Savings
Save with your Credit Union
Save your hard earned money now, for the life you want tomorrow
We all know the merits of saving money, either for something specific or for that “rainy day”. Saving money with Dromara & Drumgooland Credit Union means you also become a member of a highly successful co-operative. You are not just another customer you are a member.
Benefits of Credit Union savings
- Easy access to your money when 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.
Lodgements
You can pay into your shares at any of our offices, by direct debit, cash and cheque or debit card payments. Members should continue to save even when repaying a loan, just small amounts add up over time.
Withdrawals
Your credit union declares a dividend at the end of each financial year, and each share that you hold for that year is eligible for a dividend.
The more shares you have, the greater the dividend. You can withdraw your shares as long as they are not pledged as security on a loan.
Are My Savings Secure
Not only are your savings easy to access but with Dromara & Drumgooland Credit Union they are fully insured with the Irish League of Credit Unions who operate a Savings Protection Scheme (SPS) which provides financial assistance should the need arise.
We also are covered by FSCS (Financial Services compensation Scheme). Your eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. For more information visit www.fscs.org.uk
