A 1% dividend on savings for the financial year ended September 2022 was approved at Transave’s AGM which took place in Oxford on 21^st January and was paid into members’ savings accounts on Friday 3^rd February. Whilst the financial year saw continued growth in savings, loans and membership, it also proved to be a challenging period for the economy as a whole, with living costs continuing to rise substantially. This in turn impacted on Transave’s financial performance and the level of dividend that could be paid. It’s worth remembering that the dividend applies to the financial year running from 1^st October 2012 to 30th September 2022. The rate of 1% was competitive for that year, certainly based on what was available at that time for instant access savings accounts. During the financial year, the Bank of England base rate was just 0.1%at the start of the year and only went above 1% from the middle of June 2022. Of course, we want to pay the best we can to members and we’re working hard to deliver a competitive dividend for the 2022/23 financial year.

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