A key focus for 2024 is member service and how we can tailor our products and services to best suit our members’ needs.
Having savings to call upon can be a lifeline for many members. That’s why GMBCU is committed to fostering the savings habit amongst all GMB members during 2024 and beyond.
We recognise that whilst many of our members have benefitted from our range of loans over the years, the choice for savers has been more limited. As part of our commitment to working with our members to best meet their needs, we are delighted to confirm that we are enhancing and extending our Saver range of products.
You asked and we listened!
Over the last 25 years, our services have expanded and along with adding new products, we have also made several changes along the way to improve our existing savings products.
Christmas Saver: Feedback from our members suggested that the annual window for withdrawing funds from the Christmas Saver was too restrictive so we have made a key change. From 2024 onwards the window for withdrawal has been extended to two months and members can take money from their Christmas Saver anytime they choose between the 1 November and the 31 December. We also recommend that members use our mobile app to make withdrawals during this window thereby increasing ease of access to their savings. More information on our Christmas Saver account can be found here.
Young Saver: Given the importance of younger members and their need to develop good financial habits at an early stage we have enhanced our Young Saver account. From 01 May 2024 we will pay a £10 bonus on the child’s birthday every year until they are 17. Find out more about our Young Saver account here.
Introducing three new savings products
Savings can and should be accessible to all. Whether used for unexpected life events, to plan for later life, or simply to have peace of mind, savings accounts have proven to be invaluable for many of our members at various stages in their life.
As a means of helping to build positive savings habits for all GMBCU members we are introducing three new savings accounts during 2024
Prize Saver was launched at the beginning of the year, this account allows instant access to savings with the added bonus of a monthly prize draw. The account is intended to introduce some fun to savings with free entry to a prize draw with a chance to win the main monthly prize of £5,000 or one of 20 other monthly prizes. £1 savings gives you one ticket, and you can have up to 200 tickets. Find out more here.
365 Saver was launched at our AGM in April this year and offers an ethical fixed-term investment that safely grows your money. With deposits from £1000 to £30000, this fixed-term saver offers a 5% dividend on savings after 12 months. Find out more here.
Premium Saver is an exciting new savings account that will be launched at the GMBCU Congress in June 2024. This account is intended for members who commit to regular savings. We will reward premium savers by adding an additional 1% premium on top of our standard Member Saver annual dividend. Watch this space for more details.
These three new Saver products, along with our existing savings options (easy access Member Saver, Christmas Saver and Young Saver), provide GMB members with more flexible ways to save with GMBCU. With varying benefits to each savings account, and all having an ethical stance, members are able choose the account that is most suited to their situation and needs.
All deposits up to £85,000 are protected by the Financial Services Compensation Scheme.
GMBCU dividends at their highest rates in 25 years
At our Annual General Meeting (AGM) in April we were pleased to confirm that we paid the following annual dividend for 2023:
Member Saver – 3.50%
Junior Saver (now called Young Saver) – 4.00%
Christmas Saver – 4.00%
With the launch of our new savings accounts, we hope that more members will be able to share in our 25 years of trading success in the years to come.
There has never been a better time to save and cultivate a savings habit – you will never regret it. By increasing and improving our new Savers range while paying a very competitive annual dividend, our hope is to enable more GMB members to develop a healthy savings habit.
As an added incentive, if you open a GMBCU savings account during 2024 , we will open a PrizeSaver account for you and add £10 to this account. This will automatically give you ten entries into a monthly prize draw with up to £5,000 up for grabs!
Find out more about our savings accounts here and access our tips and resources to manage your money better on our website.