A successful year of growth and rewarding savers says First Rate Credit Union

By Patrick Thorpe posted 14-02-2020 13:49:28



First Rate Credit Union members gathered last week, for its 2020 Annual General Meeting. The meeting heard reports from Chairman Martin Newton, Treasurer Steve Cameron approve a recommended return to savers of a 2% dividend, a market-leading return on comparable 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.

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. Operations Manager of First Rate Credit Union, Mike Barry said: "This is a real testament to the fact that we are not just another lender, we are a cooperative dedicated to the financial wellbeing of our members and BAE Systems people nationwide. This is a great addition to this credit union's 38-year history of member services."

A bolstering of the staff team and the ongoing drive to digital is putting First Rate in a position to look fondly at its 38-year history and look ahead with huge optimism for the years to come.

Mike added: "This has been a successful year of consolidation and managed growth, increasing our income, strengthening our capital position, reducing bad debt and rewarding savers with a 2% return, a market-leading rate for easy access savings. We are ready to head into the future with great optimism."