Friday 07th Feb, 2020
A First Rate return for First Rate Savers
First Rate Credit Union members gathered on the 6th February at the Canberra Club, Samlesbury for the 2020 Annual General Meeting
The meeting heard reports from Chairman Martin Newton, Treasurer Steve Cameron and Internal Auditor Hilary Lee before examining the financial accounts for the year ending 30th September 2019 and approving a recommended return to savers of a 2% dividend, a market leading return on comparible easy access savings accounts.
The meeting heard of a successful year of consolidation for the credit union, increasing its lending and income, strengthening its regulatory reserves whilst at the same time reducing loan arrears and offering a high rate of return to savers.
Figure 1. Best buys from MoneysavingExpert.com, & high street banks vs First Rate
Over the course of the year the Credit Union received a £100,000 grant from the Lloyds Foundation and our loan product was awarded a 5-star Fair Banking Award from the Fairbanking Foundation
A bolstering of the staff team and the ongoing drive to digital are putting us in a position to look fondly at the 38 years behind us, and with huge optimism for the years to come.
BAE systems people who want to join in with not-for-profit savings & loans from their payroll can do so right now by just clicking here and existing members can share this good newws with their colleagues using the share buttons at the foot of the page.
Check out the annual report and accounts below as we look forward to continuing to improve services for our existing members, while welcoming new members from the BAE systems family.