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. When you save with us you have a share in the ownership of the Credit Union. Along with having a say in the operation of the Credit Union you may also earn dividends. The shares (savings) that members have in the credit union with us are used to generate loans to be available to other members, so whilst saving you are able to help out your fellow members.

Benefits of Credit Union savings

• Any shares (savings balances) over and above any loan you may have are available to you to withdraw at anytime.
• There are no transaction charges or fees.
• High dividends for savings available on demand, you will not get a higher return at the same level of risk.
• Free life cover on saving up to € 13,000 (subject to terms and condition)
• A Death Benefit scheme is in place to the benefit of the member up to € 13,000.
  

Share Accounts

Regular Share Accounts

• Member’s present accounts with Credit Union are considered as a Regular Share Account. These accounts are suitable for those who are not liable for income tax.
• The onus is on the member to declare their account to the Revenue Commissioners.
• Dividend rate declared at A.G.M. is posted gross to member’s accounts.
• No disclosure is required by Credit Union.

Any amount over €20,000 will go into a deposit account, which will differ slightly from the regular share account, for example: €25,000 has been saved- €20,000 is a regular share account, €5,000 is in a deposit account.

Withdrawals

There are no penalties for early withdrawal of a member’s savings. If there is an outstanding loan on the members account they may only withdraw an amount that leaves the same balance in shares and outstanding loan. In some occasions a loan is more beneficial than withdrawing your shares.

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 and regulated by The Central Bank (of Ireland) are secured in several ways:
• All officials of credit unions, whether volunteers or staff, adhere to a Code of Confidentiality.
• Member’s savings up to €13,000 are insured and doubled 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 and requested by members.
• Annual independently audited returns are lodged with the relevant authority, The Irish Financial Regulatory Authority.

Shares Coverage

The present maximum insurable shares are €13,000. Members do not lose cover by changing from age bracket to age bracket, provided shares are not withdrawn. See example below.

Mrs. Smith, a long time member, died aged 72. During that time she saved €11,500. Her nominated benefactor was paid a total of;

This would result in the benefactor(s) being in receipt of €20,000 (€11,500+€8,500) and in addition any outstanding loan balance on the deceased members account at the time of death would be paid out by the insurance (if applicable). This is an example only, please check with Milltown Clonskeagh Credit union for any changes to rates and/or limits!