New Christmas Saving Accounts

Are you fed up with being short of funds every Christmas?
Do you always struggle to make ends meet?
Are you still paying for Christmas during February and March?
Why don’t you plan ahead for next year by opening your own personal Christmas savings account.
If you save
• €10 per week for the next 52 weeks then you’ll have €520 available by next Christmas
• €15 per week for the next 52 weeks then you’ll have €780 available by next Christmas.
• €20 per week for the next 52 weeks then you’ll have €1040 available by next Christmas.

You can save any amount you wish whether its €5/€10/€15 whatever your budget will allow.
There are a number of conditions attached to this account:
• The funds should only be accessible from the payout date of the 13th of November 2012.
• The payout will be made automatically either by cheque or directly into your nominated bank account
  (as provided by you in the application form).
• Your Christmas Savings Club account will not be closed following the ‘payout date’ as your savings will continue for the following Christmas.

How do I open one of these accounts?
If you are already a member of St Gabriel’s it couldn’t be easier....
• Just contact the office and tell the staff you want to open a Christmas Savings Account.
• We will require your PPS number (formerly your PRSI) to open it.
• If you are paying through your payroll/bank we will send you a form to sign and once you return it your savings will start.
• You will receive a statement as part of your normal quarterly statements showing you’re up to date balances.
• Don’t forget you should only withdraw from this account at Christmas time

For an application form click here



Proposed Merger with St Patrick's Credit Union

The board of St Gabriel's has taken the decision, in principle, to merge with St Patrick's (Cork) Credit Union Limited, Lower Glanmire Road, Cork. After thorough research, the boards of both credit unions are satisfied that such a merger will result in a stronger credit union, which will bring benefits to our members.
The merger process will take some time and will require the approval of the Financial Regulator, who will ensure the new entity will have the financial strength and organisational ability to serve all our members into the future.
The board realises our members will have many questions on the merger. To help answer these please visit our Merger FAQ page. If you have any question or comment on the proposed merger please email us or contact our office.



New Website Launched

It is hard to image but St Gabriel's first launched its website in 2000. A lot has changed since then, however one then that did not change was the look and feel of our website. So after eleven years it is time for a change. Our new site has a modern look and feel. It also has extra features including a more secure method of transferring loan applications. We hope you will find the new site of use to you and if you have any comments please email us or contact our office.

 

 

Change in Loan Interest Rates

From the 5th of September 2011, St. Gabriel’s Credit Union Limited is increasing the variable rate of interest applying to all outstanding standard rate loans from 8.3% (APR) to 10% (APR)*. Despite this increase, St. Gabriel's Credit Union Limited remains one of the most competitive lending providers in the market and due to our underlying financial strength we continue to be in a position to lend to you as a member.
Our other loan interest rates of 6% (for Special Home Improvements and Education) and 5% (for One Year
loans) will remain unchanged.

Your options:
Remain at your current repayment amount; or
Increase your repayment amount.

The impact:
If you remain at your current repayment amount it will take slightly longer to repay your loan in full.
If you increase your repayment your loan will be repaid within the original timeframe.

What to do next?
If you wish to remain at your current repayment amount then nothing more is required we will continue to manage your loan at your current repayment amount.
If you would prefer to repay your loan within the original time period, please contact our office for the new repayment amount required.

Example:
A €5,000 loan, repaid monthly over 5 years would currently have a repayment amount of €101.26 per month. Based on the new interest rate with the old repayment amount of €101.26 the loan would require 2 additional months to be fully paid off. Based on the new interest rate the loan will be repaid on the original date if the repayment amount is increased to €105.06 per month.

Contact our office if you have any queries and we will be ready to assist you.

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