Savings

Savings You Can Trust

Whether you’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.

BENEFITS OF SAVING

Regular saving and sensible borrowing are key to managing your money. Your savings in the credit union are called shares.

Your credit union savings are called shares.

Your shares are security against your loan.

Many borrowing members continue to save while repaying a loan.

By building your share balance, you could increase your borrowing potential.

Two share accounts

All members have a main share account and the option of an Easy Shares account

Main Share Account

Main Share Account

We will consider these shares when you apply for a loan. Pledged shares may not ordinarily be withdrawn.

Easy Shares

Easy Shares

Easy Shares are not pledged against your loan so they can be withdrawn at any time. This is a great place to save for Christmas, summer holiday, big bills like insurance and tax, and special occasions.The maximum Easy Shares limit is £2500.

Share limits
  • Adult accounts
    • The maximum shares permitted is £15,000 across both your Main Account and Easy Shares account.
    • The maximum Easy Share limit is £2500.
  • Minor deposit accounts
    • The maximum shares permitted is £5,000
    • The maximum shares that may be lodged in a year is £1,000 (up to £5,000.)

Dividend

As a shareholder, you receive an annual dividend.  This is your share of the surplus funds available at year-end after we have paid our bills and met our regulatory obligations.  The amount of dividend you receive depends on the amount of your shares, how long they have been in your account, and the performance of the Credit Union during the financial year.

Security

Your credit union savings are secure.

  • They are protected by the Financial Services Compensation Scheme (FSCS). For more information on the FSCS, click here.
  • Our volunteers and staff receive Ethics training annually and are fidelity bonded.
  • An independent auditor audits our annual accounts.
  • We participate in the Savings Protection Scheme which provides further protection for your savings.

Nominations

Your nominee is the person (or persons) to whom you choose to leave your shares and any insurance attached to them in the event of your death. Provided the nomination is valid, we can pay out up to a maximum of £20,000 directly to your nominee without a will or probate. Members complete a nomination form when they join. Marriage, divorce, or the death of the nominee makes the nomination invalid. Nominations can be updated and changed by visiting our offices on Abbey Street and sub office 99 Main Street, Claudy.

For more information, click here.

Payment Methods

Pay via SEPA payment, direct debit payment, online card payment, over-the-phone payment or in-branch.

Standng Order Payments

Standng Order Payments

Online Card Payment

Online Card Payment

Telephone Payment

Telephone Payment

In Branch Payment*

In Branch Payment*

*IMPORTANT – members should check the receipt balances inside their wallets after each transaction.