Skip to Content

Secured Savings

We always look to offer the best value loans we can to our members. For many, our Savings Based Loans are exactly that. In order to be eligible to apply for a Savings Based Loan you have to first build regular savings in your account with us.

Often members will start with one of our Family Loans or Progress Loans and start to build their savings alongside making their repayments on those loans. Most are then in a position to move on to our cheaper Savings Based Loans later on.


Build savings to be held as security against a great value loan:

  • Cheaper and more flexible Savings Based Loans available to those who have saved regularly (minimum 12 weeks)
  • All loans are subject to status and affordability checks
  • You will be unable to withdraw from your Secured Savings while you have a loan balance outstanding (withdrawals from other savings accounts are allowed)
  • You will receive a dividend on savings held in your Secured Savings account (subject to approval)

Dividends - Key Information

Dividends are a share of the organisation's surplus, which is the money we make each year after we have paid our operating costs, and which we pay to members with savings. It is a bit like interest, but the amount paid will depend on how the organisation performs. Sheffield Credit Union is a not-for-profit organisation. This means that our main focus is helping people, not making money. In most years though we do make a small surplus - and we use this to reward our savers as well as continuing to invest in the services we provide.

We aim to pay dividends at least equal to the interest rates on building society instant access savings accounts. We cannot guarantee that a dividend will be approved at our Annual General Meeting, and past performance is not a reliable indicator of future results. The dividends paid for the last 5 years have been:

2018: 0.5%

2019: 0.0%

2020: 0.2%

2021: 0.2%

2022: 1.0%

Your dividend will be calculated based on your average savings balance over the year, and paid the following March, shortly after the AGM.

If you also receive dividends from other companies, you may have to declare this to HMRC. Find out more about paying tax on dividends.