Savings

On signing up for membership the following four share records are automatically opened on your account.

1. Membership Qualifying Shares
   Your Membership Qualifying Shares are your ownership stake in the credit union. All members must deposit and maintain BDS $120 in this share record in order to maintain their membership in the credit union.
   By empowering our members to hold Permanent Shares, we protect the credit union’s share capital from being reduced by on-demand withdrawals. This will help to increase the financial stability and strength of the credit union.
   
   Permanent Shares entitle you to:
   • Vote as a credit union member
   • Receive yearly dividend payments
   • Receive loans from the credit union
2. Prime Shares
   Your savings on Primary Shares receives interest semi-annually, on March 31 and September 30.
3. Call Deposits
   Your savings on Call Deposit receive interest monthly.
4. ITSA – Income Tax Share Account
   ITSA provides double benefits: an attractive interest rate PLUS the ability to claim those savings as a deduction on your income Tax return up to a maximum of $13,000 a year.
   
   Interest is paid on ITSA funds twice a year, on June 30 and December 31. These funds can also be used as security for a loan.

In addition to these automatic share records, members can choose from a variety of other saving vehicles for specific purposes such as:

Vacation Club Savings
Christmas Club Savings
Homebuilders Savings


The credit union also provides a Salary Lodgement service that enables you to have your employer post your salary directly to your credit union account every week/month.

Thrift Club
Children’s savings accounts are also available at BPWCCUL.

Our Thrift Club offering provides a premium rate of interest on children’s savings as well as a comprehensive developmental program for children up to fifteen years of age.

Investment Vehicles

Term Deposits
Members choosing this investment option may deposit a fixed sum for a fixed period of one (1) year up to three (3) years. (No further deposits or withdrawals can be made during the specified period.) This way, members to know in advance the exact amount of return they will be receiving on their investment.

You have the option to add to the amount at maturity and roll over the deposit for a further period.

Premiere Plan
This High-Interest 5 year Term Deposit has a tiered interest rate structure: the interest rate increases every year over the five years! The minimum opening investment for this plan is BDS $3,000 and you can invest up to BDS $350,000.

Additional deposits can be made to the plan at any time so that individuals can increase the return on their investment.

Privilege Plan Seniors’ Account
This account is specially designed for our senior members 55 years of age and older, and guarantees an interest rate of .5% above the minimum savings rate. Interest is paid quarterly.

UCOLSA Registered Retirement Savings Plan
UCOLSA is our Registered Retirement Savings Plan (RRSP). This investment vehicle provides the added bonus of tax incentives for individuals to save for their retirement.

Funds deposited to the UCOLSA can be claimed as a deduction against your income for tax purposes, up to a maximum of 15 % of assessable income or $10,000 p.a. (whichever is lesser).

UCOLSA plan owners can look forward to interest payments twice a year in June and December. The UCOLSA carries a guaranteed rate of at least 5.0% per annum.

Upon maturity of the plan, you may select your preferred withdrawal option. All withdrawals will be taxed in the same way as retirement income. If withdrawals are made from the plan before retirement, there will be a withholding tax of 25%, which will be deducted at source, in addition to a processing fee of $25.



All savings and investment accounts with the exception of UCOLSA can be used as security for loans without compromising the interest earned on them.