Year-end dividends are calculated from income and are credited to the Member Account and Notice Plus Account annually, following the Annual General Meeting. Interest is paid on the ISA and the Reserve Account quarterly. 

Savings accounts that earn a dividend

The previous gross dividend rates for our savings products:

Member Account, Family Member Account  and Junior Account

2020 2021 2022 2023 2024
0.5% 1.0% 2.25% 3.5% 4.5%

Notice Plus Account

With our Notice Plus Account you can earn a higher dividend rate, by agreeing to give us at least 90 days’ notice before you make a withdrawal.

2020 2021 2022 2023 2024
1.0% 1.5% 2.75% 4.0% 5.0%

 

Savings accounts that earn interest

ISA
This account is closed to new applications. However, existing members who already hold an ISA will continue to earn interest.

1st – 31st December 2024  1st – 31st January 2025 1st – 28th February 2025
Tax Free AER Rate
Tax Free AER Rate Tax Free AER Rate
4.0% 4.0% 4.0% 4.0% 4.0% 4.0%

Tax free rate is the contractual rate of interest payable where interest is exempt from income tax.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

 

Reserve Account

1st – 31st December 2024 1st – 31st January 2025  1st – 28th February 2025
Gross Rate AER Rate
Gross Rate AER Rate Gross Rate AER Rate
4.0% 4.0% 4.0% 4.0% 4.0% 4.0%

Gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law, currently 20%.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Interest Rates on Loans

Loan rates apply from 29th September 2023.

Type of loan Rate (APR)
Member Loan
£0 – £4,999
£5,000 – £35,000
12.89%
7.9%
Consolidation Loan
Under £5,000
£5,000 – £25,000
12.89%
10.9%
Student Officer Loan
Up to £10,000 6.5%
Budget Account
Up to £2,000 A monthly fee
Revolving Credit
Up to £5,000 12.68%
Loyalty Loan
Up to £40,000 5.5%
Holiday Loan
Up to £4,999 12.89%
Commutation Loan
Up to 50% of commutation entitlement or £50,000 (whichever is lower) 10.9%
70+ Loan
Up to £5,000 12.89%
Christmas Loan
Up to £2,000 15.89%

APR stands for Annual Percentage Rate and represents the total cost of credit on a loan.
Please be aware that the maximum lending across all unsecured loans is £35,000.

 

Loans Information

Fees
Administration Fee None
Early Repayment Fee None
Default Fee None
Interest
Type of Interest Fixed
Basis of Calculation Daily

Mortgage Rates 

Standard Variable Rate Mortgage

Product Description Standard Variable Rate
Interest Rate 6.0%
Overall Rate for Comparison 6.2% APRC*
Product Fee £595
Early Repayment Charge None
*The actual rate available will depend upon your circumstances. Ask for a personalised illustration.

Fixed Rate Mortgages

Rates correct as at 16 April 2024.

Product Description Two Year Fixed Rate (up to 95% LTV) Three Year Fixed Rate (up to 95% LTV)
Initial Interest Rate 5.59% 5.59%
Followed by SVR 6.00% 6.00%
The Overall Rate of Comparison 6.2% APRC* 6.1% APRC*
Product Fee £995 £995
Early Repayment Charge 3% 3%
The initial interest rate will be fixed for two or three years from the advance of the loan.

*APRC stands for the Annual Percentage Rate of Charge. It is an annual interest rate which takes account of fees and charges to reflect the total cost of your mortgage. The APRC allows you to easily compare quotes from different lenders.

**ERC of 3% of the outstanding loan amount is payable at the time of redemption during the fixed rate period. You will not be charged an early repayment charge for making overpayments, which are permitted up to 10% of the original mortgage advance per annum.