |
|
| Under £5,000 £5,000 – £15,000 £15,001 – £25,000 |
10.39% 9.4% 9.9%* (eligible for 0.5% loyalty discount) |
| Student Officer Loan |
|
| Up to £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 £4,999 | 12.89% |
| 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.
*Members who have been with the Credit Union for two years or more will benefit from a 0.5% discount on the APR when borrowing between £15,001 and £25,000 on the Consolidation Loan. This means borrowing within this bracket will be charged at 9.4% APR.
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 | Arrangement fee | Early Repayment Charge |
| Standard Variable Rate | 4.5% | 4.6% APRC* | None | None |
*The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
Fixed Rate Mortgages
| Product | Initial interest rate | Followed by SVR | The overall rate for comparison is | Arrangement fee | Early Repayment Charge** |
| Two Year Fixed Rate | 4.99% | 4.5% | 4.7% APRC* | None | 3% |
| The initial interest rate will be fixed for two years from the advance of the loan. | |||||
| Three Year Fixed Rate | 5.50% | 4.5% | 4.9% APRC* | None | 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.
