WHY YOU SHOULD SAVE WITH US

WHY YOU SHOULD SAVE WITH US

The money you save with us stays in the community, helping your family, your friends and your neighbours. A regular savings history on your account will assist you in supporting any future loan applications you may need to make.

Benefits of Saving With Us

At your credit union, you’re not just a customer, you’re a member of a successful financial co-operative

Savings balances over and above any pledged savings you may have are available to you to withdraw on demand

Free life cover on saving up to €3,000 (subject to terms and condition)

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)

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

Important Notices:

  • The maximum amount of shares an adult member can hold is €20,000.
  • Effective since the 27th may 2024, the maximum amount of shares a juvenile member (under 16) can hold is €10,000.

Any member that has shares above these amounts (I.E. €20,000 for adults and €10,000 for juveniles) may continue to keep their balance but will not be able to lodge any more savings to their account.

The reason for these share limits relate to tighter central bank regulatory requirements. Under these regulations, 10% of the savings held by the credit union must be set aside as part of the regulator’s capital requirements. This means that, for every €100 saved by members, the credit union has to set aside €10. This 10% transfer must come from current surpluses or accumulated regulatory reserves. As our share balance continues to grow, this is having an adverse impact on our reserves, which in turn is affecting our ability to pay a dividend.

Savings FAQs

Still have a question about our savings service? See if it's answered here in our frequently asked questions.

Are my savings secure?

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 €5,000 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. The maximum benefit set by Crosshaven Carrigaline Credit Union is €3,000
  • 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).

What return will I get on my credit union savings?

Every share you hold with Crosshaven Carrigaline Credit Union Limited for the year is eligible for a dividend when declared. A dividend is a 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.
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 from the Life Savings Insurance protection. (Terms & Conditions apply)
Nominating Your Savings

A NOMINATION is a legally binding written instruction that tells the Credit Union what to do with your money after your death.

  • A nomination is valid up to the amount of €27,000
  • Any member aged 16 or over should make a nomination
  • The most recent nomination invalidates any previous nominations
  • A member may change their nomination whenever they like

Under Section 21(4) if the Credit Union Act 1997, a nomination is not revocable or variable by the will of the nominator or by any codicil to his/her will, i.e., a will does not over-rule a valid nomination.

Under Section 21 (6) of the Credit Union Act 1997, the marriage of a member of a credit union operates as a revocation of any nomination made by him/her before his/her marriage, i.e., marriage cancels a nomination.

We advise all members to make a nomination when joining and to regularly review their nomination. Nominations can be made and subsequently amended easily. Please contact us if you require more details.

NOTE: If amounts greater than €27,000 are held in an account, then Irish Probate must be taken out before the excess funds can be released into the estate of the deceased member.

Dormant Accounts

Under Credit Union Rule 19, dormant accounts are classified as any account that has had no member transactions in over 3 years. A dormant account is not a closed account. Shares/savings are still in the account, but because it is dormant, it will need to be re-activated before any further transactions can be carried out. With this in mind, it is in a members best interest to keep their account active by conducting regular transactions.

How to re-activate a dormant account

To re-activate a dormant account, a member will need to email the following information to us at membership@croscarcu.ie

  • Your mobile phone number,
  • Your email address,
  • Your PPS Number,
  • Certified Photographic ID (e.g. Passport, Drivers Licence or Garda verified ID form (ML10))
    Proof of Address (e.g. a recent household bill, a bank statement, letter from Revenue or other Government Dept. or a Local Authority letter) Documents must be dated within the past 6 months,
  • Your occupation,
  • Your nomination.


Once we have received and reviewed ALL of the above information, we will contact the member to arrange an appointment where they can sign the paperwork required to re-activate the account. The account holder will also need to transact on their account (i.e. lodge or withdraw money) on the same day to finalise the re-activation.


PLEASE NOTE: Any account that is classed as a Dormant Account does not qualify for Death Benefit Insurance (DBI).

Is your account about to go dormant?

If your account is about to go dormant, you will be sent a letter to make you aware of this. Click here for a copy of this letter, which includes instructions on what you need to do if your account is about to go dormant.

If you know your account is about to go dormant, we recommend that you prevent this from happening by simply carrying out a simple transaction on the account. By either lodging to or withdrawing from this account prevents it from going dormant for a further 3 years.

If your account does go dormant, you will NOT BE ABLE to carry out any transactions until it has been reactivated. To reactivate the account, you will need to provide a valid Photo ID (passport or drivers license) AND Proof of Address (Utility Bill, Bank Statement etc.) and carry out a transaction (either lodge or withdraw money) on the account on the same day to finalise the reactivation.

Become a Member

Our Credit Union lets people in the community come together to save and borrow money at low rates, and is operated on a not-for-profit basis, with surpluses being used to strengthen the Credit Union and a portion being returned directly to members.