At Sovereign Credit Union, your savings are referred to as shares, emphasizing the unique ownership aspect of being a member in a thriving financial co-operative.
As a member, you're not merely a customer – you're a valued owner who actively contributes to our cooperative's success.
Furthermore, your voice matters, as our members actively participate in shaping our business operations.
Benefits of Saving with Sovereign Credit Union:
- Enhanced Beneficiary Payouts: Your nominated beneficiary could receive up to twice the value of your savings.
- Profit Sharing: Reap the rewards of your membership through dividend payments, which represent your share of the profits.
Safeguarded Savings: Your savings are diligently protected. Here's how:
- Backed by the Financial Services Compensation Scheme.
- Our credit union officers are fidelity bonded.
- Rigorous and consistent recording and lodging of received funds.
- Transparent and accessible financial statements for member scrutiny.
- Independent financial audits ensure accountability.
- Regulatory oversight by the Prudential Regulation Authority and Financial Conduct Authority.
Explore our Regular Share Account:
- Flexibility to save as little or as often as you prefer, with annual dividends enhancing your savings.
- Utilize your deposits as collateral when borrowing, potentially granting you access to higher loan amounts.
- Additionally, up to 50% of your savings can be used to guarantee another member's loan.
Tax Implications of Dividends:
- Dividend payments must be declared to HMRC.
- Dividends are announced at our Annual General Meeting and are directly credited to members' accounts.
- Keep in mind that credit union dividends are akin to savings interest for taxation purposes, thus constituting taxable income.
At Sovereign Credit Union, we're dedicated to supporting your financial journey while ensuring transparency, growth, and community ownership.
To apply to become a member of Sovereign Credit Union, complete the form below: