Premier Investment Account
The Premier Investment Account is design for savers wishing to invest a lump sum deposit over £2000. Read the account Terms and Conditions for more information.
For legal reasons we cannot guarantee the dividend payable on savings in advance. Churches Mutual paid a dividend of 0.4% for the trading year October 2018—September 2019 on an average daily balance. Dividends are paid before tax There are no penalties for withdrawals but if the balance of the account falls below £2000 for more than 30 days it does revert to a Regular Savers' Account. The initial deposit is a minimum of £2000. From 1st February 2020, additional deposits can be made up to a maximum of £40,000.
The Board of Directors issued the following statement on 12th August 2020:
We are grateful for the level of support we continue to receive from our members who save and borrow through us. At the same time, as you will know, the Bank Rate has sunk to an unprecedented level of 0 .10% and talk even of negative interest rates does not go away.
While Churches Mutual remains strongly capitalised – comfortably above PRA's requirements – and our arrears remain at a very low level, we do foresee some need for additional loan provisions this year. Therefore, owing to continuing uncertainty cause by COVID-19 the Board is considering not paying a dividend on shares for 2019/20 while hoping to resume normal dividends in 2020/21. As a members’ cooperative the board feels it should be fully transparent about this. In other respects, Churches Mutual will continue to serve members as we hope you and we can start to return to more normal conditions.Apply now