Retirement Savings Account (SPCCU-RSA)

Who is this for?

Members aged 18 to 55 who want a dedicated retirement fund.

Features and terms

• SPCCU-RSA runs from age 18 years to 65 years
• Members must not be more than 55 years to qualify
• Participants are required to begin this plan with EC$100 minimum
• A minimum monthly deposit of $100 must be maintained
• Withdrawal of the funds is subject to thirty (30) days notice
• Withdrawals before the maturity date will result in interest being retained by the credit union
• Members can however withdraw up to 25% of their savings for medical emergency without incurring a penalty
• Members will be allowed to use up to 50% of their RSA as security for a loan for education, land, home improvement or construction, computer purchase and major medical expenses
• Interest rate is 2.25% per annum calculated on the minimum quarterly balance
• This rate is subject to change at any time by the credit union based on market conditions
• At age 65 years SPCCU will disburse the fund in one lump sum or in installments as directed by the member

How to get started

1. Become a memberIf you are not yet a member, download the membership forms and bring them in with your supporting documents.
2. Visit us in BradesGet face-to-face assistance from one of our representatives.
3. Start using your accountWe will confirm the details and set everything up with you.