Savings

By saving with the Credit Union you’re not just another customer, but an active member of a highly successful financial cooperative, which provides security and protection for your savings, along with an excellent dividend.

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 are not just a customer, you are a member of a successful financial co-operative. Each share you hold in your Credit Union is equal to €1, with an entrance fee of 63 cents and you will need to hold a minimum savings of six euro thirty five cents shares (€6.35). 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, each share you hold for that year is eligible for a dividend. The more shares 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 protected in your credit union 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)

For more details contact the credit union using our e-mail request on our contact page, phone us or pick up a leaflet the next time your at the credit union office.

What return will I get on my Credit Union savings?

Each share you hold with the credit union is eligible for a dividend when declared. A dividend is the return on your shares 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 (one share is equal to €1)
• The surplus income available for distribution by your credit union to members

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.

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 form 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.

To see if you are eligible to join Ardee Credit Union see a map of our common bond.