Community Savings Ltd
What is Community Savings?
Community Savings Ltd has been formed to operate as Jersey’s first credit union. Community Savings is a self-help savings and loan co-operative whose purpose is to encourage members to save regularly, provide low-interest loans and free financial advice.
Members save on a regular basis either weekly or monthly.
Members have to wait 7 days before they can make a withdrawal in cash if they have banked a cheque or received a BACS payment into their accounts. Cash deposits are not subject to this delay.
There is no restriction on who is eligible to join, however members under the age of 18 can only save.
The minimum savings amount is only £1 per week or £5 per month. There is no weekly of monthly maximum except that the total savings of any one member is restricted to £10,000. You must have at least £1 in savings to retain membership.
Community Savings is able to make loans at a low rate of interest, which shall not exceed 1% per month on the outstanding balances, (APR of 12.6%). Members must have saved for at least 3 months to qualify for a loan.
Loans can be up to three times a member’s projected annual savings. There is an upper limit on unsecured loans of £5,000.
Borrowers must continue to save the minimum weekly or monthly sum in addition to repaying the amount borrowed. This results in the loan being repaid and the member’s savings having grown.
Any loan must be for an essential purpose.
2 Commercial Street
Open Tuesday to Friday, 9.30 to 12.30.