On signing up for membership the following four share records are automatically opened on your account.
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
Your savings on Primary Shares receives interest semi-annually, on March 31 and September 30.
Your savings on Call Deposit receive interest monthly.
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
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.
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.
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:
Minimum deposit required for each tier: $3,000 - $25,000 - $50,000
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.
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 (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 made before January 1, 2015 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.
Call us: (246) 430-5200
UK Freephone 0808-234-1327
Fax: (246) 437-8745
This is where you belong
© Barbados Public Workers’ Co-operative Credit Union Limited