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
- 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 (Terms & Conditions apply)
- Nomination of account proceeds
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.
Knockninny Credit Union, like other Credit Unions affiliated to the Irish League of Credit Unions, offers its Members a unique product, at no cost to the Member. Every pound which you save, up to the age of 55, in the event of your death is doubled (provided that you do not withdraw your savings). This applies to a maximum savings value of £15,000 and is payable to the person you have named on your nomination form.
Savings made between the ages of 55 and 70 still receive an insurance premium, but the amount that is applied reduces as the Member gets older.
Savings lodged on or after the member’s 70th birthday is not covered by insurance.
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 property 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. Contact a staff member for more information today.
Credit Unions in Northern Ireland are covered by the Financial Services Compensation Scheme (FSCS). Please go to http://www.fscs.org.uk for more information.
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.
