Members come together in a credit union for two main reasons 

		To set up a means whereby they can save with security on a regular basis.
		To provide loans to each other from this fund of savings.

Each €1 saved is the equivalent of a single share. Shares build up surprisingly quickly once the member establishes a regular savings pattern. Each share is then eligible for a dividend at the end of the year. The more savings held by the credit union the more funds available for loans to members.

Security
Credit union members can rest easy in the assurance that their savings are safe. Credit unions in Ireland are affiliated to the Irish League of Credit Unions. This provides security in a number of ways

		All officials of credit unions, whether volunteers or staff, must be fidelity bonded.
		Savings, up to a limit of €13,000 per member are protected by a Savings Protections Scheme.
		Members savings within certain limits are insured through Life Savings insurance.

NOTE: There is a limit to the amount of shares or deposits any one member can hold. Members can only open a deposit account if they first have shares to the value of  €100.

Maximum Shares €13,000

Maximum Deposits €100,000

Dividends
Savings are used to make loans to members. The interest received from loans and investments is used to pay expenses and to build up reserves and the balance may be returned to members as a dividend.

Withdrawals
Credit union shares are withdrawable, 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 that 

		They continue to benefit from Life Savings insurance protection.
		They continue to earn a dividend.
		The member can maintain credit worthiness and capacity to borrow.

Members are encouraged to take out loans rather than withdraw shares, as in many cases this will be the wiser option, as long as the member can maintain the repayments.

Special Saving Accounts
Earn 2% on our Medium Term (3 year) and Long Term (5 Year) accounts.
Interest earned is also Tax Free up to certain limits.
Terms and conditions apply.
Contact our office today for more information

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