Not For Profit, For The Community
Why is saving with a credit union better?
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. At your credit union, you’re not just a customer, you’re a member of a successful financial co-operative. Contact the team at Donegal Town Credit Union and find out how we can help you save…
Each share you hold in your credit union is equal to €1/£1stg. Depending on the rules of your credit union, to be a member there will be an entrance fee of not more than €1.27/£1stg and you will need to hold a minimum savings of between one and ten shares. Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting the credit union.
Savings are insured at no direct cost to the eligible member.
No hidden fees or transaction charges.When your credit union declares a dividend at the end of its financial year, each share you hold for that year is eligible for a dividend.
The more shares you have, the greater the dividend you will receive.
And you have the added bonus of knowing that your savings are being used to make loans to other members. Members just like you.
What happens to my savings in my absence?
When a member who is over 16 years of age opens a credit union account, he/she is entitled to nominate a person (or persons) to receive his/her property in the credit union on his/her death. Property includes shares, deposits, loans and insurance proceeds. This is of benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes timely intestacy process.
Are my savings secure?
Credit Unions in the Republic of Ireland are covered by the Deposit Protection Scheme which is administered by the Central Bank. In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to proactively intervene to protect members’ savings by making available financial assistance to help any credit union which may experience difficulties. Get in touch to find out more….
What return will I get on my credit union savings?
Every share you hold with your credit union for the year is eligible for a dividend when declared. A dividend is the return on your shares and it is paid by your credit union out of surplus. Only members of your credit union receive a dividend from your credit union. The amount paid to members varies from one credit union to another. Contact Donegal Town Credit Union for details….
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 and they continue to benefit from the Life Savings Insurance protection. Your credit union will be happy to talk to you about suitable alternatives to withdrawing your savings. For example taking a loan is better than withdrawing your shares…
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. So, whatever you’re saving for – a car, home improvements, a big day, holiday, school or college fees, your place will give you a fair deal. Find out more about becoming a member of Donegal Town Credit Union…
Please note the minimum balance is €10 and the maximum balance is €70,000.