The Smart way to Save
We all know the merits of saving money, either for something specific or for that “rainy day”. But saving money with Enniscorthy Credit Union Limited means you also become a member of a highly successful co-operative. You are not just another customer – you are a member.
Some of the many benefits of saving with Enniscorthy Credit Union Limited:
Easy access to your money
Easy access to your money once it is not used as security against a loan
No Hidden Charges
No hidden charges or fees on any transactions
Life Savings Insurance
Life savings insurance for eligible members (Terms & Conditions apply)
Nomination of Account Proceeds
This is unique to Credit Unions, see below for more information
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.
The money you save with us is used by the credit union to fund the loans it makes to members. By saving with us you are indirectly helping your neighbours and the community to develop.
Please note that we have a members savings cap of €50,000 for members for the foreseeable future from 1st May 2020.
- Existing share balances above this limit can remain in the account, but no new savings can be lodged.
- Should future withdrawals bring a member’s balance below €50,000 at any stage, the limit will apply to future lodgements, so that the share balance remains at or below €50,000.
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.
Nomination of Your Account
This is a unique facility for credit union members. Credit unions have a nomination facility whereby if you are over 16 years of age, you can nominate someone to receive the property of your credit union accounts upon your death. 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.
You may nominate a person(s) of choice to receive your property presently up to a maximum value of €23,000. Any amount in excess of €23,000 will form part of your estate.
You may change the details of your nomination as often as you like. A completed nomination must be signed and witnessed. Ask in the office and a staff member will help you complete the relevant form and witness your signature. The most recent nomination is the valid nomination.
A nomination is not revocable or variable by the terms of your will or by a codicil to your will.
The nominated property does not form part of a deceased person’s estate.
A nomination is automatically revoked when your nominee dies before you. In this case, you should consider completing a new nomination. If you do not, your property in the credit union may form part of your estate.
Where your personal circumstances change (e.g. marriage, divorce or separation) you should review your nomination at that time.
A nomination is automatically revoked by your subsequent marriage.
Frequently Asked Questions
1. Are my savings secure?
Credit Unions in the Republic of Ireland are covered by the Deposit Guarantee Scheme which is administered by the Central Bank of Ireland. It covers deposits held with banks, building societies and 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.
Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions). For more details, visit the Insurance section.
2. What return will I get on my Credit Union savings?
Every share you hold with Enniscorthy Credit Union Limited for the year is eligible for a dividend when 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 returns.
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.
3. 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 continue to earn a dividend.
- They continue to benefit from the Life Savings Insurance protection. (Terms & Conditions apply)
4. How do I avoid my account becoming dormant?
Under Credit Union Rule 22 (now amended to Rule 19) if your account becomes inactive for 3 years and we are unable to contact you within that period it may become a dormant account. It is in your own interest to keep it active by conducting regular transaction.
The account may be reactivated by conducting transactions and supporting it with photographic I.D. e.g. passport/drivers licence/birth certificate for children and confirmation of address (not more than 6 months old) e.g. utility bill/revenue documentation.
For any queries, please contact a member of our friendly staff who will be happy to help.