Savings at Crosshaven & Carrigaline Credit Union Limited
We all know the merits of saving money, either for something specific or for that “rainy day”. But saving money with Crosshaven & Carrigaline Credit Union Limited means you also become a member of a highly successful co-operative. You are not just another customer - you are a member.
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. Yes, you have a share in the ownership of the Credit Union. Along with having a say in the operation of the Credit Union you also earn dividends.
Some of the many benefits of saving with Crosshaven Carrigaline Credit Union Limited:
- Savings balances over and above any loan you may have are available to you to withdraw on demand
- 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 savings protection scheme is in place to the benefit of the member up to € 12,700
- Easy access to your money once it is not used as security against a loan
- No hidden charges or fees on any transactions
- Life savings insurance for eligible members (Terms & Conditions apply)
- Nomination of account proceeds (see more information below)
When you save with us you are also building a history which will be taken into account in the future should you wish to apply for a loan.
The money you save with us is used by the credit union to fund the loans it makes to members. By saving with us you are indirectly helping your neighbours and the community to develop.
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.
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Regular Share Accounts
- Members 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 members accounts
- No disclosure is required by Credit Union
- 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, are secured in several ways:
- All officials of credit unions, whether volunteers or staff, must be fidelity bonded
- Savings up to a limit of €12,697 per member are protected by the Savings Protection Scheme in all credit unions participating in the Scheme
- Members savings within certain limits are insured 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 by members
- Annual independently audited returns are lodged with the relevant authority, The Irish Financial Regulatory Authority
Credit Unions in the Republic of Ireland are covered by the Deposit Guarantee Scheme which is administered by the Central Bank of Ireland. It covers deposits held with banks, building societies and credit unions.
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.
Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions). For more details, visit the Insurance section.
Every share you hold with Crosshaven & Carrigaline Credit Union Limited 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.*
*Past performance is not a reliable guide to future returns.
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.
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 from the Life Savings Insurance protection. (Terms & Conditions apply)
Under Credit Union Rule 22 (now amended to Rule 19) if your account becomes inactive for 3 years and we are unable to contact you within that period it may become a dormant account. It is in your own interest to keep it active by conducting regular transaction.
The account may be reactivated by conducting transactions and supporting it with photographic I.D. e.g. passport/drivers licence/birth certificate for children and confirmation of address (not more than 3 months old) e.g. utility bill/revenue documentation.