Saving money with your credit union is a good idea. Thrift is the wise use of a scarce resource, money.
By saving regularly, no matter how small the amount, you are building a fund for your rainy day. You are also building up a good habit. Saving regularly with your credit union is also an excellent support reference for you when you apply for your first loan.
Of course these savings attract certain insurance benefits whose value should not be underestimated and you should explo re these insurance benefits as you negotiate your way through this website.
Savings will also benefit from a dividend that may be declared at each annual general meeting of members, usually held in December.
Withdrawing your savings.
Members can withdraw their credit union savings provided they are not pledged as security for a loan. However, as far as possible, members are encouraged to keep their savings intact, thus ensuring:
- Potential to earn a dividend
- You continue to benefit from our Life Savings Insurance Protection
- Your credit worthiness and capacity to borrow is maintained.
Dividend on shares is calculated by reference to the closing share balance at the end of each day.
The Government Deposit Guarantee Scheme covers each individual member’s savings up to €100,000. In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to pro- actively intervene to protect members’ savings by making available financial assistance to help any credit union which may experience difficulties.
Members’ savings are also insured through Life Savings Insurance (subject to certain terms and conditions).