Savings

savingsWhy 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 Credit Union offers different types of savings accounts. Click on the account name for more details.

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 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 SPS fund currently stands at €110 million.

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Savings can be withdrawn from your local credit union during their normal business hours at no charge, provided the savings are not pledged as security on a loan.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 earn a dividend
  • They continue to benefit from the Life Savings Insurance protection
  • You maintain your credit worthiness and capacity to borrow.