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Serve and Protect CU Provide Record Dividend Return to Members

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.

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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 20th 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.

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