Savings

In order to be a member of the Harp & Crown Credit Union you must save a minimum of £10.00 per month, however you decide how much you wish to save on your application form. As the Credit Union is designed to be flexible this amount can of course be changed to suit your needs.

The Credit Union aims to pay a dividend (Interest) to its savers, however the rate is decided at the end of each financial year after the audit has been completed. As a guideline 5% was paid last year. Last year an interest rebate was also paid to borrowers.

The Credit Union does not deduct tax from interest paid. The current legislation is that we must report to the inland revenue once a year those account holders who received more than £350.00 of interest, we in turn advise these clients that their details have been forwarded.

As the interest on savings comes purely from profits made from loan repayments we encourage people to take advantage of a loan rather than continually lift savings.

At present the maximum savings that can be held in an account is £15,000.00. There is absolutely no risk to savings your capital is guaranteed.

Loans

You will not normally be required to provide security on loans, other than your Credit Union savings. Your membership within our Common Bond and your track record is usually sufficient security. Loan repayments will be deducted from pay, adjusted to take your repayments and savings into account. Confidentiality and Peace of Mind

All Credit Unions are required by law to have Fidelity Bond Insurance to protect members' savings against fraud and dishonesty. All business with the Credit Union is also required to be conducted in the strictest confidence. Your savings and loans are fully insured at no direct cost to you the member. In the event of death from any cause any outstanding loan balance is fully insured.

Your savings (Shares) are also fully insured with your nominated beneficiary entitled to receive 1.5 times your savings up to the maximum amount as prescribed by law. Life assurance ceases on 80th birthday of account holder

Applying for a Loan

Simply complete a loan application form, available from the Credit Union Office. Your loan application will be assessed by a Loan Officer or Credit Committee and if approved a formal loan agreement will be issued.