Member Benefits

Shares

Shares are valued at five dollars $5 each and may be purchased through weekly, fortnightly or monthly installments. Each share represents permanent savings which is annually improved in the form of dividends.

Target Deposits

This is a regular saving account which allows members to withdraw funds quickly and easily.

Fixed Deposits

This account is designed specifically to meet the needs of the investment-minded member. We offer competitive rates of interest on funds held from a minimum of three (3) months to a maximum of three (3) years. With as little as ten thousand dollars ($10,000.00), you can open a fixed deposit account offering attractive interest rates. Members have the option of rolling over funds at maturity. A penalty of 1.5% applies for encashment before maturity date.

Loans

U.W.I. Credit Union offer loans for any worthwhile purpose: home improvement, purchase of a new/used vehicle, vacation, travel, education, medical or ceremonial expense, small business, mortgage and investment. We offer fast processing and approvals with no hidden charges. Loan protection is provided up to a maximum of $100,000 at no extra cost. Interest rates start as low as 0.75% per month and is calculated on the reducing balance.

Easy Loan Application

Answer all questions on the loan application form and attach copies of a recent job letter, pay slip and all supporting documents (invoices, quotations or estimates etc.) these documents must be provided for all loans over $10,000

Loans up to $200,000 can be approved by the authorized U.W.I. Credit Union personnel, however, loans up to three (3) times Member’s shares must be considered by the Credit Committee.

Short Term Loans (STL)

Up to $5,000 can be granted to eligible members within minutes. For STLs of $400 and under a $20 service charge is incurred and the loan should be repaid within two (2) months. STLs attract a service charge of 15% to 18% to be repaid via salary deductions in four (4) to eleven (11) months as seen in the schedule below. Late payment fees apply.

STL Prin. ($)			Fee	Total STL	Mths. to repay	Install	Rate
$   100.00	to	$   400.00	$ 20.00	$   420.00	4	$105.00	5.00%
$   401.00	to	$1,000.00	$150.00	$1,150.00	4	$287.50	15.00%
$1,001.00	to	$2,000.00	$310.00	$2,310.00	5	$462.00	15.50%
$2,001.00	to	$3,000.00	$480.00	$3,480.00	7	$497.14	16.00%
$3,001.00	to	$4,000.00	$680.00	$4,680.00	9	$520.00	17.00%
$4,001.00	to	$5,000.00	$900.00	$5,900.00	11	$536.36	18.00%

 

The Family Indemnity Plan (FIP)

The Family Indemnity Plan is offered to provide financial assistance at a time when you and your family may need it most. A maximum of six persons per family can be covered. They include you, your spouse or significant other, children up to age 25, parents and parents in law up to the age of 76.

Premiums are as low as $52.80 per month. Benefits range from $10,000 to $100,000. No medical examination is required and claims are paid within two (2) working days. Contact us for more information.

 

Bursaries

One (1) Community Bursary valued up to TT$5,000.

The Jerris Attz Bursary is awarded annually to a student pursuing studies at The University of the West Indies and is based on academic excellence and financial need.

Four (4) Membership Bursaries valued up to $5,000 each:-

1. Brenda Fraser Bursary;
2. Vibert Medford Bursary;
3. Claude Mc Eachrane Bursary;
4. Jill Thompson Bursary.

These Bursaries are awarded annually to four members who are pursuing technical or tertiary-level courses, as may be approved by the Credit Union, and are based on academic excellence and financial need.

Applicants for Bursaries must satisfy all of the following criteria:

• be a bona fide member of  U.W.I. Credit Union Co-operative Society Limited (UWICU) for at least six (6) months, prior to the date of application;
• have contributed towards shares for a continuous period of at least six (6) months, prior to the date of application;
• be in good financial standing, and therefore shall not be in arrears and/or default of any financial obligation towards UWICU, at the date of application.

Applicants will not qualify for a Bursary if:

• submitted after the specified deadline;
• the application form is incomplete;
• the application form is submitted without the supporting documents.

Payment of a Bursary to the applicant’s Target account is subject to all budgetary allocations being in place, and the parent of the applicant being compliant, where applicable.

 

Grants

U.W.I. Credit Union Co-operative Society Limited (UWICU) currently offers the following grants to our members:

• The Secondary Entrance Assessment (SEA) Grant
• The Continuing Education (CE) Grant
• The Caribbean Secondary Examination Certificate (CSEC) Grant
• The Caribbean Advanced Proficiency Examination (CAPE) Grant

Applicants for grants must satisfy all of the following criteria:

• be a bona fide member of UWICU, for at least six (6) months prior to the date of his/ her application
• have contributed towards his/her shares for a continuous period of at least six (6) months prior to the date of application
• be in good financial standing at the date of application, therefore he/she shall not be in arrears and/or default of any financial obligation towards UWICU

Applications will not be considered if:

• submitted after the specified deadline
• the application form is incomplete
• the application form is submitted to the Office without the supporting official result/ grade slip, term reports for CE only

Payment of these grants to the applicant’s target account are subject to all budgetary allocations being in place, and the parent of the applicant being compliant. Please click on the link to review the compliance procedure and requirements https://www.uwicu.tt/join-membership-benefits/compliance/.

 

GRANT	ELIGIBILITY	QUANTITY	SUBMISSION DEADLINE	DOWNLOAD, PRINT AND COMPLETE APPLICATION FORM
SEA	Successful placement in secondary school or college based on SEA examination	$700.00	July 12, 2024	SEA GRANT APPLICATION FORM
CE	Attaining an overall average of 65% and over at the end of each academic year from Form 1 to 4.	$700.00 at the end of each academic year	July 19, 2024	CE GRANT APPLICATION FORM
CSEC	Grade 1 or 2 in at least five (5) CSEC courses	$1,000.00	September 9, 2024	CSEC GRANT APPLICATION FORM
CAPE	Must attain grades 1 or 2 in at least two (2) subjects (excluding Caribbean Studies and Communication Studies) at the end of Year Two	$2,000.00 at the end of Year Two	September 9, 2024	CAPE GRANT APPLICATION FORM

 

Members please note that you may scan the supporting documents and email grant applications to grantsubmissions@uwicu.tt or drop off the completed application form and supporting documents at the Office on or before the deadline.

 

Awards for Excellence

If you have excelled in the following arenas scholastic, sport or cultural activities, nationally or internationally, and you are an active member, this award is for you.