Portadown Credit Union 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. A member can hold up to £20,000 pounds in their account.
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 2017, 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 return of 1% on savings and an interest rebate of 40% on loans.