Savings
Save with your Credit Union
We all know the merits of saving money, either for something specific or for that "rainy day". The big difference between your credit union and any other savings account is that members own the credit union.
Regular saving is a good idea. Regular saving with your credit union is an even better idea.
Why Saving with your credit union is better
Moyola & Toome Credit Union Limited actively encourages its Members to save. Each £1 of savings in the Credit Union equals a share in the credit union. The more shares you hold, the greater the return you receive when the annual dividend is being paid.
In addition, our members may decide to borrow against their savings in the form of a loan. Please see our loans section for more information on borrowing.
What is a Dividend?
A dividend is the same as interest on your savings, but because members of a credit union are shareholders, it's known as a dividend.
In 2024 the dividend which was paid on savings was 1.05%. The rate varies, and is distributed to members from any surplus the credit union makes throughout the year. Each year, at our A.G.M., members vote to approve the recommended dividend rate as put forward by our Auditors.
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.
- They continue to benefit from the Life Savings Insurance protection.
We will be happy to talk to you about suitable alternatives to withdrawing your savings.
Maximum Shares (Savings)
The maximum you can hold in your credit union is £10,000.00 for Adults and £5,000.00 for Junior accounts. This is a combined total of shares and easy shares.
