Saving BannerSaving with MTCU

Putting Some Money Away
Members savings in the credit union are used in two ways. Part of the money is invested with other financial institutions to generate investment income to boost the surplus. The remainder is used to lend to members at a keen rate of interest which also is added to the surplus at the end of the financial year.

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 are not just a customer, you are a member of a successful financial co-operative. Each share you hold in your credit union is equal to £1.00. Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting the credit union. There are no hidden fees or transaction charges. When the credit union declares a dividend at the end of its financial year, each share you hold for that year is eligible for a dividend. The more shares you have, the greater the dividend you will receive. And you have the added bonus of knowing that your savings are being used to make loans to other members. When a member who is over 16 years of age opens a credit union account, he/she is entitled to nominate a person (or persons) to receive his/her property in the credit union on his/her death. Property includes shares, deposits, loans and insurance proceeds. This is of benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes timely intestacy process.

What return will I get on my credit union savings?
Every share you hold with your credit union for the year is eligible for a dividend when declared. A dividend is the return on your shares and it is paid by your credit union out of surplus. The amount of your dividend will depend on:
• The amount of shares you have saved.
• The surplus income available for distribution by your credit union to members.
Only members of your credit union receive a dividend from your credit union. The amount paid  to members varies from one credit union to another.

Can I have easy access to my savings?
You can withdraw your savings provided they are not pledged as security on a loan. However, you are encouraged to keep your savings intact, so that they continue to earn a dividend. As we all know it is always harder to put money back in after you withdraw it so the credit union will be happy to talk to you about suitable alternatives to withdrawing your savings.

Can anybody save with the credit union?
Members of a credit union are united by a common bond. This is a characteristic that every member has in common (for example, it might be where you live or where you work). Anyone within the common bond is eligible to apply for membership, and start saving as soon as they are admitted.

Read more about our share regulations here.