Bennetts End Neighbourhood Association

Savings

Do all members save in DFCU?

Yes, it is a condition of membership, because without regular savings by ALL members a Credit Union can not improve the services it offers to the members.

How much would I be expected to Save?

There is no fixed amount because people's income differ - but the regular habit of saving is encouraged in order to give the member a feeling of security and the knowledge of a brighter future.

What is the maximum amount that a member can save in DFCU?

By Law the maximum amount that an one can accumulate in DFCU is £10,000, but most members set their own individual targets. The first £100 is always the most difficult to save, so most people aim for this.

Can savings be withdrawn at any time?

Providing the member has no outstanding loan repayments, savings can be withdrawn with a thirty day notice. All members are reminded that it is always more difficult to replace those savings. It may be more advisable to borrow the amount required that to withdraw those savings. Experience has shown that people repay their loans quicker than they would replace those savings.

Do Savings Gain Interest?

YES - all credit unions must put money into their reserve fund and pay their legitimate expenses - the rest of the profit goes back to the members in a profit sharing scheme called 'dividends'. By law a credit union can pay a competitive return of up to 8% dividend. This is decided at the Annual General Meeting to which all members are invited.

Loans