Savings and Loans

Savings

Why is saving with a credit union better?

Whether you’re saving for something in the future or just for a ‘rainy day’, regular saving is a good idea.

Regular saving with your 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.

 Members of Wicklow and District Credit Union Ltd pay an entrance fee of €1.27  and you will need to hold a minimum saving of one share. Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting the credit union.

  • Savings are insured at no direct cost to the eligible member.
  • No hidden fees or transaction charges.
  • If  Wicklow and District Credit Union Ltd. 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.

When a member who is over 16 years of age opens a credit union account, he/she is entitled to nominate a person (or persons) to receive his/her property in the credit union on his/her death. Property includes shares, deposits, loans and insurance proceeds. This is of benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes timely intestacy process (Max amount €23,000).

Are my savings secure?

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; and
  • 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 is also available to proactively intervene to protect members’ savings by making available financial assistance to help any credit union which may experience difficulties.

The Savings Protection Scheme (SPS) fund currently stands at €118 million.

Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions).

What return will I get on my credit union savings?

Every share you hold with your credit union for the year is eligible for a dividend if declared. A dividend is the return on your shares and it is paid by your credit union out of surplus.*

*Past performance is not a reliable guide to future performance.

The amount of your dividend will depend on:

  • The amount of shares you have saved (one share is equal to €1).
  • The surplus income available for distribution by your credit union to members.

Only members of Wicklow and District Credit Union Ltd. receive a dividend from this credit union.

Can I have easy access to my savings?

You can withdraw your savings provided they are not pledged as security on a loan.  However, you are encouraged to keep your savings intact, so that:

  • They may continue to earn a dividend.
  • They continue to benefit from the Life Savings Insurance protection.

Your credit union will be happy to talk to you about suitable alternatives to withdrawing your savings.

Can anybody save with the credit union?

Members of a credit union are united by a common bond.  This is a characteristic that every member has in common.  Wicklow and District Credit Union Ltd common bond covers anybody living or working within a 10 mile radius of Wicklow Town and Rathnew.

Anyone within the common bond is eligible to apply for membership, and start saving as soon as they are admitted.  So, whatever you’re saving for – a car, home improvements, a big day, holiday, school or college fees, your place will give you a fair deal.

Life Savings Insurance is payable on the death of the eligible member, subject to policy terms and conditions.

  • The insurance benefit payable will be in proportion to the amount of savings that a member has made during the term of membership.
  • The benefit is also dependent on the member’s age at the date lodgements are made to the account.
  • Amounts saved after the 70th birthday are not insured.  However, cover built up before the 70th birthday remains in force after the 70th birthday.
  • Withdrawals of savings can affect Life Savings cover.

 

Loans

Why is a credit union loan better?

A credit union loan has some very special features:

  • Loans are insured at no direct cost to the eligible member.
  • No hidden fees or transaction charges.
  • Reasonable interest rates.
  • Repayment terms to suit your particular circumstances.
  • You can repay the loan earlier with no penalty.
  • Additional lump sum repayments accepted with no penalty.
  • Flexibility to make larger repayments than agreed with no penalty.

How much does a credit union loan cost?

 Current interest rate 9.41% APR.

How do I apply for a loan?

Only credit union members can apply for a credit union loan.

If you are a member, speak to any member of the credit union staff  about making a loan application or complete the online application form.

If you’re not already a member, call in for more details on how to apply for membership.

Generally, where loans exceed €10,000, we would ask members to recognise that proving ability to pay the loan will necessitate the need to request additional information and paperwork. (Up to date bank statements covering a minimum of three months transactions - to include mortgage/rent & utility payments, and payslips or other proof of income) to facilitate the assessment of the loan and ability to repay.

So, whatever you’re borrowing for — a car, home improvements, a special occasion, holiday, school or college fees — Wicklow and District Credit Union Ltd will give you a fair deal.

Loan Protection Insurance is payable on the death of the eligible member, subject to policy terms and conditions.

  • The insurance benefit payable is the amount of the member’s outstanding loan balance.
  • Cover ceases on the member’s 85th birthday.