Savings as shares in a Credit Union are a better way to save. You are not only improving your own financial status but you are creating a co-operative to provide loans and other services for the betterment of all Credit Union members. You have the added bonus of knowing that your savings are being used to make loans to other members, just like you.
The Credit Union encourages saving on a regular basis. Whether you’re saving for something in the future or just for a rainy day, regular saving is a good idea. Savings provide the capital for funding loans. Regular savings allow you to build a track record before applying for a loan.
Start Saving today – It’s simple and convenient with Castleblayney Credit Union
You can save using any of the following methods:
- Electronic Funds Transfer.
- Direct Debit – simply complete a direct debit mandate form available in branch or online.
- Get your wages paid directly into the Credit Union using Electronic Fund Transfer (EFT).
- Put a small sum away directly from your wages every month using the Salary deduction.
- Over the phone using a VISA/Debit Card.
- Simply call into our office and pay over the counter.
Benefits of Credit Union Savings
- Savings balances over and above any loan you may have are available to you to withdraw on demand.
- Dividends for savings available on demand, you will not get a higher return at the same level of risk. (subject to prudent balance sheet provisioning).
- Free life cover on saving up to €7,700 (subject to terms and conditions).
- There are no transaction charges or fees.
- Covered up to €100,000 under the Deposit Guarantee Scheme.
- A separate Savings Protection Scheme is in place to protect the credit union
Is there an upper Limit to savings?
The Castleblayney Credit Union Board of Directors determined the upper Savings Account limit to be €40,000 on 17th January 2017.