Providing a variety of services like savings accounts, loans, and other financial products, credit unions are financial institutions that are owned and run by the members of their respective communities.
People in Trinidad and Tobago are increasingly choosing to save their money in credit unions as an alternative to conventional banks. Credit unions offer:
- Competitive dividend payouts
- Streamlined and convenient business practices
- Debit cards with added features like Visa debit
- Extra perks or discounts for members, such as reduced rates for hotels, beach houses, or land and housing development
- Financial stability
To assist our readers in making the right decision, we’ll examine some of the top credit unions in this blog post along with their benefits.
Eastern Credit Union
Benefits offered by Eastern Credit Union:
- Democratic ownership with equal voting rights
- No monthly maintenance fees
- No hidden charges on loans, with interest charged on the reduced balance method
- Interest rebate for members on their loans
- Fixed interest rates on loans for the duration of the loan
- Shares are used as collateral for loans, with annual dividends paid to members
- Access to funds 24/7 with a Sprint ATM card on the LINX network
- Free educational programs, including financial literacy, will preparation, and SEA motivational workshops
- Access to education grants for successful SEA students and members pursuing tertiary studies
- Family Indemnity Plan (FIP) group life insurance coverage for members
- Life Savings Plus Insurance for a monthly benefit to loved ones in the event of the member’s passing
- Field service by sales officers for members who cannot visit a branch
- Online banking services for easy and secure access to accounts
- Annual dividends paid to members
- Standing orders for easy transactions
- Complementary benefits, such as access to investment services through the Trinidad and Tobago Unit Trust Corporation.
Venture credit union
Loan Rebates on the interest paid every year.
- No stamp duty on Collateral of Vehicle Loans & no Legal fees.
- No Management Fees on Loans – only a small processing fee.
- Interest rates are fixed.
- On a Mortgage, you don’t pay any stamp duty on the mortgage, only legal fees.
- Dividends are paid on shares every year.
- Third largest credit union by Assets or membership.
- The members are the owners of the organization.
- We offer competitive interest rates, friendly and helpful staff, online banking, and quick processing of loan applications.
TECU Credit Union
Your friendly, one-stop-shop includes:
- Low-interest loans which are insured
- Access to loans to build shares
- High returns on Savings and Fixed Deposits
- Group Life Insurance Coverage (death benefit)
- Accidental Death and Dismemberment Insurance coverage for members ages 18-64 only
- S.E.A. Bursary & Tertiary Awards
- Convenient locations
SECU – Credit Union Co-operative Society Ltd
- TTARP Membership for Retirees
- Education/Social Events
- Self-Enhancement Programmes
- Direct/Over-the-Counter Payments
- Standing Orders
- Payroll Deductions
- Post-dated Cheques
- Members’ Medical Insurance
Fire Services Credit Union
- Member-based non-profit organization
- Members become member-owners and can participate in electing the Board of Directors
- All members have an equal vote, regardless of shareholding or number of services used
- Surpluses returned to members in the form of attractive dividends
- Lifetime benefit with membership
- Members can remain members even after changing jobs or moving to another area
- Immediate family members are also eligible for membership
- Higher yields on savings and one of the highest dividends on shares in the local movement
- No service fees, unlike commercial banks
- Competitive loan rates with no loan processing fees
- Consider refinancing loans and credit card balances at the credit union to save money.
Rhand Credit Union
- RHAND membership comes with a Share Savings account credited with one share ($5.00 per share).
– Members must purchase at least twelve shares annually to maintain active financial status.
– Benefits include access to loans based on multiples of share savings, annual dividends, and free life savings insurance on shareholdings.
- Deposit Savings Account:
– Accessible upon becoming a member for short-term savings and day-to-day use.
– Interest paid quarterly.
- Flex Deposits:
– Time deposit account that can be opened with as little as $1,000.
– Offers competitive interest rates with the flexibility of choosing the investment term and frequency of interest payments.
– Accessible to members at competitive interest rates with flexible repayment terms.
– Free life insurance coverage on loan balances.
– RHAND offers scholarships to the children of members.
– Eighteen scholarships are granted annually to members’ children who were successful in their exams based on merit or merit and need categories.
– Three scholarships are awarded annually to students of the Early Childhood Centre of the St. Martin’s Welfare Association based on select criteria.
- Membership Skills Development Programme:
– Annual programs that assist in human development and equip members with tools to generate additional income.