Savings Accounts

Portadown Credit Union actively encourages its members to save. Every £1 of savings a member holds, 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. A member can hold up to £15,000 pounds in their account. 

As of 1st May 2021, Portadown Credit Union have introduced monthly savings limits. These limits are:

Adult accounts

£500 per calendar month

Minor accounts

£250 per calendar month 

This decision was taken in the best interest of all members of the credit union.

In recent years, Portadown Credit Union has experienced a significant increase in the average level of savings held by individual members. We welcome this display of confidence by our members in our financial strength and commitment to the community.

However, due to the very changed regulatory environment in which credit unions around the country are now operating, there are downsides to such an increase.  Under financial regulations, we must maintain reserves.  Reserves are what protect the credit union from risk.  The credit union’s reserves are taken from the credit union’s yearly surplus.

This can have the effect of depleting the amount available to pay a dividend at year end (please note there is never any guarantee of a dividend or a rebate being paid by the credit union and is always dependent on a number of internal and external factors).  It also reduces the amount we can afford to invest in new services and new technology options that can benefit all of our members.

The Board of Directors has therefore taken the difficult decision to put in place a monthly savings limit on the amount that members can lodge with the credit union.

If you have any questions, please do not hesitate to contact our office.


What is a minor account?
A minor account is an account held by a member of Portadown Credit Union, who is under sixteen years of age. These accounts can be set up from birth and require a parent/guardian as signatory, as well as the minor after the age of seven. A minor account also earns a interest on an annual basis, again at a performance based rate. The maximum amount permitted in a minor account is £5000.


What’s a Dividend?
A Dividend is the same as interest on your savings, but because you are a shareholder in the Credit Union, it’s known as a dividend.

In 2021, members agreed at the Annual General Meeting (AGM) on the dividend and interest rebate to be paid out. To individual members this equated to a dividend return of 0.50% on savings and an interest rebate of 20% on loans.