Members come together in a Credit Union for two main reasons:
- to set up a means whereby they can save with security on a regular basis.
- to provide loans to members from this fund of savings.
Without savings the Credit Union cannot function. Regular Saving is a key element of good financial planning. The Credit Union encourages the habit of regular saving as it gives the member financial security and provides a financial cushion when the unexpected need arises. Shares held in a Share Account can be withdrawn or pledged as security for a loan, while funds held in a One Year Term Deposit Account can be pledged as security for a loan.
- Your savings provide you with financial independence.
- Entitles you to apply for a loan when the need arises.
- Easy ''on demand'' withdrawal of savings (once not pledged against a loan).
- Deduction at source facility for teaching and retired teacher members.
- Comhar Linn provides free Life Savings Insurance on savings up to a maximum of 13,000 for eligible members.
- Your savings are eligible for a Dividend
- Your savings up to 100,000.00 are guaranteed under the Deposit Guarantee Scheme.
- There are no transaction charges or fees.
Saving on a regular basis will very quickly accumulate into a substantial nest egg. For example, if each fortnight you save:
|Savings after 3 years
|Savings after 4 years
|Savings after 5 years
Note: This table does not include return on savings (Dividends) which would increase the totals
Find out more
How to Pay into your savings