Saving in a Credit Union
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/£1stg. Depending on the rules of your credit union, to be a member there will be an entrance fee of not more than €1.27/£1stg and you will need to hold a minimum saving of between one and five shares if joining a Northern Irish credit union or between one and ten shares if joining a credit union in the Rep. of Ireland. Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting the credit union.
Savings are insured at no direct cost to eligible members – subject to terms, conditions and eligibility criteria.
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 the dividend you will receive.
And you have the added bonus of knowing that your savings are being used to make loans to other members. Members just like you.
So if you wish to start saving or you're building up a nest egg, talk to your local credit union today.