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

 20192020202120222023
1.5%0.5%1.0%2.25%3.5%

 

Notice Plus Account

20192020202120222023
2.0%1.0%1.5%2.75%4.0%

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 January 1st – 29th February 1st – 31st March 
Tax free rateAER RateTax free rateAER RateTax free rateAER Rate
4.0%4.0%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 January 1st – 29th February1st – 31st March 
Gross RateAER Rate
Gross RateAER RateGross RateAER Rate
4.0%4.0%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 29th September 2023.

Type of loanRate (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 £10,0006.5%
Budget Account
Up to £2,000A monthly fee
Revolving Credit
Up to £5,00012.68%
Loyalty Loan
Up to £40,0005.5%
Holiday Loan
Up to £4,99912.89%
Commutation Loan
Up to 50% of commutation entitlement or £50,000 (whichever is lower)10.9%
70+ Loan
Up to £5,00012.89%
Christmas Loan
Up to £2,00015.89%

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 FeeNone
Early Repayment FeeNone
Default FeeNone
Interest
Type of InterestFixed
Basis of CalculationDaily

 


Mortgage Rates 

Standard Variable Rate Mortgage

ProductInterest rateThe overall rate for comparison isProduct feeEarly Repayment Charge
Standard Variable Rate6.0%6.2% APRC*£595None

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

 

Fixed Rate Mortgages

Rates correct as at 1st February 2024.

ProductInitial interest rateFollowed by SVRThe overall rate for comparison isProduct feeEarly Repayment Charge**
Two Year Fixed Rate (over 60% LTV)5.99%6.0%6.2% APRC*£9953%
Two Year Fixed Rate (up to 60% LTV)5.6%6.0%6.2% APRC*£9953%
Three Year Fixed Rate (over 60% LTV)5.99%6.0%6.2% APRC*£9953%
Three Year Fixed Rate (up to 60% LTV)5.6%6.0%6.1% APRC*£9953%
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.