Regular Savings Account
Requirements
- A Membership Application form
- Two(2) valid photo IDs
- A copy of a current utility bill/bank statement (3 months period that shows your current residence)
- A $5.85 entrance fee and $5.00 or more on your saving account
In addition to the $5.85 required to create the savings account, a minimum of 20 shares at $1.00 must be purchased value of $100.00. The purchase of shares ensures that you will have access to all our services.
Shares Account
The purchase of shares allows members access to all the services provided by the SKCU to its members. This is what makes you a member of SKCU. They represent your personal investment in SKCU just as if you were to buy shares in other companies – only better!
Open a Permanent Share Account today by purchasing shares from your credit union at $1.00 par value per share. The minimum number of shares to be purchased is twenty (20) and additional shares may be purchased of twenty (20) or more. Annually, dividends are paid to all shareholders and the amount paid is based on the number of shares purchased by the member and the profitability of your Credit Union.
Transferring or Withdrawing
Your Permanent Share Account is fully transferable! Permanent Shares cannot be withdrawn. However, they can be transferred or sold to a SKCU member. In cases of absolute necessity, the SKCU could opt to give cash in exchange for shares. Upon your death, your Permanent Share Account is transferred to your designated beneficiary.
Loans
Members, whether you’re borrowing for a business, a mortgage, school, bill consolidation, or otherwise, we provide loans at competitive interest rates that will meet your budget. With over 30 years in the loan business, we continue to meet your demands by offering the most affordable interest rates on your loan specifications.
Basic Loan Requirements
- A good credit history
- An SKCU share account
- Supporting documentation
- A minimum membership period of three (3) months
- A certification letter of employment or a most recent salary slip
- Unless otherwise indicated, and a security of at least 35% in savings at the St. Kitts Co-operative Credit Union Limited. (Although there is an initial request of 35% as security, you will receive 100% of the required loan and your savings will continue to gather interest throughout the duration of the loan)
Added Convenience
Maximize on any one of our safe and most convenient services through the use of the automatic payroll deduction or the transfer of funds from your account to pay your loan. Do not hesitate to take advantage of our loan services: Affordable interest rates Competitive repayment schedules Convenient loan payment services … all with a friendly smile.
In Trust for Children (ITF)
Open an account for your children now and invest in his or her future. A child under the age of sixteen (16) can open an account and a minimum of $25.00 to start. This account earns interest quarterly. This account is also designed to teach your children the importance of saving early on, so it may be used as a tool to teach the concept of thrift.
Credit Card
This service is now available at The SKCU for your easy convenience. This VISA International Credit Card is accepted all over the world that facilitates purchases, locally, regionally, and internationally and online as well.
Debit Card
writeup needed…
Term Deposits
The Fixed Deposit Savings Plan is an interest-bearing plan which allows you to save at least $500.00 for at least 6 months or 12 months.
Interest:
500 to 49,999 – 2%
50,000 and over – 3%
Junior Savers
This account was design to assist children with learning how to save money at an early age. The account can be opened at age 7 along with their guardian, who is a member. It is an excellent starter account for children, who want to learn how to save towards a special occasion.
