Savings & Investment

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We have a variety of Savings and Investment Options for our members to select.

Ordinary Shares

The Ordinary Non-Qualifying Shares Account is the main account for the credit union members. It forms the corner stone of the members’ relationship with the credit union. The key features and benefits of this account are :

  • Interest is paid on minimum quarterly balances bi-annually.
  • Allows the credit union to better assess the member’s ability to borrow.
  • Insurance benefit will be paid to beneficiaries on death of the member.*
  • Non-Qualifying shares are the primary collateral used to fund and sustain loans.
  • Share withdrawals (although not encouraged) in cases where members have loans
    are only allowed under special circumstances and must be authorized by the Secretary of the Board of Directors.

*Special conditions apply.

Ordinary Deposits

This is an interest bearing savings account which facilitates the payment of Standing Orders and other financial commitments, including loan repayment. Key features and benefits include:

  • Interest on balances paid quarterly.
  • Annual dividend payment is also credited to this account.
  • Allows for payment of Standing Orders, Loans, and other liabilities.
  • Insurance benefit will be paid to beneficiaries on death of the member.*

* Special conditions apply.

Special Fixed Deposits

This is an account that allows members to earn alternate rates of interest on lump sum deposits. Deposits may be placed for periods of 30, 90 or 360 days. Key features and benefits include:

  • Receive attractive interest rates.
  • Provides the opportunity to maintain a set principal while utilizing the interest
    payments as a source of income.
  • Can be used as a source for retirement savings.
  • Can be used to attain short or long term goals.
  • Flexibility and variety of saving periods.
  • Fixed Deposit will be automatically rolled for previous term unless otherwise
    instructed, little maintenance required.
  • Interest can be transferred into any credit union account of your choice.

Terms Savings Plan

The Term Savings Plan is one of the many services offered to members. It is an attractive savings plan, which focuses on the future financial needs of the members. This savings plan is similar to an installment savings plan where members can save a fixed amount either weekly or monthly for a specified time up to a maximum period of 5 years.

During the stipulated period of installment, a very attractive interest rate is paid to the member.

Junior Savers

The Junior Savers Account is a savings plan designed for children who are between the ages of 0 – 16 years. Through this account children can learn the habit of saving, thrift and good money management. Key features and benefits include:

  • Earn attractive interest rates.
  • Provides an opportunity for the young members of the family to save today and reap the benefits tomorrow.
  • The money saved can assist with educational and personal goals.
  • Special incentives are offered by the credit union from time to time which includes scholarships and bursaries.
  • Children will develop useful knowledge of the credit union at an early age.
  • Insurance benefit will be paid to beneficiaries on death of the member.*

*Special conditions apply.

Standing Orders

Standing Order is a simple, reliable and economic way of making your Credit Union loan payments or savings on a weekly/fortnightly or monthly basis. This is also a convenient way to make your monthly insurance payments. To setup a standing order, simply call or visit the Credit Union, and a member of staff will help you to complete an instruction form that authorizes your employer or bank to deduct the amount from your salary or bank account, on a weekly/fortnightly or monthly basis, and pay this amount into your Credit Union account.


Life Savings Insurance

Loan Protection Insurance

Loan Protection insurance is provided by the Credit Union through the Mutual Benefits Plan, for you the member at no extra cost. In the event of your death, the plan provides for loan repayment benefits (special conditions apply). This is subject to policy terms and conditions.

Health Insurance

Members can enroll in the Health Insurance plan offered by Guardian Life Insurance Company Limited through the Co-Op Med Advantage plan.