Savings

Savings

Why is saving with a credit union better?

Whether you’re saving for something in the future or just for a ‘rainy day’, regular saving is a good idea. Regular saving with the credit union is an even better idea.

At EDCU, you’re not just a customer, you’re a member of a successful financial co-operative. And you have the added bonus of knowing that your savings are being used to make loans to other members! Members just like you.

Each share you hold in the credit union is equal to €1. To be a member there will be an entrance fee of not more than €1 and you will need to hold a minimum savings of ten shares. The maximum amount of shares a member can hold at Ennistymon & District Credit Union is currently €30,000.

Members enjoy a number of benefits through saving with EDCU:

  • Equal rights to vote (one member, one vote) and the member can participate in decisions affecting the credit union;
  • Members also have the benefit of no hidden fees or transaction charges;
  • If the credit union declares a dividend at the end of its financial year, each share you hold for that year is eligible for a dividend;
  • 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, loans 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 intestacy process.

Savings FAQs

Are my savings secure?

Credit Unions in the Republic of Ireland are covered by the Deposit Protection Scheme which is administered by the Financial Regulator. This is a scheme that can provide compensation to depositors if a credit institution is forced to go out of business. It covers deposits held with banks; building societies; and credit unions. The maximum amount a credit union member can receive under this scheme is €100,000.

The Deposit Protection Scheme covers:

  • Current accounts;
  • Demand deposit accounts;
  • Term deposit accounts;
  • Share accounts and deposit accounts with building societies; and
  • Share accounts and deposit accounts with credit unions.
What return will I get on my credit union savings?

Every share you hold with your credit union for the year is eligible for a dividend if one is declared at the annual A.G.M. Only members of the credit union are eligible to receive a dividend from the credit union. A dividend is the return on your shares and it is paid by the credit union out of surpluses generated through ongoing operations.*

*Past performance is not a reliable guide to future performance.

The amount of any dividend will depend on:

  • The amount of shares you have saved (one share is equal to €1).
  • The surplus income available for distribution by the credit union to members.

Dividends paid to members varies from one credit union to another.

Can I have easy access to my savings?

You can withdraw your shares provided they are not pledged as security on a loan.