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It's Easy....
Joining the Credit Union provides an easy way to save money on a regular basis. With Dragonsavers Credit Union, payments can be made in person at one of the branch offices or collection points, through standing order or by payroll deduction thus ensuring that money is automatically added to your savings with each pay. For regular savings, a minimum deduction of £1 per pay period can be arranged with members also able to make additional deposits at any time. Increasing the amount you are saving is easy with many members choosing to begin with a small deduction each pay period and gradually building this up over time.
It's Rewarding....
When all expenses are paid, if the credit union has made a surplus, the members vote at the AGM to decide the amount of dividend that will be paid to ll adult members of the credit union who have used theire accounts in that year. As a mutual organisation owned by the members, any surplus funds not put back in to reserves are returned to the members in the form of dividends. In addition, any dividend earned is tax free under current Inland Revenue regulations.
It's Unrestrictive....
Saving with the Credit Union does not however mean that your money is tied up or inaccessible. Withdrawals from your Membership Account can be paid out quickly and easily by cheque or bank transfer. We have a free 'encashment' facility with local Post Office branches, certain branches of Co-op banks and branches of Lloyds TSB banks, where cheques can be cashed on production of the members passbook. You do not need a bank account to take advantage of this free facility.
It's Reassuring....
Another valuable benefit enjoyed by all Dragonsavers members is the free life savings insurance (link) provided on all savings made up to age 80 (subject to a max £5,000). For unsecured loans, free loan protection insurance is also provided to age 80 (subject to conditions). This would see your loan paid off in the event of your death.
It's Competitive....
Dragonsavers members are also entitled to apply for low cost loans from the Credit Union. The amount you can borrow is based on how much you can afford to repay. Members benefit from competitive interest rates with interest calculated daily on a decreasing balance basis. This means that as the value of your outstanding loan decreases, the amount of interest you pay decreases.
The Credit Union has no hidden administrative or early repayment fees or penalties with members able to apply to refinance their loans as required.
It's Safe....
Dragonsavers Credit Union is authorised and regulated by the Financial Services Authority (FSA reg 213320) which is also responsible for regulating the banks and building societies. The Credit Union is required to send regular financial reports to the FSA and to operate under the regulations and rules placed on it by the FSA.
Dragonsavers Credit Union is required by law to maintain an insurance policy to protect the Credit Union and its members against fraud or theft. An external auditor carries out an annual inspection of the Credit Union's business and reports to the membership at the Annual general meeting each year.
In addition Dragonsavers Credit Union is also a member of the Financial Ombudsman Service and the Financial Services Compensation Scheme. |
