The purpose of the Credit Union is to promote thrift among its members and by the accumulation of their savings create for themselves a source of credit at a fair and reasonable rate of interest.
- Regular savings will build up a substantial share capital for you and security for the future.
- Your savings earn dividends which are paid annually.
- All members’ savings are included in any free draw for savers which may be organised from time to time by your Credit Union.
- Free life savings insurance is provided for all eligible members ( see Insurance).
- Your savings are guaranteed under the Savings Protection Scheme of the Irish League of Credit Unions.
- You can have a maximum of £39,350 savings in your Credit Union.
Regular Savings
Here is how a regular Credit Union savings plan can help you to build up a substantial savings account.
| Years |
£1 per week |
£5 per week |
| 1 |
£52 |
£260 |
| 2 |
£104 |
£520 |
| 3 |
£156 |
£780 |
| 4 |
£208 |
£1,040 |
| 5 |
£260 |
£1,300 |
This table does not include dividends. Dividends earned on your savings increase the above totals.
Withdrawal of Savings
You may withdraw your credit union savings upon request. However, the withdrawal of savings that are pledged as security against a loan must be referred to Credit Committee for approval. Ordinarily, pledged savings may not be withdrawn.
Members are encouraged to consider taking a loan to meet their needs, thereby keeping their savings (and the insurance they earn) intact.
Always seek advice from staff before withdrawal of savings. | 
03 September 2010
