Why Open a Savings Account?
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Savings
One of the main aims of a credit union is to encourage members to develop the habit of regular savings. As one of the key aspects of the Credit Union ethos, saving not only improves your financial situation but it helps other members and our local community.
For the individual the advantages of building up savings may be planned for something in the future or for a rainy day which comes to so many of us. In credit unions the extra benefit is that your savings will be used to make loans available to other members and to yourself.
The credit union provides Life Savings Insurance cover on savings of eligible members.
All members are encouraged to complete a Nomination of Beneficiary form.
Member’s savings are used to make loans to members. The interest received from these loans and any investments is used to pay expenses and to build up services. The remaining income may be returned to members as an annual dividend and loan interest rebate. The rate of dividend and loan interest rebate can vary from credit union to credit union and depends on the surplus of money available after all expenses are paid.
A member who has no loan account may withdraw part or all of his/her savings at any time during normal office hours. When a member is granted a loan in excess of the amount of savings at that time, those savings become pledged and may not be withdrawn. Any balance in excess of the loan amount may be withdrawn from time to time. Withdrawing savings may affect future loan applications as the amount saved creates a credit pattern and determines the ability of the member to repay their loan commitment.
A member who has no loan account may withdraw part or all of their savings at any time during normal office hours. When a member is granted a loan in excess of the amount of savings at that time, those savings become pledged and may not be withdrawn. Any balance in excess of the loan amount may be withdrawn from time to time.
Easy Shares
Mourne Derg Credit Union now offers its members an additional savings facility known as an Easy Shares Account.
This account is in addition to a member’s share and loan activity with members being able to save for specific purposes such as regular bills.
The idea behind this savings account is to make available the opportunity for members to set aside funds for a specific purpose. This gives the member the choice of saving for annual holidays, Christmas, annual bills such as household rates, university or college fees – the list is endless.
Money can be withdrawn by the member on demand making the Easy Shares Account an exceptional addition facility for all members.
Further information on Easy Shares Accounts can be discussed with credit union staff who will be only too glad to answer any questions.
There is also a ‘Special Savings’ account available, designed particularly for Christmas time for members who have loans and may not be eligible for further borrowing, or may not wish to increase their loans. This is based on previous parish savings schemes and withdrawals would only be available from 1st November each year.
