At Community First Co-operative Credit Union (CFCCU) we offer a wide cross-section of financial products and services to our members.  Below is a list of all the products and services currently offered at the credit union. For more detailed information on any product, simply click on the product of interest.

SAVINGS PRODUCTS:

Community First Co-operative Credit Union is primarily a savings institution. We have therefore provided a number of saving products designed to help you save more efficiently at the credit union. Below is the list of these products.

Permanent Shares

  • Permanent shares are your long-term investments in the credit union.
  • All members of the credit union 14 years and older, are required to purchase a minimum of 20 permanent shares at the value of E.C. $100, to be legal members of the credit union.
  • Each permanent share costs E.C. $5.00
  • Permanent shares are non-withdrawable.
  • You must own permanent shares in order to access the credit unions products and services.
  • You can earn dividends(interest) of up to 6% per annum on your permanent shares once the credit union makes a surplus.

Regular Savings Accounts

  • Available to all members 14 years and over.
  • Receive 2% interest annually

Deposit Accounts

  • Acts like a second savings account and is used primarily for minor accounts and business accounts
  • This is the account to which you have access if you have a loan or an ATM card

Minor Accounts

  • Parents/ Guardians can open accounts for children 0 months to 13 years old
  • Receive 2% interest annually

School Savings Accounts

  • Available to all children where the school savings program is available
  • Acts like a savings account where the children save through their schools
  • Receive a special interest
  • Save a minimum of $1.00 weekly

Fixed Deposit Accounts

  • Fixed deposit accounts begin at $5000
  • Our fixed deposit term is 12 months
  • Earn up to 2.5% interest on your fixed deposit account

Savings Clubs

  • Operates like throwing  “Box money”
  • Save a fixed  amount of $50 or more each month for the specified period and earn a special interest
  • Summer Club runs from September to June
  • Christmas Club runs from January to November

Community First Educational Savings Account (CFESA)

  • Parents and guardians now have an opportunity to open a special savings account for their children.
  • CFESA runs from age 0-18 years.
  • Participants are required to begin this plan with EC $500 minimum.
  • A minimum monthly deposit of $50 must be maintained.

Withdrawals will be based on the following criteria:

  1. 5 days notice
  2. Before the maturity date, withdrawals will be subject to 10% of the accumulated interest, being retained by the credit union.
  3. Members can however withdraw up to 10% of their savings for medical emergency without incurring a penalty.
  • Members are not allowed to borrow against this fund.
  • For every monthly payment missed there is a charge of EC $25.
  • Interest rate is 4% per annum calculated on the minimum quarterly balance.
  • This rate is subject to change at anytime by the credit union based on market conditions.
  • On reaching 18 years the parent/guardian must give permission for the fund to be release.

Community First Individual Retirement Account (CFIRA)

  • Individuals now have the opportunity of saving specifically for their retirement.
  • CFIRA runs from age 18 years – 60 years.
  • Members must not be more than 50 years to qualify.
  • Participants are required to begin this plan with EC $1000 minimum.
  • A minimum monthly deposit of $100 must be maintained.

Withdrawals will be based on the following criteria:

  1. 5 days notice
  2. Before the maturity date, withdrawals will be subject to 10% of the accumulated interest, being retained by the credit union.
  3. Members can however withdraw up to 10% of their savings for medical emergency without incurring a penalty.
  • Members are allowed to use up to 50% of their CFIRA savings as security for a loan for education, land, home improvement or construction, computer purchase and major medical expenses.
  • For every monthly payment missed there is a charge of EC $25.
  • Interest rate is 5% per annum calculated on the minimum quarterly balance.
  • This rate is subject to change at anytime by the credit union based on market conditions.
  • At age 60 years Community First Co-operative Credit Union will disburse the fund in one lump sum or in installments as directed by the member.