Savings at Crossmaglen Credit Union Limited
We all know the merits of saving money, either for something specific or for that “rainy day”. But saving money with Crossmaglen 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.
Each and every £1 you save is equivalent to 1 share in the credit union. If you begin to save regularly it won’t be long before you build up a healthy balance.
Some of the many benefits of saving with Crossmaglen Credit Union Limited:
- 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)
- Christmas or special occasion saving accounts
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. Property includes shares, deposits and insurance proceeds. This is of benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes timely intestacy process.
Are my savings secure?
Credit Unions in Northern Ireland are covered by the Financial Services Compensation Scheme. This scheme is backed by the goverment. This is a scheme that can provide compensation to shareholders and depositors if a credit union is forced to go out of business. It covers deposits held with banks, building societies, and credit unions. Please visit: www.fscs.org.uk for further information.
In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is 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.
What return will I get on my credit union savings?
Every share you hold with Crossmaglen 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 £1stg.)
- 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.