The purpose of the Credit Union is to promote thrift among its members and, by the accumulation of their savings, create for themselves a source of credit at a fair and reasonable rate of interest. Regular savings will build up a substantial share capital for you and security for the future. Interest is paid on your savings quarterly. Free life savings insurance is provided for all eligible members.
Withdrawal of Savings
You may withdraw your credit union savings upon request. However, the withdrawal of savings that are pledged as security against a loan must be referred to Secretary of the Board of Directors Credit for approval. Members are encouraged to consider taking a loan to meet their needs, thereby keeping their savings intact. Always seek advice from staff before withdrawal of savings.
The Light & Power Employees Co-operative Credit Union offers savings and investment options for each stage of your financial development. Youth savers can start with a Junior Savers Account to save towards financing higher education. If you have a short term savings goal, open a Term Savings Plan and earn interest on your monthly installments. If you really want to put your hard-earned savings to work, open a Fixed Deposit account and earn interest monthly.