Saving money with your credit union is a good idea. You are not “just another customer” but an active member of a highly successful financial co-operative, which provides security and protection for your savings.  At the end of each year, most credit unions pay their members a dividend on their savings.

How Your Credit Union Savings Account Works

Once you start saving regularly, your funds build up quickly. Each share saved is eligible for a dividend at the end of the year. The more savings you have the more dividend you receive.

By saving regularly you not only help yourself, you also help your community as your savings provide a loan fund for other credit union members.

Benefits of a Credit Union Savings Account

  • Competitive dividend on your savings at the end of the year.
  • Members savings (up to certain limits) are insured at no direct cost to the member through the credit union Life Savings Insurance Scheme.
  • No hidden fees or transaction charges.
  • Easy access to your savings if you wish to make a withdrawal (once not pledged against a loan)

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:
  • You continue to earn a dividend.
  • You continue to benefit from Life Savings Insurance Protection.
  • Your credit worthiness and capacity to borrow is maintained.

Note: Dividend on shares is calculated by reference to the closing share balance at the end of each day.

Savings Security

The government 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).

Passbook or Photographic Identification is required for all share withdrawals.