A 1.5% dividend on savings for the financial year ended 30th September 2021 was confirmed at Transave’s virtual AGM that took place on Saturday 22nd January and was paid into members’ savings accounts on 25th January.

The dividend reflects the fact that our loan book grew strongly in the second half of the year as the UK economy began to recover from the COVID-19 pandemic, with income and overall profitability also improving as a result. 

It’s worth pointing out that a return on savings of 1.5% on an easy-access savings account is extremely competitive when compared with comparable offerings from other financial services providers. In fact, one in eight accounts including several which are widely held, are currently paying only 0.01% interest.

What’s also clear is that many of these ‘easy-access’ accounts will limit the number of withdrawals you can make in a year, while others will impose an interest penalty or reduce the interest rate if you exceed a certain number of withdrawals. In contrast, savings accounts with Transave offer flexible access with no restrictions or hidden charges.

It’s one of the reasons why Transave continues to grow its membership rapidly as more and more company employees look to open a savings account that provides instant access as well as a competitive return on their savings.