Why save with Youghal Credit Union?
- Secure place to save
- Excellent return on your savings (dividend)
- No hidden charges
- Eligibility to borrow
- The benefits of being an active member of a highly successful financial co-operative
- Easy access to your savings
Why is saving with the 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. Each share you hold in your Credit Union is equal to €1. Depending on the rules of your Credit Union, there will be an entrance fee of not more than €1 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.
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.
Life Savings Insurance
Youghal Credit Union provides Life Insurance cover on the savings of all eligible members. The maximum benefit is €3000 and the scale of cover is as follows:
Savings made before 55th birthday 100% cover
Savings made between 55th and 60th birthday 75% cover
Savings made between 60th and 65th birthday 50% cover
Savings made between 65th and 70th birthday 25% cover
Any savings lodged after 70th birthday has no insurance cover, but savings lodged before 70th birthday will carry the above cover percentages, provided that savings are not withdrawn.
The insurance claim is processed after the death of the member. The insurance company providing this valuable service is owned by the Credit Union Movement in Ireland.
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 by using our contact form or call us on 024-92325.
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.
Deposit Guarantee Scheme
This scheme protects members money up to the value of €100,000 in shares. To find out more visit https://www.youghalcu.ie/savings/deposit-guarantee-scheme/