Frequently Asked Questions

Membership is open to anyone with the purchase of twenty (20) Permanent Shares at $5.00 each. When you join, you become an owner of the credit union.

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Download and print the membership application forms, then come in to the credit union in Brades with the forms and your supporting documents to get face-to-face assistance from one of our representatives.

How to become a member · Application forms

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This is a required account at a credit union because it is what makes you a member of the credit union. Your savings account represents your share of the credit union, thus it is called a share account. Share accounts are liquid and meant for payments and everyday spending.

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Permanent shares increase the capital and strengthen your credit union, which allows it to undertake expansion and enhancement of services to members. To become or remain a member of the credit union you must have shares. Permanent shares cannot be withdrawn; they can only be transferred when the member gives up membership.

Permanent Shares cannot be withdrawn or treated as savings.

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Members elect the Board of Directors, and each member has an equal vote: one member, one vote. Members are invited to the Annual General Meeting; the 51st AGM in December 2025 was also accessible via Zoom for registered members.

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Yes. A minimum balance of EC$50.00 is required. There are no charges to the account, and it earns 2% a year, paid quarterly. Regular Deposits has no minimum balance and earns 0.5% a year, paid quarterly.

Compare savings accounts

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Primary Savings, Regular Deposits and School Savings allow cash withdrawals of up to $3,000 a day. This limit is subject to change.

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You make monthly deposits from December 15th through to November 15th of the next year, and your savings plus interest are issued to you at maturity. Funds not collected by the end of the period are transferred to your savings account.

Please note that any early withdrawal from a Christmas Club account will result in the account being closed.

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Withdrawals need thirty (30) days’ notice, and withdrawals before the maturity date mean the interest is retained by the credit union. You can, however, withdraw up to 25% of your savings for a medical emergency without a penalty.

You can join the RSA up to age 55, and at age 65 the fund is paid out in one lump sum or in instalments, as you direct.

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For all new and renewed Certificates of Deposit from October 7, 2026: EC$10,000 – EC$500,000 earns 1.25%, and EC$500,001 and above, and statutory bodies, earn 1.5%. The minimum term is one year. This change does not apply to regular savings accounts, which remain at 2%.

About Fixed Deposits / CDs

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Most personal loans need a job letter and recent pay slip, two forms of photo identification, and proof of address. Each loan also needs documents about what you are financing, for example a pro forma invoice for a vehicle or an acceptance letter for a student loan. Each loan page lists exactly what is required.

Compare personal loans

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Yes. Your Primary Savings can be used as part security for loans, or as full security for character loans. You can also use up to 50% of a Retirement Savings Account as security for a loan for education, land, home improvement or construction, computer purchase or major medical expenses.

Educational Savings Account funds cannot be borrowed against.

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The Back to School special runs from July 1st to August 31st every year. Parents and guardians can borrow up to $5,000 at 5%, repaid over up to 12 months, subject to SPCCU terms and conditions.

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Use our loan calculator. Choose a loan to fill in its published rate and longest term, then adjust the amount. It gives an estimate only; your actual rate, term and repayments are confirmed by a Loans Officer.

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No medical examination is required. One monthly premium covers final expenses for you and up to five eligible family members, and you get lifetime cover once you enroll before age 76. Plans start at $26.40 a month for a $5,000 benefit per person.

See all FIP plans

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The plan can cover you (up to age 76), your spouse or significant other, up to two of your parents or parents-in-law (enrolled before age 76), and your unmarried children aged 1 through 25, including dependent children under your legal guardianship. Children who are permanently disabled are covered for life if enrolled before age 26.

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The rider is an add-on to the Family Indemnity Plan. It pays up to $30,000 if you are diagnosed with cancer, heart attack, stroke, paralysis or major burns. You must be enrolled in the FIP and under 60 to apply, and benefits start six months after enrollment unless the illness is the direct result of an accident.

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You can enroll online, or complete the Online Banking Application / Access Form and return it to the credit union. To sign in you need your account number and a Digital Banking password, which you should keep confidential and change regularly.

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Yes. Credit Union to Credit Union (CU 2 CU) transfers can be sent to St. Kitts Co-operative Credit Union, Nevis Co-operative Credit Union, St John’s Co-operative Credit Union (Antigua), Central Co-operative Credit Union (Dominica) and Liberty Co-operative Credit Union (Anguilla). The service fee schedule lists the fee as $25 per transfer.

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Yes. The SPCCU payroll service handles your employees’ salaries and deductions, including taxes and social security, and the pay is deposited to your employees’ accounts at SPCCU.

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Monday, Tuesday, Thursday and Friday from 8:00 am to 3:00 pm, and Wednesday from 8:00 am to 2:00 pm, at our office in Brades. You can also call 1-664-491-3666, WhatsApp 1-664-392-3666, or email info@spccu.ms.

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A credit union is a not-for-profit, member-owned financial cooperative funded largely by voluntary member deposits. A bank is for-profit, owned by shareholders.

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Cooperatives are people-centred enterprises owned, controlled and run by and for their members to realise their common economic, social, and cultural needs and aspirations.

Cooperatives bring people together in a democratic and equal way. Whether the members are the customers, employees, users or residents, cooperatives are democratically managed by the ‘one member, one vote’ rule. Members share equal voting rights regardless of the amount of capital they put into the enterprise.

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Cooperatives are based on the values of self-help, self-responsibility, democracy, equality, equity, and solidarity. In the tradition of their founders, cooperative members believe in the ethical values of honesty, openness, social responsibility and caring for others.

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