Saving with LICU

Many times we are discouraged to save or borrow at some financial institution because their fees are too high and their interest rates on loans often fluctuate making it everlasting to achieve our savings plan or to pay off our loan.

At LICU your savings is guaranteed a maximum return of at least 6.5% dividend. Compared to others, LICU makes it easier to save and more affordable to borrow. We strongly encourage you to save because in doing so we are simply helping you to prepare for the future. Savings can be used for any purpose. The more savings you have, the more equipped you are to cope with the unexpected.

How often you save depends on sacrifices you make to put aside part of your income as savings. Once this practice becomes a habit, it will be easier to maintain a savings account and LICU would be the right place to start that savings.

It is very important for LICU as a financial institution to find ways to motivate members to save and borrow. Our popular Share Drive has proven to be the most successful of all techniques for members to increase their savings. For every $5.00 (1 share) that member saves, they receive one ticket which allows them the opportunity to participate and win in a raffle of attractive prizes.

Benefits

  • Be a part of a democratically operated financial institution
  • Earn dividends on shares/savings, regardless of the amount
  • Automatic life savings and loan protection insurance
  • Low interest rate of 1% per month on all loans
  • Interest is calculated on the unpaid balance
  • No minimum restriction on loan payments and savings Actual percent rate (APR) averages between 7.5% – 8.5% (not 12%)
  • Low Group Term Life Insurance (Sunrise to Sunset) is administered by your Credit Union for your convenience
  • Attractive 25% discount on all insurance coverage (vehicles, house, household items, life, etc.)
  • Only $2.00 monthly premuim for sunrise to sunset Burial Scheme (Term Life Insurance)

It is very important for LICU as a financial institution to find ways to motivate members to save and borrow. Our popular Share Drive has proven to be the most successful of all techniques for members to increase their savings. For every $5.00 (1 share) that member saves, they receive one ticket which allows them the opportunity to participate and win in a raffle of attractive prizes.

Savings Account Requirements

A Savings Account can easily be opened with the following requirements:

savings-banner

Download the Membership Application Form here.

Download the Nomination of Beneficiaries Form here.

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