Kilrea & District No.5 Credit Union Ltd
Where Kilrea District Savers come first...

Savings can earn a Dividend at your Credit Union

During the financial year the funds of the credit union, i.e. shares, that are not out on loan to Members, are deposited in secure bank and trusted building society accounts. In the past these shares have accumulated some interest which, along with the interest that the credit union charges for loans, provides the income to run the office and equipment, etc.

If there is enough interest to provide a surplus (and there usually is!) then it is our custom to equitably divide that surplus up at the Annual General Meeting and give it back to our Members as a 'dividend on their shares'.

The dividend is decided by all the Members present at the AGM (Wednesday 28th March 2018 at 8:00pm in the offices) and is then normally added to Members' accounts during the month of April. Members can obviously influence the amount of dividend paid by attending the AGM and voicing their opinion.

The dividend is affected by

  • The prevailing economic climate 
  • The amount of bank interest received 
  • The amount of loan interest charged (maximum is 12.64%) 
  • The costs incurred in keeping the credit union running (electricity, rates, wages, equipment, insurances, etc.) 
  • The efficiency of the credit union's Board of Directors 

Under Age Depositors

Under Age Depositors (under 16 years) do not receive a 'dividend'. Their savings are kept by the credit union in completely separate bank accounts from the senior Members and all interests earned (less accounting expenses) is given to them annually as 'interest'. Again, these amounts are credited equitably to the Under Age Depositors accounts - usually in April.

"We strive to be responsible lenders. We take a pride in being here for you. Call in and check us out."

- Gary Dempsey -