Savings

Savings

Why is saving with Rathmore & District Credit Union better?

Whether you're saving for something in the future or just for a 'rainy day', regular saving is a good idea. At your Credit Union you are not just a customer, you are a member/owner of a very successful financial co-operative.

Each share saved is eligible for a dividend at the end of the year. The more savings you have the more dividend you 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.

Rathmore & District CU provides you with a secure place to save.

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 savings cap in Rathmore & District Credit Union is €60,000 per member.

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 SPS fund currently stands at €110 million.

Benefits of Saving with Rathmore & District CU

Peace of mind that your savings are secure. Online and mobile account access

No hidden charges or transaction fees

Competitive return on savings (dividends)

Easy access to savings with withdrawals, unless savings are pledged against a loan

Life Savings Insurance, for eligible members

Supporting the local community to support families, build business and enhance the community

Access to savings

Savings can be withdrawn from your local credit union during their normal business hours at no charge, provided the savings are not pledged as security on a loan. You are encouraged to keep your savings intact, so that:

  • They continue to benefit from the Life Savings Insurance protection
  • You maintain your credit worthiness and capacity to borrow.