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Savings Dividends

Dividends

Everyone who saves with us qualifies for Annual Dividends paid subject to performance, reserves and the approval of you - the member.

As a credit union owned and controlled by our members we do not pay interest on savings in the same way as most other financial institutions. We aim to pay a dividend to members on their savings. The dividend rate is set at the Annual General Meeting taking into account the Credit Union’s financial performance.

There are various pressures on the financial markets at the moment. We are monitoring carefully the impact this is having on interest rates because this can affect the Credit Union too.

In 2014/15 our dividend rate was 1.5% on eligible deposits. At the AGM in March 2017 members agreed a dividend payment of 0.6% for the 2015/16 financial year. We would like to remind members that payment of a dividend and/or the rate paid is not guaranteed.

Credit union dividends have always been paid without deduction of tax. From April 2016 credit union dividends are covered by the personal savings allowance that means every basic-rate taxpayer is able to earn £1,000 a year in savings interest before paying any tax on it (and higher-rate taxpayers can earn £500).

Our dividend payments usually outperform the equivalent interest rates paid on Instant Access Savings accounts by other UK financial institutions, see below (Comparison data provided by the Bank Of England)


Call us:
  • Tel.
  • 01275 390650
Opening Hours
  • Mon - Fri
  • 9.30am - 4.30pm
Visit us:
  • Thu
  • 9.30am - 12.30pm / 1.30pm - 4.30pm
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Somerset Savings & Loans is authorised by the Prudential Regulation Authority & regulated by the Financial Conduct Authority & the Prudential
Regulation Authority. FCA & PRA FRN: 230768