Posted on

BWU Credit Union sees increase in members, deposits

ALEX DOWNES, [email protected]

BWU Credit Union sees increase in members, deposits

Social Share

THE MONEY IS ROLLING INTO the Barbados Workers’ Union Co-operative Credit Union (BWUCCU) as Barbadians continue to pull their money out of commercial banks and pour it into credit unions instead.

BWUCCU is the latest to benefit following the Central Bank’s decision in 2015 to remove the 2.5 per cent minimum interest rates for commercial banks.

BWUCCU general manager Corinne Clarke said the credit union had seen a 21 per cent increase in deposits as well as an eight per cent increase in membership over the last year.

“Since the lowering of the deposit rate, we found that we’ve got lots of deposits. Persons are searching around for higher rates because obviously the banks are giving less. So we’ve seen an increase in membership as well because of the lowering of the rates, so people are moving,” she stated.

Clarke was speaking to the DAILY NATION on the sidelines of BWUCCU’s recent annual general meeting at Hilton Barbados. (AD)

For more on this story, please read today’s DAILY NATION or our eNATION edition.