Save with your Credit Union
Whether you’re saving for something in the future or just for a ‘rainy day’, regular saving is a good idea. Regular saving with your credit union is an even better idea. At your credit union, you’re not just a customer, you’re a member of a successful financial co-operative.
Our Savings Policy
Your savings with the credit union are called “Shares”. Each share you hold in your credit union is equal to €1.
Savings are insured at no direct cost to eligible members – subject to terms, conditions and eligibility criteria.
When your credit union declares a dividend at the end of its financial year, each share you hold for that year is eligible for a dividend. The more shares you have, the greater the dividend you will receive.
And you have the added bonus of knowing that your savings are being used to make loans to other members. Members just like you.
Some of the many benefits of saving with the Credit Union:
- Easy access to your money once it is not used as security against a loan
- No hidden charges or fees on any transactions
- Life savings insurance for eligible members at no cost (see more information below)
- Nomination of account proceeds (see more information below)
- If we accrue a surplus, the credit union may declare a dividend following the end of the financial year. If so, you will get a return on each share you hold. In the meantime, the money you’re saving is being used to provide loans to your fellow members.
- You can withdraw money whenever you want -provided the money is not pledged as security on a loan and subject to credit union rules.
Are my savings secure?
Credit Unions in the Republic of Ireland are covered up to €100,000 by the Government Deposit Protection Scheme which is administered by the Central Bank of Ireland. This is a scheme that can provide compensation to depositors if a credit institution is forced to go out of business. It covers deposits held with banks, building societies, and credit unions. Please see the Central Bank of Ireland’s website for further information.
In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to proactively intervene to protect members’ savings by making available financial assistance to help any credit union which may experience difficulties.
Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions). For more details, visit the Insurance section.
Built in Life Savings Insurance
Eligible members’ savings are covered by Life Savings Insurance at no direct cost to you. Life Savings insurance is the life insurance cover your credit union takes out for all eligible members as an additional incentive to save regularly and maintain savings with the credit union.
The insurance amount is paid, in the event of your death, in addition to the amount of savings held in the credit union and will depend on your age and how much you have saved with your credit union over the years. Withdrawals may affect the amount of insurance payable.
Nomination of your accounts
This is a unique facility for credit union members. Credit unions have a nomination facility whereby if you are over 16 years of age you can nominate who is to receive the property of your accounts with the credit union upon your death.