Savings

Savings at St. Michael's Credit Union Limited

We all know the merits of saving money, either for something specific or for that “rainy day”. But saving money with St. Michael's Credit Union Limited means you also become a member of a highly successful co-operative. You are not just another customer - you are a member.

The big difference between your credit union and any other savings account is that members own the credit union. Our Philosophy has always been to look at things differently.

The core idea is this:

  • Your savings with the credit union are called ‘Shares’
  • Each share you hold is eligible for a dividend should your credit union declare one
  • In the event of your death your credit union savings are insured - subject to terms, conditions and eligibility criteria - at no direct cost to you
  • No matter how much you have saved, all members aged 16 or over, have equal voting rights on issues affecting their credit union

Some of the many benefits of saving with St. Michael's Credit Union Limited:

  • Easy access to your money once it is not used as security against a loan
  • No hidden charges or fees on any transactions
  • Life savings insurance for eligible members (see more information below)
  • Nomination of account proceeds (see more information below)
  • Online Balance View

When you save with us you are also building a history which will be taken into account in the future should you wish to apply for a loan.

If we accrue a surplus, the credit union may declare a dividend following the end of the financial
year. If so, you will get a return on each share you hold. In the meantime, the money you’re saving is
being used to provide loans to your fellow members.

You can withdraw money whenever you want - provided the money is not pledged as security on a
loan and subject to credit union rules.

Click on any section below to expand view

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. The insurance amount is paid, in the event of your death, 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. Click here for more information.

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 savings of your accounts with the credit union upon your death.

This is of benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes timely intestacy process, terms and conditions apply. Ask a staff member for more information today info@stmichaelscu.ie

Credit Unions in the Republic of Ireland are covered by the Deposit Guarantee Scheme which is administered by the Central Bank of Ireland. It covers deposits held with banks, building societies and 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.

Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions). For more details, visit the Insurance section.

Every share you hold with St. Michael's Credit Union Limited for the year is eligible for a dividend when declared. A dividend is the return on your shares and it is paid by your credit union out of surplus.*

*Past performance is not a reliable guide to future returns.

The amount of your dividend will depend on:

  • The amount of shares you have saved (one share is equal to €1)
  • The surplus income available for distribution by your credit union to members.

You can withdraw your savings provided they are not pledged as security on a loan. However, 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. (Terms & Conditions apply)

Under Credit Union Rule 22 (now amended to Rule 19) if your account becomes inactive for 3 years and we are unable to contact you within that period it may become a dormant account. It is in your own interest to keep it active by conducting regular transaction.

The account may be reactivated by conducting transactions and supporting it with photographic I.D. e.g. passport/drivers licence/birth certificate for children and confirmation of address (not more than 3 months old) e.g. utility bill/revenue documentation.