Changes to Savings Accounts

July 20th, 2017

 

Piggy bank

At their monthly meeting (on 15 June) the Board of Directors agreed that the rate of interest paid on PCU Savings Accounts will be reduced from 1.0% per annum to 0.5% per annum.

It was also agreed that the following changes would be made to our Savings and Members Shares Accounts:

  • the maximum balance in each account is £15,000 per individual member
  • cash deposits at the counter are limited to £500 per month
  • lump sums can be made into the account up to a total of £5,000 in any Pollok Credit Union financial year

All changes are effective from 1st August 2017.

The Board has looked at similar products in the market and believe that our interest rates and terms and conditions remain very competitive. Interest on the Savings Account will continue to be paid monthly based on the lowest amount at the start of the month.

Depending on the performance of the Credit Union, a dividend will be paid on the balance of Members Shares Accounts annually.

All other services remain unchanged including all PCU loans which offer a competitive rate of interest, lower than payday lenders.

Should you have any queries or questions regarding the new interest rates or any of our other products, staff in our offices will be happy to assist.

Find your local branch or get in touch here.

 

Jim Garrity

Treasurer