Savings
Benefits of Credit Union savings
- Savings balances over and above any loan you may have are available to you to withdraw on demand.
- High dividends for savings available on demand, you will not get a higher return at the same level of risk.
- Free life cover on saving up to € 20,000 (subject to terms and condition)
- The Government Deposit Guarantee Scheme covers eligible deposits of up to €100,000 per person per institution
- There are no transaction charges or fees.
Return on Savings from Cooley Credit Union
Each share you hold in your credit union is equal to €1. When a 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. Only members of Cooley Credit Union receive a dividend from the credit union. The amount paid to members varies from one credit union to another.
The surplus income of the credit union is also available for distribution to members.
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
- You maintain your credit worthiness and capacity to borrow
Credit union members can rest assured 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.
- Members savings within certain limits are insured through Life Savings Insurance.
- 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 Services Regulatory Authority.
- the Deposit Guarantee Scheme (DGS) protects depositors in the event of a bank, building society or credit union authorised by the Central Bank of Ireland being unable to repay deposits. The DGS is administered by the Central Bank of Ireland and is funded by the credit institutions covered by the scheme, including credit unions. The DGS covers eligible deposits of up to €100,000 per person per institution
- Dividend rate declared at AGM is posted Gross to members accounts
- DIRT is deducted separately and paid to Revenue by Cooley CU
- Where a member and /or spouse or civil partner is aged 65 or over an application to have deposit interest paid without deduction of DIRT can be made on Form DE1
Life Savings insurance is a life insurance cover your Credit Union provides free of charge to all eligible members as an additional incentive to save regularly and maintain savings with the Credit Union. With Life Savings insurance, your dependants will receive a financial sum in the event of your death. The amount they will receive will depend on your age and how much you have saved with your Credit Union over the years.
