Dividends & Interest Rates
Dividends & Interest Rates
As Wave Community Bank is a co-operative, all of the profits are shared equally with our membership.
The more members we have the more we can share.
Dividends
As we are a membership organisation, our adult members that save with us receive a dividend which is a share in the organisation’s profits, rather than receiving a fixed rate of interest.
Dividends are paid as a percentage of your savings. Initially the return you will receive may be less than the rates paid by the bank, but as we grow so will your dividend. Our members also have a choice to invest any profits back into the business.
If we make a profit, the Board will recommend a dividend and what percentage that dividend will be. We will then vote on this recommendation at the AGM.
If we do not make a profit in a financial year, there will be no dividend paid. Also we do not pay dividends on PrizeSaver accounts.
Interest Rates
Young Savers accounts for children aged 0-16 do receive 3% interest. This is competitive with most high street banks and by opening an account with us, you can teach your children the value of saving and how their savings can help others in their community.
Opening Hours
Our phones are open Monday to Friday between 9.30am-1.00pm and we continue to monitor our emails between 9.30am to 4.00pm.
Contact Us
Phone: 0300 303 3188
Email: info@wavecb.org.uk
Face-to-face appointments at Hove Town Hall by arrangement only.
Addresses:
East Sussex, Brighton & Hove:
Tisbury Road Offices, Hove Town Hall, Tisbury Road, Hove, BN3 3BQ
Kent, Medway and Bexley:
39-48 Marsham Street, Maidstone, Kent, ME14 1HH
Follow Us
Wave Community Bank serves members in East Sussex, Brighton & Hove, Kent, Medway and the London Borough of Bexley, plus members of Unite in the South East Region. Withdrawals over £5000 will take 5 working days to process
Wave Community Bank is a trading name of East Sussex Credit Union Ltd.Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. FCA Firm no 213910
