Saving Money

Saving Money (for current savings policy click here)

Without savings Brecon and District Credit Union could not function. These savings form the pool of money that can be borrowed by other members.
Saving money can be difficult on a limited income but regular small savings can accumulate to large amounts in a surprisingly short period of time.
We always try to encourage members to save as much as they can afford for those unforseen problems. 

Return on Savings
Savings are used to make loans to members. The interest from loans and investments is used

(a) To pay expenses
(b) To build up reserves

The remainder is returned to members by way of dividend.

The rate of dividend may vary from credit union to credit union, although many credit union members are less interested in the amount of dividend than in the many other benefits.

The benefit most appreciated by the saving member is the entitlement to apply for a loan for any useful or productive purpose.

Saving Withdrawals
Members can withdraw their shares (savings) at any time, so long as there is no loan secured against them.  However, members are encouraged to leave their savings balance intact so that their savings;

  *  Continue to earn a dividend
  *  Continue to benefit from the free Life Savings Insurance Protection
  *  Continue to maintain their credit worthiness and capacity to borrow

Thus, it may be wiser for you not to withdraw your savings, but instead to take out a loan with repayments suited to your financial circumstances.