At the end of every year, after providing for reserves and paying expenses, we give all the remaining profits back to our account holders in the form of a dividend.
As PCCU is a mutual organisation we pay a dividend on account holder’s savings, unlike a bank that may offer an interest rate. As account holders own PCCU, savings are described as shares in the business; each share is entitled to the dividend when the Credit Union is successful.
This ensures that any profit that is made by PCCU stays within our community and does not go to faceless external shareholders. So it does not matter whether you have £5.00 or £5,000.00 with PCCU or how often you use your account you will get the same rate of dividend as everyone else.
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As PCCU is a mutual organisation we pay a dividend on account holder’s savings, unlike a bank that may offer an interest rate.Contact Us
The money that is reinvested in PCCU goes towards providing a better service for account holders in the future. We are also committed to improving the economic and social well-being of account holders by promoting thrift.
Dividends are proposed to account holders at the Annual General Meeting. We cannot project what the dividend will be for next year; however below we can illustrate what rate the dividend has been agreed on for the previous years.
Loan Interest Rebate
As an extra benefit to account holders who also take out loans from PCCU, when the Credit Union performs well we also give a rebate on the interest paid by the borrower. We believe it is a major benefit to account holders who choose to borrow from PCCU.
That means for every £10 of interest a member pays when borrowing from PCCU, the loan rebate will return £1 to them”
President Gerard Spain, speaking the 40th AGM in 2022
How do we compare
According to the ‘Money Statistics February 2022′’ the average interest rate for an instant access savings account was 0.11% in January 2022. For a
cash ISA, the rate was 0.19%, down from 0.35% a year ago.
|Year||Dividend on adult account||Dividend on Young Savers account||Loan Interest Rebate|