savings

for information on withdrawal, sub account & secure saving >>

Newry Credit Union actively encourages its Members to save. Each £1 of savings in the Credit Union equals a share in the Credit Union. The more shares you hold, the greater the return you receive when the annual dividend is being paid.

dividends

What’s a Dividend?

A Dividend is the same as interest on your savings, but because you are a shareholder in the Credit Union, it’s known as a dividend.

In 2006 the dividend which was paid on savings was 4.25%. The rate varies from year to year and is dependent on the performance of the Credit Union. Our Members vote at the AGM as to whether they wish to accept the Auditors recommended dividend figure.

types of savings

Savings can be held in either your main account (blue passbook) or a sub-account (yellow book). If you have a loan, the savings in your main account would normally be held as security against the loan.