Credit Union News

The maximum attached and secured loan we offer is now £8,000.

New attached loans from £5,000 to £8,000 are charged at a lower 0.93% per month (11.7% APR).  Current loan agreements remain the same. 

• We can now accept Debit or Credit card payments over the phone.
• This can be an easy way to catch up if you fall behind with loan repayments.
• Debit card payments can also be accepted to increase your savings.

• You can now contact us by TEXT.
• Just text PENNY then your message to 81025.
• Members please put your name or initials and membership number in the text.
• We will action your request or enquiry during office hours (9-30am - 4pm Monday - Friday)

 Its always a good time to start saving but its best to go for it right now!

To join Penny Post Credit Union you need to be a Royal Mail Group employee (including ROMEC, CASHCO, Post Office, etc) and be based in England or Wales.

You can save from £2 a week (£10 a month salaries) , no maximum amount, and it is deducted directly from your pay!  Take it out easily and quickly, and there is web access to your account. 

Penny Post Credit Union - an easy way to save!

Like all credit unions who are authorised by the Financial Services Authority, Penny Post Credit Union is a member of the Financial Services Compensation Scheme (FSCS).

This gives our members peace of mind knowing their money is safe.

For details of the FSCS please click on ’About Us’ and then ’Choose a section’ which will bring up ’Financial Services Comp. Scheme’. 

Christmas account balances were paid into members savings accounts on 5th November.  We are now pleased to be able to send a 6.5% Christmas account dividend to qualifying members savings accounts.

2009 was the first year we felt able to offer higher dividend accounts. The Plus account and even more so, the Christmas Account (at 1.5% higher dividend), have proved popular with members.   

The AGM held on 18th November 2009 unanimously agreed a 5% dividend to members on their savings from October 2008 to September 2009.

The dividend will show in members accounts on the evening of 18th. 

This is an excellent dividend result especially at a time when bank interest rates are at an all time low.

Introducing the Plus Account 2010!  

• Save any amount from £2 a week!
• Dividend 1.25% higher than our regular savings account dividend for 2010!*
• Matures and closes on 30th September 2010 (rolls over into Plus Account 2011)
• Maximum 2 withdrawals until account matures.
• *PLEASE NOTE: Credit Unions are not authorised to guarentee a dividend, it depends on performance throughout the year.  In 2007/08 the dividend was 2.5%.  IF 2.5% is paid to regular savings accounts for 2009/10, the Plus Account 2010 dividend would be 3.75%.
• For Full terms & conditions please request a Plus Account 2010 application form
• An application form can be downloaded from the members area (click application forms) or by request from the credit union office.

It can be very tempting to take out your Christmas savings from your regular savings account before the event.  So we have designed a new account just for Christmas!

With this new account you cannot take your money out until the account matures on 5th November 2010.  But, just to make it a little sweeter, we will give you a 1.5% higher dividend than our regular savings account!*

• Save any amount from £2 a week (£10 salaries) in your Christmas Account 2010!
• Dividend 1.5% higher than our regular savings account!
• Free life insurance (the same as our regular savings account)!
• Matures 5th November 2010 (savings paid into regular savings account).
• No withdrawals until account matures.

The full terms and conditions are printed on the application form which is available from the credit union office or can be downloaded from the members area (click application forms).

*Credit unions are not allowed to guarentee a dividend (it is based on performance throughout the year) In 2007/08 the regular savings account dividend was 2.5%.