Benefits of Credit Union savings
- Savings balances over and above any loan you may have are available to you to withdraw on demand.
- Dividends for savings available on demand, you will not get a higher return at the same level of risk.
- Free life cover on saving up to € 12,700 (subject to terms and condition).
- A savings protection scheme is in place to the benefit of the member (maximum amount € 12,700).
- There are no transaction charges or fees.
Note: Credit Union policy has been modified in that there is no saving monthly limit however the maximum upper limit remains of €35,000 in any account.
Types of Share Accounts
Regular Share Accounts
- Dividend rate declared at AGM is posted net of DIRT to members accounts.
CU Cash Account
- Account is free for members savings which are always available and not pledged to any loan.
- It does not attract any dividend or interest
Special Share Accounts
- Dividend rate declared at AGM is posted net of DIRT to members accounts.
Deposit Account
- Dividend rate declared at AGM is posted net of DIRT to members accounts.
Share Withdrawals
Under the Life Savings policy if a member withdraws shares this may reduce their accrued insurance entitlements. The percentage of Life Savings cover applicable to an account depends on the age of the member when the savings were lodged.
Set out below are the percentages of cover that apply subject always to the maximum Life Savings cover limit chosen by the credit union:
| Age 55 | The insurable savings balance held at age 55 or the lowest insurable balance thereafter until date of death attracts 100% LS cover. |
| Age 55‐60 | The additional savings made between ages 55 and 60, or the lowest balance thereafter until date of death, that additional amount attracts 75% LS cover. |
| Age 60‐65 | The additional savings made between ages 60 and 65, or the lowest balance thereafter until date of death, that additional amount attracts 50% LS cover. |
| Age 65‐70 | The additional savings made between ages 65 and 70, or the lowest balance thereafter until date of death, that additional amount attracts 25% LS cover. |
| Age 70+ | any savings made after a members 70th birthday attract no further LS insurance cover. |
Are my savings secure?
Your savings are fully covered under the Deposit Guarantee Scheme which covers up to €100,000 of member savings.
