Members’ deposits are limited to £1,000 each month, across all their Voyager Alliance savings accounts.
In order to protect future dividends to loyal members, this monthly savings limit was introduced from 1st April 2022.
Since the start of the pandemic, we have seen an increasing number of new members open accounts and transfer large deposits from other financial institutions attracted by the Penny Post Group’s competitive dividends*.
With high street banks and building societies offering record low savings rates, we understand that the Penny Post Group is an attractive alternative. Since March 2020 our total savings balances have grown rapidly and the demand for loans has been below normal levels. These two factors combined could have a negative impact on future dividends if no action is taken.
Our Board agreed to these measures to protect future dividends for our loyal members. These changes are unlikely to affect the vast majority of our members and will be reviewed regularly.
The total balance in all your Voyager Alliance saving accounts cannot exceed £50,000.
Whilst ISA Accounts are closed to new members, those members with an existing ISA account may continue to make deposits to their ISA accounts, up to £20,000 limit.
*Dividends are not guaranteed. The rate payable is dependent on financial performance and voted on by members at the Annual General Meeting. Our financial year runs from 1st October, and so this year, Voyager Alliance and Retail CU members will receive dividends* on a pro-rata basis for the period from 1st February to 30th September 2022.
**Certain exceptions, like a redundancy payment, may be permitted, and decisions will be made on an individual basis.