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 €1.20 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).
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.
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.