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Why is Saving with a Credit Union better?

Whether you’re saving for something in the future or just for a ‘rainy day’, regular saving is a good idea. Regular saving with your credit union is an even better idea. At your credit union, you’re not just a customer, you’re a member of a successful financial co-operative. The credit union share is the most common form of saving in a credit union. To the credit union member it represents savings and continued membership of the credit union once the member has qualified as a member. Members are not issued share certificates denoting ownership of a share. A record of shares saved by a member is recorded in the members‘ passbook, and this is updated each time the member saves. The minimum number of shares required for membership is £10.The maximum amount a member may save in a credit union is the greater of £10,000 or 1.5% of the total share holdings of the credit union.

Withdrawals:

A member can withdraw shares during the credit unions normal opening provided the shares are not pledged against a loan.

 

Distributions.

The shares held by a member during the previous financial year attract a dividend after a resolution is passed at the AGM by a majority of the members.