Savings caps on Shares have been removed

We are delighted to announce that, following a Board review, all savings caps imposed on share accounts have now been lifted. This applies to both adult and children's accounts.

The caps were imposed in 2020 to protect the credit union during Covid-19, due to a significant influx of savings. This was causing an issue for the credit union from our liquidity and reserves position. In response to these challenges, the Board took action to protect the business and our reserves, and imposed caps to restrict the level of savings coming into the credit union. We appreciate that this impacted a small proportion of our members and we apologise sincerely for this inconvenience.

The cap on shares of €35,000 is no longer in place, and the limit on transfers into the credit union of €5,000 per month has also been lifted. This will normalise our operations.

Members may still hold a maximum of €100,000 in savings across all savings accounts with the credit union, inline with the deposit guarantee scheme provided by the government.

Since 2020, your credit union has launched other savings options for members to give you more choice and a better return on your funds. We encourage you to take a look at these savings options. For more information click on the links below.

Notice and term deposits

Unit-linked savings & investments through our agencies with all the major Life & Pensions companies.