When you join Red Kite Credit Union as an individual full member at age 16 or over you pay a single (non-refundable) joining fee of £2.00. You can then save any amount (up to a current maximum savings of £15,000) at any frequency that suits you.
Savings are covered by the Financial Services Compensation Scheme (FSCS) as for bank deposits, see here for further important information or click on the link on the right.
Note: Only after you have been a regularly saving member of the Credit Union for a qualifying period are you eligible for a loan and the amount you can borrow depends on your savings. Special circumstances can apply, do ask. We will always try to help you. Under the law we cannot give loans to members under the age of 18.
Savings and loan repayments can be paid into Red Kite Credit Union accounts at any of our service points by cash, cheque or any other recognised paper transfer. Alternatively, regular payments can be paid from a bank account using Standing Order (not Direct Debit; you remain in full control). Click here to download a standing order mandate form.
There is an annual administration charge of £1 to partly offset the cost of administering your account.
You will be given a passbook, usually by post within a few days of joining and should keep this safely as it is your proof of membership and ownership of your savings. If you pay by standing order you should submit the passbook regularly for updating and it will be required if you want to make withdrawals or when you want to apply for a loan.
If you are employed by Powys County Council you can join the Payroll Deduction Scheme. Click here for information.
A similar scheme is available for employees of the Powys Teaching Health Board. Click here for information.
Under the financial regulations the credit union cannot offer a fixed rate of interest on savings.
Each year any surplus after statutory deductions can be 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 (or reduced) by the members. Dividends are paid into members' accounts shortly after the AGM. Future dividends depend on the surplus for the appropriate years and are not guaranteed.
Two or more individual members can apply for a Joint Account. Joinng fee and annual adminstration fee apply to the joint account. Savings in the joint account are normal dividend-earning shares. Ownership of the shares in the joint account is shared between the joint owners, usually equally but a different proportion can be specified, in writing, by the owners.
FSCS Protection of Joint account savings
The Joint account itself is not separately protected. Instead, each joint owner's share is added to any savings in that member's individual acount and that total is protected to the current FSCS protection amount of £75,000.
Savings in a Corporate Account with Red Kite Credit Union are subject to the same regulations as shares in an individual account; in particular the same total limit applies. For further information on the categories of Corporate accounts and on opening one go here.
FSCS Protection of Corporate account savings
Whether a Corporate account is protected by FSCS depends on the nature of the organisation. Refer to the FSCS Information Sheet and Exclusions List via this link.
Young people under 16
We want to encourage young people to get into a savings habit and we operate a 'Young Savers Club'. For further information go here.