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.
The maximum amount of savings allowed by Newry Credit Union is £20,000. In any month the maximum that can be saved per member is £500 or £1,500 per quarter. If you are making a large or unusual deposit into your account staff will ask you the source of the funds
What is 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 2020 the dividend on accounts was 0.25%. 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.