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. The interest is paid on our Fixed Term Deposit Account once the two year fixed term has ended.

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


The previous gross dividend rates for our savings products:

Member Account

2012 2013 2014    2015 2016
3.0% 2.5% 1.75% 1.8% 1.4%

Notice Plus Account

2012 2013 2014 2015 2016
4.0% 3.5% 2.75% 2.8% 2%

The interest rates for our savings products:


1st February – 30th April 2017 1st May – 31st July 2017
Tax Free Rate AER Rate Tax Free Rate AER Rate
1.49% 1.5% 1.49% 1.5%

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

Reserve Account

1st January – 31st March 2017 1st April – 30th June 2017
Gross Rate AER Rate Gross Rate AER Rate
1.59% 1.6% 1.49% 1.5%

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.


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
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

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