Another successful year for Penny Post Credit Union

Monday 15 January 2024

Penny Post Credit Union celebrated another successful year and rewarded members with a competitive 2.15% interim dividend, more than 5 times the national average for comparable easy access saving accounts.  In addition, members with Plus Accounts received 2.65% and those with Christmas Accounts, 3.15%.

In line with Government advice, the Board took the decision to postpone the Penny Post Annual General Meeting planned for Sunday 29th March 2020 at the Black Country Living Museum.  However, following consultation with its Auditors and the Regulator, the Board are pleased to announce that members have received interim dividend payments, as proposed.

Matt Goulding, CEO of Penny Post Credit Union said “We were looking forward to sharing highlights of another successful year with members at our AGM, but understandably that’s not possible in the present climate.  By paying an interim dividend, we’re able to reward our loyal members for helping make 2019 a record year.  Exclusively for the Royal Mail Group family, the majority of our members are ‘key workers’, working hard to keep the country running, and deserve all the support we can give them at present.”

“In the year ending 30.9.19, we achieved the 10,000 members milestone, savings reached a new record, £20.3m, lending increased by 17.3% and net income rose by 18.7%.  Other highlights include being awarded a 5-star rating for our Personal Loans by the Fairbanking Foundation, introducing a Young Saver Account and significant improvements to our online services.”

Penny Post President, Dave Jones said “2019 has been another prosperous year for the Penny Post Credit Union.  I’d like to thank all the Penny Post staff, led by Matt Goulding, for their part in elevating our credit union into one of the UK’s leading and respected financial organisations.”

At some point, when the current situation improves, the AGM will be rescheduled, and the dividend payment formally ratified by members.