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Norris Green Credit Union AGM 3rd March 2017
Currently being updated
Norris Green Credit Union Award Dividend
Why do I have extra money in my account?
The dividend rate of 3% is a clear reflection of both performance during the year and the prudence and sound management of the Board throughout the year. This is basically the money the credit union pays as a ‘thank you’ for letting the credit union use the money you have deposited in your account to fund loans for other people. It is in the form of dividend some credit unions provide interest on accounts but most credit unions including Norris Green Credit Union pay a dividend on your savings/shares, please note that some accounts, such as your Instant Access account and Christmas Club are not calculated as part of your dividend award it is regular shares and fund shares only.
How is a dividend worked out?
Members saving/shares are worked out using an average over the financial year so if you have an average of £100 a month over the year you would get £3.00 dividend, if your average month was £500 a month you would receive £15.00 and so on.
The Credit Union pays dividends without the deduction of income tax. The responsibility for any tax liability lies with the individual member. for more information on this visit HM Revenue & Customs
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