Newport Credit Union encourages members to develop a regular pattern of saving to build a reserve which they may use for any purpose, even if this is only a few pounds a week or a month. We have many options for how to save and try and make it as easy for you as possible.
We currently have two types of savings accounts for adult members and two different saving accounts for child members.
The maximum amount that a member can currently save is £15,000. The amount held by two members in a joint account is regarded as owned 50% each for the purpose of this calculation. The maximum amount that a junior saver under 16 can save is also £15,000.
Our Share Account is a straightforward savings account which is held by almost all of our members. You can save as much or as little as you wish and withdraw your savings at any time.
Without savings Newport Credit Union could not function. These savings form the pool of money that can be borrowed by other members. Saving money can be difficult on a limited income but regular small savings can accumulate to large amounts in a surprisingly short period of time.We always try to encourage members to save as much as they can afford for those unforseen problems.
Return on Savings:
Savings are used to make loans to members. The interest from loans and investments is used
The rate of dividend may vary from credit union to credit union, although many credit union members are less interested in the amount of dividend than in the many other benefits.
The benefit most appreciated by the saving member is the entitlement to apply for a loan for any useful or productive purpose.