Serve and Protect CU Provide Record Dividend Return to Members

Monday 29 January 2024

Serve and Protect CU announced a record return of over £2.4 million paid to its members at its Annual General Meeting 2022/23. This sum equated to a dividend of 3.5% paid on members’ Regular Saver account.

Over the last twelve months, Serve and Protect CU has introduced new opportunities for savers, launching its first-ever fixed-rate savings account – with the July issue matching the Bank of England base rate at the time of 5% AER/gross.

Membership of the credit union has increased by 7.6% in a year to over 43,500 members. The credit union also saw its loan book grow by over 10.75% to just under £7 3million across the past year.

“Everyone at Serve and Protect is incredibly proud that we have been able to pay a record return to our savers, however, we have achieved this without increasing the lending rates for our borrowers.” Said Paul Norgrove, CEO, Serve and Protect CU.

Paul added: “We remain passionate about helping all our members save money – for example, 1 in 3 loans issued was used to consolidate existing debt, helping our members save money on their existing loan repayments.”

Serve and Protect CU celebrated its 20^th anniversary in 2023 which marked two decades since a merger between seven Constabulary Credit Unions. The credit union has many close relationships with employers and payroll partners and it welcomed seven new payroll partners in the last twelve months.