St. Lucia Teachers' Credit Co-operative Ltd. provides different savings accounts to help you save money.

Permanent Shares – this is your share of the Society. One share costs $5. A member must have a minimum of 20 shares that is equivalent to $100 in permanent shares to qualify for membership. To maintain our share requirement ratio, all members are asked to purchase an additional $1,000 in permanent shares. You can purchase shares at any time but will not be allowed to withdraw without approval from the Board of Directors. Shares are redeemed upon termination of membership. Dividends are paid annually on permanent shares based on the surplus made.

Withdrawable Shares / Shares Savings and Security Account (SSSA) – this savings account is used to determine how much financing a member qualifies for. Interest is paid semiannually on this account at 3.25% per annum. A member can deposit and withdraw in multiples of $5 at any time on this account once the funds are not being held as security against a loan. A member can also co-make for another member their unencumbered shares.

Regular Deposits – regular deposits can be any amount. This is the account opened for minors and organisations, additionally regular members do have access to deposits as they do not secure loans. Deposits and withdrawals can be made at any time provided that the member’s loan is not in default. Interest is paid quarterly at 3% per annum.

Family Indemnity Plan (FIP) and Beacon Insurance Deposit – This account is used to pay for a member’s FIP and / or Beacon insurance premiums. Interest is paid quarterly at 3% per annum. Members are not allowed to withdraw from this account unless they are cancelling their policy.

Insurance Deposit – This account is used to help members save up for their property or vehicle insurance payment. It can also be used as a holding account for temporary workers to pay their loan during periods of unemployment. Interest is paid quarterly at 3% per annum.