Savings & Investments - Tranquillity Credit Union

“Do not save what is left after spending but spend what is left after saving.” – Warren Buffet.

1. What are Shares in a Credit Union?

Unlike a bank, in a credit union, every member is also a partial owner. Since credit unions are cooperatively owned, members deposit their funds to purchase shares. Shares do not earn interest, but instead, earn dividends which is paid annually after approval by the Annual General meeting.

Shares are the most important form of savings as a member and are used as collateral for loans.

2. How do I get Shares?

You can contribute weekly, fortnightly or monthly to Shares either over the counter, through a standing order or salary deductions. You can also transfer money from your deposit account to Shares.

3. Can I withdraw Shares?

Shares can be withdrawn provided they are NOT being held as collateral for a loan. There is a small fee for withdrawing shares. Members can request a withdrawal on the prescribed form and wait a few days for processing.

1. What is a Premium Account?

This is our premiere savings account in which interest is paid at very competitive rates quarterly. You can deposit funds directly, through a standing order or salary deductions to this account. Withdrawals from this account can be facilitated over the counter with a cash limit daily. Funds can also be transferred from this account to Shares, Loans or the Visa debit card. 

2. What is the current rate on my Premium Account?

1. What is a Fixed Deposit?

It is an investment account with a specific amount invested at an agreed interest rate and for a specified period.

Based on the member’s instructions, the investment can either be rolled over (re-invested) or liquidated (returned to member) with the interest amount earned at the end of agreed period.

2. Can I withdraw my Fixed deposit before the specified time?

Yes! You can withdraw your funds from a Fixed deposit, however, there is a penalty fee for withdrawals before the specified time.

3. What are the advantages of investing in a fixed deposit?

• Encourages Savings
• Assured rate of return
• Safe Investment
• Higher Rate of Interest
• Collateral for loans
• Easy liquidation
• Flexible tenure

4. How can I open a Fixed deposit?

Opening a fixed deposit is extremely simple and can be done both our office or simply email us at info@tranquillitycu.com for further information.

5. What are the current TCU Fixed deposit rates?