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.
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. Each share you hold in your Credit Union is equal to €1, with an entrance fee of 63c and you will need to hold a minimum €6.35 in shares. Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting your 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. You will also have the added bonus of knowing that your savings are being used to provide loans to other members.
Are my savings secure?
Ardee Credit Union is safe, strong and secure.
Members benefit from the double protection of:
- The ILCU Savings Protection scheme which currently stands at €95.6 million
- The Irish Government’s Deposit Guarantee of up to €100,000 per depositor per institution
What return will I get on my savings?
Each share you hold with the Credit Union is eligible for a dividend. A dividend is the return on your shares and is paid by the Credit Union out of surplus funds. 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 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 dividend
- They continue to benefit from 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 Ardee 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.
Our common bond includes the parishes of Ardee, Drumconrath, Lobinstown and Tallanstown and the former common bond areas of Collon Credit Union, Louth Credit Union and Parish of Darver/Dromiskin Credit Union. Members of the same household and family of another Credit Union member who works in these localities are also eligible for membership.
Savings Limits and Restrictions
The maximum amount of savings for each member is €40,000, with a monthly lodgement limit of €3,000. This amount is inclusive of all balances in Savings accounts.
Juvenile accounts for members under 16 years of age have a maximum savings value of €25,000 and a monthly lodgement limit of €1,000.
