We only pay interest on our interest bearing accounts. These include:
Interest is paid annually and the rate is set by the Board of Directors prior to each financial year.
Go to the relevant product page to find out the current rate of interest.
As a community bank owned and controlled by our members we do not pay interest in the same way as most savings accounts. Instead we pay an annual dividend to each ‘savings’ account. The dividend rate is set at the AGM taking into account the financial position of the bank. The dividend rates paid previously:
2016/17 – 0%
2015/16 – 0.5%
2014/15 – 1%
2013/14 – 0.5%
2012/13 – 0%
Please note we only pay a dividend on savings held in the general saver or one of our other savings accounts.
Junior Saver Accounts do not qualify for a dividend, as young people are not eligible to be members, but their savings accounts are also considered to receive an annual return.
Your dividend is paid gross of tax so you should ensure you meet any taxation responsibilities that may be due. Our financial year runs October to September.
Responsible employers are always looking for ways to provide staff benefits to their employees. Financial worries are a huge concern to employers and workers alike. Debt can cause stress and depression which can lead to reduced productivity or even absences.
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