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Why is saving with a Credit Union better?
Whether your’re saving for something in the future or just for a ’rainy day’, regular saving is a good idea.
Regular saving with your Credit Union is an even better idea. At your credit union, you’re not just a customer, you’re a member of a successful financial co-operative. Each share you hold in your Credit Union is equal to €1. You need to hold a minimum savings of €10. Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting the credit union.
When your Credit Union declares a dividend at the end of its financial year the more savings you have, the greater dividend you receive. And you have the added bonus of knowing that your savings are being used to make loans to other members.
Are my savings secure?
Your savings are fully protected in Ballinamore Credit Union in the event of fraud, embezzlement, mis-management etc. under the Savings Protection Scheme of the Irish League of Credit Unions. Under the rules of your credit union your confidentiality is protected. Also members savings are insured through Life Savings Insurance (subject to certain conditions)
What return will I get on my Credit Union savings?
A dividend is paid on member’s savings annually with the rate approved at the AGM. A dividend is the return on your savings and is paid by the credit union out of surplus. The amount of your dividend will depend on:- The amount of shares you have saved throughout the year
- The surplus available for distribution by your credit union to members
The amount paid to members varies from one credit union to another.
Can I have easy access to my savings?
You can withdraw your savings provided they are not pledged as security on a loan. However, you are encouraged to keep your savings intact, so that:- They continue to earn a dividend
- They continue to benefit from the Life Savings Insurance
- You maintain your credit worthiness and capacity to borrow
Your credit union will be happy to talk to you about suitable alternatives to withdrawing your savings.
Can anybody save with the Credit Union?
Members of a credit union are united by a common bond. This is a characteristic that every member has in common (for example, it might be where you live or where you work). Anyone within the common bond is eligible to apply for membership, and start saving as soon as they are admitted.
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