Savings
Save With Your Credit Union
Whether you’re saving for something in the future or just for a ‘rainy day’, regular saving is a good idea. Regular saving with your credit union is an even better idea.
Savings Cap reinstated to €100,000
In order to support the community, the Board of Directors of St Agnes Credit Union decided on the 28th April 2025 to reinstate the savings cap to €100,000 per member.
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 the Credit Union. Along with having a say in the operation of the Credit Union you may also earn dividends.
State Guarantee Note €100k
The Deposit Guarantee Scheme is a permanent scheme, set up by law and operated by the Central Bank of Ireland. It protects deposits in the event that a bank, building society or credit union is declared insolvent or a liquidator declares that it cannot repay its deposits. If this happens, your deposits will be paid within 20 working days. The scheme is funded by deposits from the institutions covered by the scheme. If your institution is in the scheme, your deposits will be paid to you up to a maximum of €100,000. You do not have to be resident in Ireland or be an Irish citizen to claim under the scheme. As long as your deposits are held in an institution that is part of the scheme and your account is covered by the scheme, you can make a claim - See below Deposit Guarantor Scheme for more information.
Benefits of Saving With Us
At your credit union, you’re not just a customer, you’re a member of a successful financial co-operative
Types of Share Accounts
Regular Share Accounts
Please note as from the 1st January 2014 that all accounts (excluding minors) are subject to DIRT.
Special Share Accounts
- All Savings Accounts are Special Share Accounts.
- Dividend paid to member net of DIRT.
- Return made by Credit Union does not include individual members details.
Savings and Loans
Money in special share account can be used as collateral against a loan. Loans which fall into arrears; funds can be applied to the loan if the loan has defaulted, provided that:
- Such shares were pledged as security
- Default of not less that 6 months has occurred
- Credit Union has followed standard procedures to recover the loan.
Deposit Guarantor Scheme
Eligible deposits in St Agnes Credit Union Ltd are protected by the Deposit Guarantee Scheme (DGS). For more information, download our information sheet from the link below.
- 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 Regulatory Authority.
Your savings - your credit union
Every Credit Union is owned by its members, who save and borrow. The credit union exists only to benefit its members and all monies received by the credit union are used for the mutual benefit of members.
Need to know guide
A nomination is a legally binding, written instruction that tells the Credit Union what to do with your money in the event of your death.
Any person can be a nominee - it does not necessarily have to be next of kin
Any member aged 16 or over may make a nomination
Where only one person is nominated, that person will be the sole beneficiary of your credit union property subject to the maximum permitted by law (currently €27,000)
If amounts greater than €27,000 are held in an account, then Irish Probate must be taken out before the excess funds can be released into the estate of the deceased member.
A will does not over-rule a valid nomination
Your marriage after completing a nomination automatically revokes that nomination - you should complete a new nomination at that time
Death of the nominee (prior to that of the nominator) automatically revokes that nomination - you should complete a new nomination at that time.
