A COMMUNITY bank in Alloa has paid dividends to its members – for the third year in succession.

Interest of one per cent has been paid into the bank accounts of customers of Clackmannanshire Credit Union.

Despite fears the financial co-operative would not be able to do business after it was evicted from its former premises on Tron Court, Tullibody, the community bank is flying high again and announced the payments following its recent AGM.

Sean McGarvey, chair of Clacks Credit Union, said: “We are delighted that the credit union is continuing to be successful and able to pay a one per cent dividend for the third year in a row.

“This is very competitive compared to the interest rates that banks are offering on instant access savings accounts and the money in the credit union is used to provide loans that help people locally.”

After securing a new administrative base, shared with Clackmannanshire Tenants & Residents Federation – fittingly, on Bank Street in Alloa – the credit union has been looking to secure more volunteers and also started a project in the Wee County's primary schools.

Thanks to the Super Savers programme, youngsters at Clackmannan Primary now run their very own school-based bank, saving money and learning more about the world of finance.

While they can withdraw money any week, with P7 pupils taking charge and issuing savers books, they are encouraged to save for something special.

And the initiative has since been taken to Abercromby Primary and Lochies School as well.

Mr McGarvey is pleased he and the team have managed to expand the scheme, adding: “Since going into more primary schools we have seen a large increase in junior accounts.

“However, anyone can open an account for their child to put savings into even if they are not at one of these schools."

The credit union, which is completely run by volunteers, requires more people to help out.

It is an opportunity to join a committed team, learn some new skills and boost the CV whilst making sure people in the Wee County have access to safe, affordable loans in the local economy.

Volunteers could be trained as tellers or they could take on a number of administrative duties in the back office.

Anyone interested can email clackscu@btconnect.com, or visit the credit union under 8 Bank Street between 10am and 12noon on Mondays and Wednesdays or between 1.30pm and 3.30pm on Fridays.