On signing up for membership the following four share records are automatically opened on your account.

Membership Qualifying Shares

Your Membership Qualifying Shares are your ownership stake in the credit union. All members must deposit and maintain BDS $120 in this share record in order to maintain their membership in the credit union.

By empowering our members to hold Permanent Shares, we protect the credit union’s share capital from being reduced by on-demand withdrawals. This will help to increase the financial stability and strength of the credit union.

Permanent Shares entitle you to:

Vote as a credit union member
Receive yearly dividend payments
Receive loans from the credit union

Primary Shares

Your savings on Primary Shares receives interest semi-annually, on March 31 and September 30.

Call Deposits

Your savings on Call Deposit receive interest monthly.

Salary Lodgement

Your savings on Salary Lodgement receive interest monthly.

 

In addition to these automatic share records, members can choose from a variety of other saving vehicles for specific purposes such as:

Vacation Club Savings
Christmas Club Savings
Homebuilders Savings

 

The credit union also provides a Salary Lodgement service that enables you to have your employer post your salary directly to your credit union account every week/month.

Thrift Club

Children’s savings accounts are also available at BPWCCUL.

Our Thrift Club offering provides a premium rate of interest on children’s savings as well as a comprehensive developmental program for children up to fifteen years of age.

Term Deposits

Members choosing this investment option may deposit a fixed sum for a fixed period of one (1) year up to three (3) years. This way, members know in advance the exact amount of return they will be receiving on their investment. Our Term deposits offer three separate tiers with specific minimum deposits and interest rates per tier. You have the option to add to the amount at maturity and roll over the deposit for a further period.

Additional conditions will apply as follows:

• For new deposits only
• No further deposits or withdrawals can be made during the specified period
• Deposits broken within 90 days will not receive interest for that period
• Deposits broken after 90 days will be paid interest for the period at the minimum prevailing deposit rate
• At maturity the principal sum and interest will be transferred to your Call Deposit account

Minimum deposit required for each tier:
$3,000 - $25,000 - $50,000

Starter Premiere Plan

This investment plan is designed with the features to put you on the path of saving and thereby achieving your savings' goals.  This plan is started with a minimum of BDS $500, it incurs interest annually and has a term of three (3) years.  The savings' goal of this plan is BDS $3,000 which gives you enough to graduate your account to a Premiere Plan product.  No withdrawals are allowed on this plan.

Premiere Plan

This High-Interest 5 year Term Deposit has a tiered interest rate structure: the interest rate increases every year over the five years! The minimum opening investment for this plan is BDS $3,000 and you can invest up to BDS $750,000.

Additional deposits can be made to the plan at any time so that individuals can increase the return on their investment.

UCOLSA Registered Retirement Savings Plan

UCOLSA (Ultimate Co-Optima Life Saver Account) is our Registered Retirement Savings Plan (RRSP).

UCOLSA plan owners can look forward to interest payments twice a year in June and December.  The UCOLSA carries a guaranteed rate of 0.5% above the call deposit rate per annum.

Upon maturity of the plan, you may select your preferred maturity option, subject to the provisions of the Income Tax Act.  All withdrawals will be taxed in accordance with the Income Tax Act.  If deposits are withdrawn from the plan before retirement, a withholding tax of 25% will apply, which will be deducted at source, in addition to a processing fee of $25.

 

All savings and investment accounts with the exception of UCOLSA can be used as security for loans without compromising the interest earned on them.

Membership Gift Vouchers are
available in denominations of
$25, $50 and $100 and can
be used to start an account
or add credit to an
existing account.

Things you should know about our
Membership Gift Vouchers

• Vouchers must be purchased and redeemed for the value on the face of the voucher.
• Vouchers can only be redeemed by in-branch deposit to a valid member account.
• Once issued, vouchers cannot be exchanged for cash.
• Vouchers are transferable from one individual to another.
• Barbados Public Workers’ Co-operative Credit Union Limited is not liable for lost or stolen vouchers.