SAVINGS PLANS

Monthly commitment to serve your financial future.

WHAT ARE SHARES?

Shares are savings which members make to their personal accounts with our credit union. These savings can be made in multiples of any amount which the member chooses. To become a member of our credit union, prospective members must pay an initial $5.00 towards the establishment of a savings account. To remain a member an individual must save from as little as $5.00 upwards on a monthly basis in his/her share account with our credit union. Shares cannot be withdrawn from the Society without the permission of the Board of Directors.

BENEFITS OF A SHARE ACCOUNT

VOTING AT ANNUAL GENERAL MEETINGS AND SPECIAL GENERAL MEETINGS

The ownership of shares with our credit union entitles members to attend and vote at Annual General and Special General meetings of the Society.

Voting is conducted on a one-man-one-vote procedure and not on the basis of the number of shares a member holds with the Society.

SHARES USED FOR ACCESSING LOANS

Whilst there are several forms of security which the credit union hold for the granting of loans, shares are the principle form of security against which loans are granted in our credit union.

SHARES USED FOR CO-MAKING PURPOSES

Co-making is a process in which a member uses a portion of his/her unencumbered share balance as security for another member who does not have the required share balance to obtain a loan.

When this is done the co-making member will not be able to use or withdraw that portion of his shares that have been pledged and which still remains as part of the outstanding portion of the borrowing member’s loan.

SHARES ACCRUE DIVIDENDS

Dividends (interest on investment) are paid in accordance with the shareholding of members in respect of an accounting period as approved by an Annual General Meeting of the Society.

PROTECTION OF SHARE SAVINGS

Share savings are covered by the Life Savings Insurance which is an insurance product of CUNA Caribbean Ltd. This insurance savings plan guarantees that in the event of death, CUNA will cover up to $75,000 of the share savings of the deceased member. Additional information on this product can be found under the webpage: FINANCIAL PROTECTION.

WHAT ARE DEPOSITS?

Deposits are random savings which members make in their personal deposit account. Unlike shares, deposits can be withdrawn as and when a member requires without having to obtain the permission of the Board of Directors.

WHAT ARE FIXED DEPOSITS?

Fixed deposits are savings which members commit to a personal savings account with the credit union for a particular period of time with the intention of obtaining a pre-determined fixed rate of return.

BENEFITS OF FIXED DEPOSITS

FIXED DEPOSITS USED AS COLLATERAL FOR LOANS

Fixed deposits can be used as collateral to obtain loans with the Society. However, whenever this occurs the borrowing member will not be able to access that portion of his/her fixed deposits that is used as collateral and which still remains part of the outstanding portion of the loan.

FIXED DEPOSITS USED FOR CO-MAKING

A member can use any portion of his/her fixed deposits to assist another member to qualify for a loan. The co-making member will not be able to access that portion of his deposits that is used to co-make and which still remains part of the outstanding portion of the borrowing member’s loan.

EDUCATION PLAN

A fixed monthly payment of $50.00 minimum. On maturity of this account the member may transfer the amount to shares and be eligible for a 2-1 loan. Interest rates will be calculated at the end of the period.

CHRISTMAS PLAN

This is saving plan from January to November with a minimum monthly deposit of $50.00. If this account is broken before 6 months, no interest will be paid. On maturity of this account in November the member may choose to transfer the amount to their shares and be eligible for a 2-1 loan.

GOLDEN HARVEST

Helping our members achieve their dream by setting their own financial goals.

VACATION PLAN

CONTACT US

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