Kingstown Co-operative Credit Union Accounts
Secure Savings, Fixed Deposits, and Special Plans in St. Vincent and the Grenadines
Share Accounts
Shares are a form of compulsory savings for members. Shares represent the member’s ownership in the Credit Union and form the capital base for the organization. Dividends are paid on shares and are declared at our Annual General Meetings.
Equity Shares – These shares are redeemable in accordance with the bye-laws of the Kingstown Co-operative Credit Union Limited. Each member is required to maintain a minimum balance of EC$500 in this account at all times. Withdrawals are only permitted when the account balance exceeds EC$500. If the balance falls below this threshold, no redemptions can be made.
Permanent Shares – Every member must acquire at least EC$300 shares. These shares are not redeemable.
Savings Account
Deposit Account
The savings or deposit account allows you to deposit and withdraw funds at any time convenient to you without incurring fees relating to minimum balances or a maximum number of transactions. No fees are charged.
INTEREST RATE: 2.10% annually (payable every June 30 and December 31)
Share Savings Account
This account which was once a share account has been converted to a savings/deposit account. As such, it allows you to deposit and withdraw funds at any time convenient to you without incurring fees relating to minimum balances or a maximum number of transactions. No fees are charged.
INTEREST RATE: 1.00% annually (paid after every Annual General Meeting)
Fixed Deposits
This investment opportunity allows KCCU members to purchase certificates of deposits (CDs). Minimum deposit of EC$500.00 (US$185.00)
These CDs are for a term of twenty-four (24) months earning interest compounded:
Deposit Amounts EC$500 – EC$299,999 EC$300,000 and above | Interest Rates 2.956% per annum 3.199% per annum |
CD’s are automatically reinvested at maturity and interest credited to your deposit account unless you instruct otherwise.
Other Deposits
KCCU provides special saving plans specifically geared towards the saving of funds to finance special occasions.
INTEREST RATES:
- CHRISTMAS SAVING PLAN: 2% annually (payable at the end of November)
- VACATION/HOLIDAY SAVING PLAN: 2% annually (payable at the end of July)
- SCHOOL SAVING PLAN (KCYC): 2% annually (payable at the end of August)
Compare Accounts
Account Type | Description | Key Features | Interest Rate |
---|---|---|---|
Share Accounts | – Represents ownership in the Credit Union – Capital base for the organization | – Dividends paid annually – EC$100 minimum for Permanent Shares – Life Savings Insurance available | Declared at the Annual General Meeting |
Deposit Accounts | – Allows deposits and withdrawals at any time | – No fees – No minimum balance or max transaction restrictions | 2.10% annually (Paid every June 30 and December 31) |
Fixed Deposits | – Certificates of deposits (BCF) available for members | – 24-month term – Automatic reinvestment at maturity | EC$500 – EC$299,999: 2.956% annually EC$300,000 and above: 3.199% annually |
Other Deposits | – Saving plans for special occasions | – Christmas, Vacation/Holiday, School savings plans | – Christmas: 2% annually (Paid end of November) – Vacation/Holiday: 2% annually (Paid end of July) – School (KCYC): 2% annually (Paid end of August) |