Savings Products

• Permanent shares are your long-term investments in the credit union.
• All members of the credit union 18 years and older, are required to purchase a minimum of 40 permanent shares at the value of E.C. $200.00, 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) on your permanent shares each year once the credit union makes a surplus.

• Available to  members.
• Receive 2% interest annually

• 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

• Parents/ Guardians can open accounts for children 0 months to 17 years old
• Receive 1% interest annually

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

• 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

• 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 are subject to a 10% penalty of the withdrawal amount. There is also a $25 administration fee to facilitate the withdrawal.
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.

• Individuals now have the opportunity of saving specifically for their retirement.
• CFIRA runs from age 18 years – 65 years.
• Members must not be more than 55 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 are subject to a 10% penalty of the withdrawal amount. There is also a $25 administration fee to facilitate the withdrawal.
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 65 years Community First Co-operative Credit Union will disburse the fund in one lump sum or in installments as directed by the member.

• A special savings account designed for members to save money for a specific purpose and time, determined by the member.
• This account is separate from regular savings and deposit savings.
• Interest rate is 2% annually.
• Service charge of E.C $10.00 applies when withdrawals are made.