Dividend of 2.25% for credit union savers

The board of Just Credit Union have considered this a fair return for a same day access savings account.”

Just Credit Union’s members voted unanimously to accept the proposed dividend at their recent annual meeting. The not-for-profit savings and loans co-operative is owned by its members and run for their mutual benefit rather than corporate profit.

It was established to provide inclusive, fair and affordable financial services to its members, helping them to raise their standard of living and better their lifestyle, whilst at the same time supporting the local economy and communities.

The credit union’s development officer Steve Barras said today: “We make saving with us as easy as possible and people can save as much or as little as they wish.

“We also offer local organisations payroll savings schemes to help their employees build their financial resilience.

“What people save with us is pooled and lent to people in the same community at affordable rates. Lots of people choose to save with Just Credit Union not only because they know their saving are protected in the same way as a bank, but unlike a bank they know where those savings are being used.

“Savings with Just Credit Unions are used in the local community and economy and savers know they will not be used to invest in industries and businesses that do not share their ethics.

“Our savers also like the fact that their savings are not tied up and they can get same day access to the money when they need it.”

The credit union’s volunteer board review the financial situation and recommend to the annual meeting the payment of a dividend which all savers can then vote on.

Steve said: “Lots of people save with us because they know their savings are supporting the local community and economy. However, it’s great to reward these members with a return on their savings.

“The dividend recommendation is always carefully considered and balances providing savers with a fair return for supporting the credit union with the ability to provide fair and stable loan rates to our community.”

He added: “I am pleased to say that this year the members unanimously supported the recommendation to provide savers with a dividend of 2.25 per cent with no cap on the amount of savings that qualify. The board considered this a fair return for a same day access savings account.”

More information about Just Credit Union’s savings accounts and its work can be found at justcreditunion.org or by calling 01743 252325. Full details of how savings are protected by the Financial Services Compensations Scheme is also available.