A credit union is a group of people who save together and lend to each other at a fair and reasonable rate of interest. Credit unions offer members the chance to take control over their own finances by making their own savings work for them. Every Credit Union is owned by the members – the people who save & borrow with it – people like you. We provide many facilities to our members including savings, low loan rates, direct debits, standing orders, online facilities and even a mobile app!
Whether you’re saving for something in the future or just for a ‘rainy day’, regular saving is a good idea. Regular saving with a Credit Union is an even better idea. At your credit union, you’re not just a customer; you’re a member of a successful financial co-operative. Each share you hold in your credit union is equal to €1. 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.
Encouraging thrift is an important part of the Credit Union message. Regular saving and sensible borrowing are key elements to remember when it comes to managing your money. Saving regularly gives you financial security, independence, peace of mind and an attractive return on your savings.
Members’ shares in the Credit Union form the pool from which loans can be granted. As shares act as a security against your loans, you are advised to continue to save while repaying a loan to ensure that you are well placed if you need to borrow a higher amount on the next occasion.