- 49 Union Square, Hamilton HM12, Bermuda
- +1 (441) 292-0385
- creditunion@bcu.bm
Savings
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Saving at BCU
With no monthly fees and competitive returns, our BCU savings accounts serve your every need and even live beyond you.
In addition to the Bermuda Deposit Insurance which protects your savings up to $25,000, with the added bonus of CUNA Caribbean Life Savings Insurance, your beneficiary can also receive a payout of up to 3x your share savings when you pass away.
Learn more about our savings accounts below.
Ordinary Share Savings
On your statement: S-00 | Ordinary Shares
Also known as voluntary or regular shares, an ordinary share savings account is a credit union’s version of a current account for everyday savings and transactions.
A share savings account allows you to deposit and withdraw money. You can also earn dividends if the credit union makes a surplus. You must keep a minimum balance of $5.00 in this account.
- Use it like an everyday savings account – deposit, withdraw and make transfers
- Funds in this account are used as collateral to secure loans
- May earn dividends as determined at an Annual General Meeting
- If a member dies, your beneficiary can receive a payout of up to an additional 3x amount saved in shares (max limit: $4,000)
Since credit union members hold a financial stake in the union, the “share” in question is your financial share saved in the organization. Therefore, a share savings account is required for membership, in addition to your permanent “ownership” shares.
CU-CLUBBS (Young Savers)
On your statement: D-06 | CU-CLUBBS
The perfect gift for the child from birth to age 18 is the CU-CLUBBS (Credit Union’s – Children Let Us Build our Bermudian Savings) account.
- Start a CU-CLUBBS Young Savers account today with only $5.00
- CU-CLUBBS savings earn interest at 0.75% per annum, applied to the account monthly
- Upon reaching 18, you must become a full member with permanent shares in the Credit Union
Gift to Myself Savings
On your statement: D-08 | Gift to Myself
Whether you’re on the receiving end of a gift or you are the one giving, almost all gifts come after much thought and planning. Bermuda Credit Union is the perfect place to do the planning. This account is the response to the “Club Hand”. Your savings earn interest with no fees or penalties for withdrawal.
- Make deposits and withdrawals at any time
- Savings earn interest at 0.50% per annum, applied to the account monthly
- Funds in this account cannot be used as collateral to secure loans
Fixed Term Deposits
On your statement: FD-0 | Term Deposit
Lump sum savings for which there is no immediate plan can be placed on fixed term deposits. This account is an interest-bearing term which has a fixed maturity date and a fixed interest rate from start to maturity.
Competitive rates offered comparable to any similar instrument in the market.
- Start with a minimum deposit of $1,000
- Contracts may be held for fixed terms of as little as 30 days to up to 5 years
- Funds cannot be used as collateral to secure loans
Permanent Shares
On your statement: S-02 | Permanent Shares
Permanent Shares represent a member’s part-ownership (or equity) in the Credit Union. All members are required to hold an equal amount in shares as a representation of their equality as an owner and member. The value of all members’ permanent shares forms part of the Credit Union’s institutional capital and cannot be withdrawn while the person remains a member.
- You must purchase $50.00 in Permanent Shares to be a member
- These funds cannot be used as collateral to secure loans
- May earn dividends as determined at an Annual General Meeting
Nothing is impossible. We can help you achieve your goals!
The Bermuda Credit Union Co-op. Society is the sole Credit Union in Bermuda. Everyone involved is proud to be associated with the only indigenous financial co-operative on this island.
