Savings
Save With Your Credit Union
We all know the merits of saving money, either for something specific or for that "rainy day". The big difference between your credit union and any other savings account is that members own the credit union.
Regular saving is a good idea. Regular saving with your credit union is an even better idea.
Benefits of Credit Union savings
- Savings balances over and above any loan you may have are available to you to withdraw on demand.
- A savings protection scheme is in place to the benefit of the member up to £15,000
- There are no transaction charges or fees.
Savings as shares in a Credit Union are a better way to save. You are not just another customer but an active member of a highly successful financial co-operative. Yes, you have a share in the ownership of Armagh Credit Union. Along with having a say in the operation of the Credit Union you also earn dividends.
Eligible members’ savings are covered by Life Savings Insurance at no direct cost to you. Life Savings
insurance is the life insurance cover your credit union takes out for all eligible members as an additional
incentive to save regularly and maintain savings with the credit union.
In the event of your death, an insurance amount is paid, in addition to the amount of savings held in the credit union and will depend on your age and how much you have saved with your credit union over the years. Withdrawals may affect the amount of insurance payable.
This is a unique facility for credit union members. Credit unions have a nomination facility whereby if you are over 16 years of age you can nominate who is to receive the money in your accounts with the credit union upon your death.
This is of benefit if the member dies without leaving a will as the money left in the credit union will not have to pass through the sometimes timely intestacy process. Contact a staff member for more information today.
Credit unions are covered by the Government Guarantee Scheme for savings, for amounts up to £100,000. In addition, your savings are protected in your credit union under the savings Protection Scheme of the Irish League of Credit Unions. Under the rules of your credit union, your confidentiality is protected. Also, members savings are insured through Life Savings Insurance (subject to certain conditions).
For more details, see the Deposit Guarantee Scheme leaflet attached or alternatively, contact the credit union using our e-mail request on our contact page, phone us at 02837 523681, or pick up a leaflet the next time you are at the credit union office.
Share 6 Account
Share 6 Account allows any member with a loan to save and withdraw whenever they wish. The savings in this account are separate to the savings in your Regular Shares account, which are held as security for a loan.
The Share 6 Account can be used to save for special occasions like Christmas, Holidays, Birthdays, Communions, Confirmations etc or for managing your day to day household bills.
