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
The previous gross dividend rates for our savings products:
| 2012 | 2013 | 2014 | 2015 | 2016 |
| 3.0% | 2.5% | 1.75% | 1.8% | 1.4% |
| 2012 | 2013 | 2014 | 2015 | 2016 |
| 4.0% | 3.5% | 2.75% | 2.8% | 2% |
The interest rates for our savings products:
ISA
| 1st August – 31st October 2017 | 1st November – 31st January 2018 | ||
| Tax Free Rate | AER Rate | Tax Free Rate | AER Rate |
| 1.39% | 1.4% | 1.19% | 1.2% |
Tax Free Rate is the contractual rate of interest payable where interest is exempt from income tax.
Reserve Account
| 1st July – 30th September 2017 | 1st October – 31st December 2017 | ||
| Gross Rate | AER Rate | Gross Rate | AER Rate |
| 1.39% | 1.4% | 1.29% | 1.3% |
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.
Loans
Loan rates apply from 10th January 2017
Type of Loan |
Rate (APR) |
| Member Loan Under £4,999 £5,000 – £6,999 £7,000 – £14,999 Over £15,000 |
9.9% 7.9% 5.9% 6.9% |
| Student Officer Loan | 5.9% |
| Budget Account | A monthly fee |
| Revolving Credit | 12.7% |
| Loyalty Loan | 5.5% |
| Holiday Loan | 10.9% |
| Christmas Loan | 10.9% |
| Commutation Loan | 8.9% |
| 70+ Loan | 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 £25,000.
Loans Information |
|
| Fees | |
| Administration Fee | None |
| Early Repayment Fee | None |
| Default Fee | None |
| Interest | |
| Type of Interest | Fixed |
| Basis of Calculation | Daily |