Savings as shares in a Credit Union are a better way to save. You are not just another customer but an active member of a highly successful financial co-operative. Yes, you have a share in the ownership of the Credit Union. Along with having a say in the operation of the Credit Union you also earn dividends.

Benefits of Credit Union savings

• Savings balances over and above any loan you may have are available to you to withdraw on demand.

• Dividends for savings available on demand, you will not get a higher return at the same level of risk, over the past number of year a Dividend of .5% has been approved.

• Free life cover on saving up to € 1300 (subject to terms and condition)

• A savings protection scheme is in place to the benefit of the member up to €5,000

• There are no transaction charges or fees.

   

  For small to medium savers your Credit Union is where you belong.

   

  
  Savings and Loans

  Money in all accounts can be used as collateral against a loan. Delinquents; funds can be applied to account in default provided that:

1.    Such shares were pledged as security

2.    Default of not less than 2 months has occurred

3.    Credit Union has followed standard procedures to recover the loan.

Savings

·         Savings are covered by the Deposit Guarantee scheme up to the value of €100,000 per person per institution refundable within 20 days.

·         In addition the ILCU have a Savings Protection Scheme for Credit Unions with financial difficulties.

·         All dividends are subject to DIRT which is deducted by the Credit Union and paid to you net.

·         Some Members may be exempt from paying DIRT (Members over 65 with an income less than €18,000, in the case of a couple a joint income of €36,000)

·         All dividends above €300 are reported annually to the Revenue for DIRT purposes.

·         Maximum limit on savings/shares is €100,000 since 1^st January 2016.

·         Accounts become dormant after 3 years absence of transactions & up to date Photo Identification & proof of address. It is in your interest to keep your account active and transacting on it.

·         Minimum balance of €10 needs to be held to keep your account open.

·         All officers of the Credit Union are covered by the Fidelity Bond.

Security

• Credit union members can rest easy in the assurance that their savings are safe. Credit Unions in Ireland, which are affiliated to the Irish League of Credit Unions, are secured in several ways:

• All officials of credit unions, whether volunteers or staff, must be fidelity bonded.

• Members’ savings within certain limits are insured through Life Savings Insurance.

• All monies received in the credit union are properly recorded and lodged regularly.

• Full financial statements are prepared and can be examined by members.

• Annual independently audited returns are lodged with the relevant authority Central Bank of Ireland.