Saving at Cois Sionna Desmond Credit Union

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. Depending on the rules of your credit union, to be a member there will be an entrance fee of not more than €1.27 and you will need to hold a minimum savings of five shares i.e. €6.35.

Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting the credit union.

Benefits of Saving with Cois Sionna Desmond Credit Union

  • Savings are insured at no direct cost to the eligible member.
  • No hidden fees or transaction charges. 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.

Nominating your Savings

A Valuable, Free-to-Members Credit Union Services

A Nomination is a legally binding, written instruction that tells the Credit Union what to do with your money after your death.

The Nomination service is a very valuable to members in that it allows access to nominated funds by the nominee within a very short period of the death of the member. And while it will not relieve the loss suffered by the nominee, it serves to relieve potential cash-flow difficulties.

A Nomination is valid up to the amount of €27,000.

  • Any member ages 16 or over may make a nomination.
  • The most recent nomination invalidates any previous nomination.
  • A member may change his/her nomination whenever he or she likes.
  • A nomination is not revocable or variable by the terms of your will or by a codicil to your will.
  • Where your personal circumstances change (e.g. marriage, divorce or separation) you should review your nomination at that time.
  • If you elect not to complete a nomination, the proceeds of your account will form part of your estate on your death and will be dealt with under the terms of your will, under the rules of intestacy if you make no will, or under the small payments provision.**

If amounts over €27,000 are held in an account, the balance would form part of the estate of the deceased member.

Are my savings secured?

Cois Sionna Desmond Credit Union is 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.

In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to proactively intervene to protect members’ savings by making available financial assistance to help any credit union which may experience difficulties.

The Savings Protection Scheme (SPS) fund currently stands at €118 million.

Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions).

Savings – Frequently Asked Questions

Can anybody save with the credit union?2024-05-02T14:14:49+00:00

Members of a credit union are united by a common bond. This is a characteristic that every member has in common (for example, it might be where you live or where you work).

Anyone within the common bond is eligible to apply for membership, and start saving as soon as they are admitted. So, whatever you’re saving for – a car, home improvements, a big day, holiday, school or college fees, your place will give you a fair deal.

What return will I get on my credit union savings?2024-05-02T14:11:46+00:00

Every share you hold with your credit union 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 performance.

The amount of your dividend will depend on:

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

Only members of your credit union receive a dividend from your credit union. The amount of dividend paid to members varies from one credit union to another.

Can I have easy access to my savings?2024-05-02T14:13:24+00:00

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.

Cois Sionna Desmond Credit Union will be happy to talk to you about suitable alternatives to withdrawing your savings.

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