Share Accounts
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 Caps
We are delighted to announce that all savings caps that were imposed in 2020 have now been lifted.
The €35,000 cap on shares, €10,000 cap on the on-demand deposit account, and the monthly lodgement limit of €5,000 no longer apply. The caps placed on children's account have also been lifted.
The caps were imposed during the pandemic to control and restrict the significant level of savings coming into the credit union. This was posing a challenge for both our liquidity management and reserves. We appreciate that these caps did impact on a small proportion of our members, and we do apologise for any inconvenience caused.
Members are restricted to holding €100,000 across all savings accounts with the credit union, in line with the deposit guarantee scheme.
Over the last few years, the credit union has introduced new savings options for you to help you to achieve your savings goals and earn some return on your savings.
Notice and term deposit accounts
Unit-linked savings and investments through our agencies with the life companies.
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 john.miller@lucancu.ie 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
