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.

Shares

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.

The Board of St Agnes Credit Union raised the savings cap from €20,000 to €50,000 from 01/07/2023. The Board will continue to look at this limit each year with a view to raising the limit if this is in the best interests of the membership as a whole within the overall strategy of the credit union.

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

Savings balances over and above any loan you may have are available to you to withdraw on demand.

There are no transaction charges or fees.

Life Savings are insured up to a maximum limit of €3,000, subject to certain conditions

Savings up to €100,000 per member are protected by the Deposit Guarantee Scheme

For small to medium savers your Credit Union is where you belong.

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:

  1. Such shares were pledged as security
  2. Default of not less that 6 months has occurred
  3. Credit Union has followed standard procedures to recover the loan.
Security
  • 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.

Beneficiary and your savings

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.