Savings

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.

As a member of Black Raven you qualify for a 10% Discount with VHI.

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.

Annual Dividend

A dividend is paid every year on your shares. The amount of dividend depends on the number of shares you hold and the performance of the Credit Union.

The Credit Union’s rates compares very favourably with other financial institutions as shares can be withdrawn from your account without giving any notice, unless they are acting as security for a loan.

Security

Members can be assured that savings at the Credit Union are secure.

All officials, whether they are volunteers or staff, must be fidelity bonded.

An independent auditor, appointed by the members at the Annual General Meeting, audits the annual accounts.

The Credit Union participates in the Savings Protection Scheme established by the Irish League of Credit Unions. This protects savings, within certain limits.