Return on Savings:
Each year any surplus after statutory deductions is distributed as a dividend to the members as shareholders. This dividend is recommended by the directors of the Credit Union at the next Annual General Meeting and approved by the members. Dividends are paid into members' accounts shortly after the AGM. A dividend of 2.0% has again been paid for the year ending 30th September 2011 and applies to all shares held during that year. Future dividends depend on the surplus for the appropriate years and are not guaranteed. Dividend for the year ending 30th September 2012 will be agreed at the AGM in early 2013.

Borrowing:
Nothing could be simpler (and safer). If you require a loan contact our Red Kite Credit Union representatives at one of the service points or by telephoning: 01982 551000 or 01597 824000, or you can send a request using the enquiry form in this site (N.B. This is by email and may not be secure). We will ask you to fill out and sign a simple application form. The application will be reviewed*, if everything is in order the monies can be made available by cheque on approval.
* the review period is normally within five working days although in exceptional circumstances this can be speeded up.
Interest on the loan is charged at a rate equivalent to 1% per month on the balance outstanding at the time of each repayment, thus reducing as the loan is paid off. Total interest paid will vary if repayments are early or late or if the amount is less or more than the exact agreed amount. Flexibility is a part of our service. The APR is quoted as 12.68% but a loan of £100.00 paid back regularly over a year will cost approximately £6.06 in interest. This rate applies to any size of loan.

See 'Loan tables' for examples of repayment schedules. Go here to download a copy of our Loan Guidelines. These are guidelines - if you have special circumstances do not be afraid to ask. Anything you tell us will be held in confidence under the Data Protection Act.

Loans can be from as little as £40 up to £7,500 with flexible repayment terms. Loans are automatically covered by life insurance at no extra charge subject to an age limit.

If you are a member of one of our Payroll Deduction schemes a lower interest rate may be available and some conditions on the granting of loans may be relaxed. If applicable please enquire. See here for further information.

Am I eligible?
Eligibility to be a member of the Red Kite Credit Union depends upon the geographical location where you live or are employed. The Red Kite Credit Union covers the whole of central Powys - see 'geographical coverage' for a detailed map showing our catchment area. (If you fall outside of the Red Kite Credit Union area and are not eligible to join us - don't despair! We can probably put you in touch with a Credit Union that covers your area.)

You have to be 16 or over to join the main Red Kite Credit Union (loans can only be made to individuals aged 18 or over). Under current law only 'individuals' can become members but new rules coming in over the coming year may allow corporate entities such as clubs or community groups to join.

For those under the age of 16 a Young Savers Club is run as a separate savings club. There is no minimum age. On reaching the age of 16 young savers can transfer FREE to the main Credit Union.
* the age constraints arise from the Credit Union Act and subsequent legislation and statutory instruments.
Children of Primary School age or younger must be supported by a Trustee, e.g., a parent, grandparent or guardian. The Trustee may make deposits on behalf of the young saver. The Trustee must authorise any shares withdrawals. The Young Savers Club is an ideal way for parents and grandparents to save for their loved ones' future. At certain schools the YSC may be partly run by the children and this is a good introduction to money management principles. For more information click here.

If you have any questions regarding how the Credit Union works or on your eligibility please call us on 01982 551000 or 01597 824000 or use the enquiry form and we will be pleased to assist you.

For more detailed information on how the Red Kite Credit Unions work, where to find us etc. use the links on the right hand side of this page.