Savings

The minimum saving that a member must have is usually €1 and the maximum can vary across credit unions.
Members receive a dividend (annual return) each year on shares. Each share you hold for that year is eligible for a dividend. Credit Unions can also have deposit accounts.
Your savings and the savings of other members are used to make loans to you and other members of the credit union.
There are a number of savings accounts that can be held, although not all are in operation at every credit union. You can usually withdraw some or all of your savings easily uess they are pledged as security on a loan.
Credit Unions in the Republic of Ireland are covered by the Deposit Protection Scheme which is administered by the Financial Regulator. This is a scheme that can provide compensation to depositors if a credit institution is forced to go out of business. It covers deposits held with banks; building societies; and credit unions. The maximum amount a credit union member can receive under this scheme is €100,000.

The Deposit Protection Scheme covers:
• Current accounts
• Demand deposit accounts
• Term deposit accounts
• Share accounts and deposit accounts with building societies
• Share accounts and deposit accounts with credit unions.
In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions can intervene by providing financial help to any credit union which may experience difficulties.