Joining a Credit Union
Joining your local credit union is easy all you do is apply for membership.
To be a member there may be an entrance fee of not more than €1.27 and
you will need to hold a minimum savings of between one and ten shares. After
this you should continue saving regularly - even small amounts which will
both give you the habit of thrift and add to the savings pool.
Benefits of membership
Members of credit unions enjoy many benefits associated with their
membership including:
Control over their own finances.
Encouragement and advice on a regular savings programme.
Loan availability at relatively low rates of interest which remain
consistent even during times of economic turbulence.
Security of savings through the credit unions fidelity bond and through the
Irish League of Credit Unions Saving Protection Scheme.
Loan Protection and Life Savings Insurance at no direct cost to the eligible
member.
The knowledge that their own savings are being used in their own community.
Member Savings
Whether you are saving for something special in the future or just for a
rainy day, regular saving is a good idea.
Regular savings with your credit union is an even better idea. At your
credit union you are not just a customer; you are a member of a successful
financial co-operative.
When your credit union declares a dividend at the end of its financial year
each share you hold for that year is eligible for a dividend. The more
shares you have the greater the dividend you will 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.
Your savings are protected in you credit union under the Savings Protection
Scheme of the Irish League of Credit Unions. Credit unions that are
affiliated to the Irish League of Credit Unions are secured in several ways.
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