Savings Review – Summary
Members’ shares held as at 30th September 2013 were £6.05m, a rise of £405k and twice the rise in our loan book.
This reflects changes in the economy, and the caution seen among our membership to manage finances carefully. We continue to promote saving as being necessary – and a condition of membership - for all members and are pleased that despite our focus on improving our internal infrastructure, this year we have seen a growth across all areas of our business.
Dividend is maintained at 1.5%, for the 3rd year in succession (to be confirmed at the AGM in January 2014). This equates to the highest rate payable on instant access funds in Birmingham, which is widely available to members without minimum deposit requirements.
Citysave continues to promote affordable saving plans as the route to prosperity, and many of our members have more than one savings plan and tend to save relatively small amounts on a weekly or monthly basis.
We offer the Child Trust Fund, and whilst vouchers are no longer being issued, many of our members are transferring their funds across. This can be added to on a regular basis, from Child Benefit or similar, often at just £1 or £2 a week.
Citysave has also introduced an instant access cash ISA and a 90 day notice ISA, enabling members who are taxed to maximise their savings plans.