Share Accounts

Members can invest money in the Credit Union as Shares. Each share is valued or worth $5.00. Shares are the cornerstone of the Credit Union, and they are used mainly to finance members' loans. Members are rewarded for keeping money on shares through dividends. Dividends are calculated based on members' shares. In addition, the Government allows a tax credit of up to $10,000 based on the net increase in the member's shareholding for the tax year.

Savings Deposit Accounts

Members' deposit accounts allow members easy access to their funds. It is convenient as any amount may be deposited or withdrawn at short notice. Standing Orders can be paid from funds placed in this account.

Fixed Deposits

Members can invest their idle funds for a fixed term for a tax-free return. Higher deposits attract even higher rates of interest. These deposits can be utilised as collateral for loans as your money grows safely.

Consumer Loans

Loans are currently accessible to members at attractive interest rates on the reducing monthly balance. Loans are provided for any area of interest including educational, purchase of consumer items e.g. furniture, payment of bills, ceremonial purposes e.g. wedding, funeral expenses. Invoices must accompany all applications for the consumption

Computer Loans

Loans are granted to members for the purchase of computers at attractive rates. Invoices must accompany all applications for the computer loans and the repayment period is based on the member's capacity to repay.

Motor Vehicle Loans

Loans are granted to members at affordable rates to facilitate the purchase of used or new vehicles, as well as for vehicle repairs. The maximum repayment period for new vehicles is 48 months and 24-48 months for used vehicles. However, the value of the vehicle will also determine the length of the repayment period.

• For new vehicles, pro-forma invoices must show-make, type and model of vehicle, colour of vehicle, registration number, chassis and engine numbers and the date of delivery.
• In the case of used vehicles a certified copy of ownership with a letter of intent to sell must be submitted with the loan application.
• The member must provide Full Comprehensive Insurance policy coverage on the vehicle with an assignment in favour of First National Credit Union.
• In the case of vehicle repairs a certified copy of ownership and a detailed estimated cost by the contractor must be submitted.

Travel Loans

Loans are granted to members at affordable rates to facilitate vacation travel. Rebates would also be given to members when FNCU Travel Company and FNCU Travel Desk is used.

Interim Construction Loans

Also called bridging finance, Interim Construction loans are provided to members who are in the process of constructing their own homes. Members must have approval from a mortgage finance company to take over the Interim Construction loan. Lump sums are provided for construction or purchase of a home and same is paid for by the mortgage finance company to which the facility is transferred.