SERVICES AVAILABLE FROM THE CREDIT UNION

SAVINGS – (Shares)
This is the main account that makes you a member of NAJ Co-operative Credit Union and is the only account that qualifies you for a loan. Dividends are paid on this account as declared at Annual General Meetings. You are encouraged to save a portion of your income to this account. This will increase your capacity to borrow. Shares should be considered as permanent savings and should not be withdrawn on a casual basis.

LIFE SAVINGS INSURANCE
At no cost to you, every dollar you save up to $300,000.00 earns life insurance.  You get a dollar of LIFE SAVINGS INSURANCE for each dollar you save before age 55 years.

Benefits from the LIFE SAVINGS INSURANCE can be used to help your family with immediate expenses or contribute to a child’s savings plan.

LOANS
NAJ Co-operative Credit Union offers a variety of low cost loans to suit the borrowing needs of members whom can borrow five times their shares amount at competitive rates of interest.

LOAN PROTECTION INSURANCE
When you borrow from your Credit Union, loans are insured to a maximum of $800,000.00 at no cost to you.  If you were totally and permanently disabled before age 60, or in the event of your death before age 75 years, the insurance will repay your loan.

INTEREST RATES ON LOANS
Interest is calculated per month on the reducing balance and differs based on the purpose of the loan.

STANDING ORDER SERVICES – For a small fee per transaction, NAJ Co-operative Credit Union will make payments of life, and health insurance premiums, mortgage payments, and other monthly payments as requested by you the member.

FAMILY INDEMNITY PLAN – This is a death insurance that covers up to six members of your family. This scheme has four plans and money is paid out at least 24 hours after death, providing that there is proof of death. The Familiy Indemnity Plan will pay a cash benefit which can be used to cover the funeral cost for members and their eligible loved ones.

The plans are as follows:

Who is covered?
Any member, spouse, any combination of up to two parents or in laws of the member under the age of 76 at the time of enrolment. Including dependent children under legal guardianship and are not married and are 1-25. Permanently disabled children for the duration of their life enrolled prior to the age of 26.

DEPOSIT ACCOUNTS – The Deposit account is suited for saving money required on call. Funds may be withdrawn whenever needed and standing order payments can be made from this account. This account also attracts interest per annum. Interest is credited to the account half yearly. 

FUTURE LEADERS CLUB – For potential members under age 18 years. Interest is paid half yearly on this account. This account can encourage children to practice thrift by teaching money management principles and helping to cultivate the Co-operative culture from an early age.

GOLDEN HARVEST SAVINGS PLAN – A long term savings plan with a decreasing term life insurance. This is designed specifically for Credit Union members who are between 15-65 years old. It is easy to save with this plan, as you the member agrees with the Credit Union to make regular deposits of a specified amount to the account you can harvest the lump sum when savings goal are reached. There is no minimum savings goal and no minimum per month deposit required and the maximum savings goal insured is determined according to your needs.