Save with your Credit Union
We all know the merits of saving money, either for something specific or for that "rainy day". The big difference between your credit union and any other savings account is that members own the credit union.
Regular saving is a good idea. Regular saving with your credit union is an even better idea.Join Us
All members of the credit union must have a share account. This means that you own a share of the credit union. We would encourage all members to save a small amount regularly to their share account to ensure there are plenty of funds available to lend out, and to improve your financial position.
Saving with the credit union is a little different from saving with other financial institutions. Our focus is on serving the financial needs of our members and not on making a profit. You save with the credit union for the greater purpose of being part of a movement within your community.
Save together with your fellow members and you can borrow against your savings (using your shares as collateral) at a low interest rate for home improvements, a new car, education, orthodontist costs, a family holiday or any other provident purpose. Money is lent within the community for the betterment of the community. As our members thrive, so will our community.
Shares saved are available on-demand and are fully withdrawable by members except where they are attached to a loan as collateral.
Shares have the added bonus of being covered by Life Savings Insurance at no charge to you. This means that your savings could potentially be doubled (subject to t&cs) for your nominee or next-of-kin. For more information on this insurance please go to the Life Savings insurance page.
Although the credit union is not-for-profit, any annual surplus made may be shared with the members in the form of a dividend.
On-demand Deposit Account
Members may avail of an on-demand deposit account, in addition to the share account. Deposit accounts are not covered by life savings insurance and cannot be used as collateral against a loan. Funds in this deposit account are fully withdrawable by members.
This account may earn a small amount of interest each year.
Share and Deposit Cap - On Demand accounts
In November 2019, the Board set a cap on shares of €35,000. This was due to a sudden significant increase in savings which was placing the credit union reserves under pressure. We are legally required to keep 10% of any new savings in our reserves which must come from the surplus in that year.
In August 2020, due to the on-going challenges of both the negative investment rates and the unprecedented level of savings coming in to the credit union throughout the Covid-19 health crisis, the Board had to take the difficult decision to refund members who held shares above the cap. This was a situation that we had hoped to avoid. Further, the Board placed a cap of €10,000 on the separate deposit accounts and set a maximum monthly savings limit per member of €5,000.
The caps will impact on a very small percentage of our members but are designed to protect the credit union. We apologise sincerely for any inconvenience caused. The Board will keep the savings caps under close review and hope that they may be lifted at some future date.
New savings and Investment Options
Should you have surplus funds or a lump sum available that is held in a bank account earning little return, your credit union can now offer notice and term deposit account options and unit-linked instalment savings plans and lump sum investment options with the six major life companies. If you wish to discuss the available options please contact our Financial Advisor, John Miller, for advice and a complimentary review of your existing financial arrangements. Email email@example.com with your contact details and he will arrange an appointment. For more information on our unit-linked instalment savings and lump sum investment options click here. Or for information on our new notice or term deposit accounts please click here