Savings Details

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. All credit union savings in the Republic  of Ireland are protected by the Government guarantee scheme to to a value of €100,00 per member. St Gabriel's Credit Union is 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.
• Member's savings are protected by a Savings Protections Scheme.
• Members savings within certain limits are insured through Life Savings insurance.

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 on their shares.

Withdrawals
You can withdraw your credit union shares, 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.

Nomination of Member's Savings
A nomination is a written instruction to the credit union as to how to dispose of the contents of a credit union account, including insurance benefits, up to a maximum of €13,000, when the owner of the account dies. Any surplus above this figure is passed on to the members estate. It is a legally binding document and is effective regardless of whether a will exist or not. A nomination may be revoked or altered by a subsequent nomination. Marriage invalidates an existing nomination. Making a nomination is simple: 

Visit either office and our staff will guide you through the process easily and without fuss;
OR
Collect a Form of Nomination and fill it in at home;
OR
Print out a Nomination Form by clicking HERE

Once completed and duly witnessed, the Form of Nomination must be lodged in the Credit Union Office. 

Note: The nominee or beneficiary is not allowed to witness the nomination. Before the property transferred to the nominee, proof of death is required.

 

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

Savings Products

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