As part of Financial Information Month (FIM), Liberty Cooperative Credit Union opened its doors to the public, hosting an informative session led by Keisha Edwards, Operations Manager, and Rianna Richardson, Member Services Supervisor. With a commitment to community-oriented service, the credit union, the only one of its kind in Anguilla, is dedicated to offering accessible financial services and educating members about saving, investing, and building financial independence.
At the heart of Liberty Credit Union’s ethos is its non-profit, member-first structure. “We are a non-profit financial institution dedicated to serving our members,” shared Edwards. “We are an only-member-oriented organisation. So you can come here, invest in the credit union, and get back as we pour into our members.” Unlike traditional banks, Liberty Credit Union is owned by its shareholders, who play an active role in shaping the institution’s future by voting in the credit union’s elections.
Liberty offers a variety of services, including regular and junior savings accounts, business accounts, checking accounts, credit cards, loans, and even wire transfers. Their share accounts stand out as a key feature: every member is required to have shares, which helps build the credit union. As Richardson explained, “The minimum is 10 shares, which is equivalent to EC$100. It’s EC$10 per share. Whenever you want to come in and purchase more shares, you can do so. We do not have a limit.”
This collective model ensures that profits are returned to members in the form of dividends. “As Liberty continues to build a profit, we will have dividends. Every year at our annual general meeting, we discuss with the members and confirm what that dividend rate will be,” Edwards said, encouraging members to invest in their future through the credit union.
Becoming a member of Liberty Credit Union is an easy and straightforward process. With just a passport, driver’s licence, social security card, proof of address, and a minimum deposit of EC$100, new members can join in as little as 15 to 20 minutes. Richardson assured, “We would love to have you. The more you invest, the more you get back.” For those opening a business account, the requirements include a business licence, enterprise report, and additional documents, with the process taking no more than 25 minutes.
Liberty Credit Union’s credit card service is another valuable offering for its members. “The Liberty credit card is the best I’ve ever had,” said Edwards. Members can start with a credit limit of US$500, backed by a deposit of US$100, and earn points that can be redeemed for air miles or online purchases. Edwards added, “The beauty of the credit card is that you can query your transactions. Debit cards are riskier, but on the credit card, you can get back your cash if it’s been hacked.”
Liberty’s credit cards are versatile, accepted internationally, and offer flexibility for travel. For those who need higher limits, members can deposit 35% of the desired amount for a gold card, which ranges from US$5,000 to US$10,000. Liberty also offers convenience cards, allowing members to make ATM withdrawals. “We have some exciting updates coming soon for our ATM services and convenience cards,” shared Edwards.
Savings are a major focus at Liberty Credit Union, with a special emphasis on teaching younger generations about financial literacy. “Liberty’s drive for education and sports pushes us to promote savings in schools,” said Edwards. Liberty even offers junior savings accounts and activities for children, such as colouring books that teach the importance of saving.
The interest rates at Liberty Credit Union are among the highest on the island, with EC$ savings accounts offering a 2.50% interest rate quarterly, and US$ savings accounts offering 1.25%. Additionally, Liberty offers a popular Christmas Club savings account, with a 3% interest rate in EC$ that members can cash in during December.
For those in need of financial support, Liberty provides various loans, including those for education, housing, and vehicles. Members must be with the credit union for at least three months before accessing loans. Liberty also facilitates wire transfers, including incoming and outgoing transactions, making it easier for members to manage their finances internationally. “Liberty is the youngest credit union in the Caribbean, and we are keen to ensure we are part of the digital age,” Edwards said, highlighting Liberty’s commitment to staying at the forefront of technological advancements.
The mission of Liberty Cooperative Credit Union goes beyond offering financial products—it is about empowering its members to build wealth for generations to come. “We want to ensure that everyone has financial freedom. You want to build wealth for your family, for generations to come,” said Edwards. Richardson echoed this sentiment, emphasizing the difference a credit union can make: “We are not a bank. We are the first and only credit union in Anguilla, but there are many credit unions around the world doing amazing things, and we want to do the same for our community.”
As Liberty Credit Union continues to grow, so do the benefits for its members. With a commitment to financial education, community investment, and member-driven success, Liberty stands as a pillar of financial empowerment in Anguilla. For those looking to take control of their finances, Edwards and Richardson invite everyone to visit Liberty Cooperative Credit Union, where “members are family, not customers.”
