It was fantastic to have so many members at our Virtual AGM last week – thanks to all of you who joined us from kitchens, living rooms, spare bedrooms and dining tables all around the country (just like our office team pictured on the image above!).
It may have been our first virtual AGM, but we hope it will be a format that will continue in future years so that more of you are able take part and have a say in the running of your credit union- wherever in the country you are.
We were pleased to report back on a successful year’s trading despite the challenges of the pandemic
The board approved an annual dividend of 0.25% – and dividend payments have now been credited to the accounts of all eligible members. While this is a lower rate than we would like and what we have paid in recent years, it is still a competitive rate of return for instant access savings and reflects the balance of strategic priorities for the credit union in the short term.
In a move to support small savers, we have abolished all membership fees. The fees we have historically charged at the point of joining (£3), annually (£5) and on dormant accounts (£5) will no longer be charged. This offsets the impact of the dividend reduction for many members – the vast majority of whom have low share balances under £500 – and will help us to develop our membership base further and with new potential employee partners going forward.
Watch the full AGM video recording