We all know the advantages of saving money, either for something specific or for that “rainy day”. But saving money with Comhar Creidmheasa Ghaoth Dobhair means you also become a member of a highly successful co-operative. You are not just another customer – you are a member.
Each and every €1 you save is equivalent to 1 share in the credit union. If you begin to save regularly it won’t be long before you build up a healthy balance.
We Have A Number Of Ways Which You Can Lodge Savings To Your Account Including:
- By lodgement directly at the counter with a member of staff
- By setting up a Direct Debit or Standing Order from your bank account
- By Salary deduction with one of the many employers offering this service
- Using your Visa Debit card
- Our online banking app
Some Of The Many Benefits Of Saving With Comhar Creidmheasa Ghaoth Dobhair:
- No hidden or additional costs
- No transaction fees
- Access to your savings on demand
- Life savings Insurance – subject to some limits and conditions
- On line access to your account
- Please note that there may be limits on cash available at the counter. We will happily transfer funds directly into your bank account for you. Any funds transferred before 11.00 am will generally arrive in your account the same day by close of business or to the receivers account. Bank holidays may lead to some variations on this.
We Are Happy To Make Cheques Payable To Your Creditors For You At No Additional Cost.
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.
Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting the credit union.
You have a share in the ownership of the Credit Union. Along with having a say in the operation of the Credit Union you also earn dividends.
A dividend is generally paid every year on your shares. The members vote at the AGM on the proposed dividend for the year.
Avoid your 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 maybe reactivated by conducting transactions and supporting it with photo I.D. e.g. passport/drivers licence/birth certificate for children and confirmation of address (not more than 3 months old) e.g. utility bill/revenue documentation and verification of PPS number.
Life Savings Insurance
Life Savings insurance is a life insurance cover your credit union takes out for all eligible members as an additional incentive to save regularly and maintain savings with the credit union.
It is payable on the death of a member to the Nominee and is payable in addition to the amount held in savings. The amount paid out in the event of a member’s death will depend on your age and how much you have saved with your credit union over the years.
Life Savings insurance is paid by Comhar Creidmheasa Ghaoth Dobhair. There is no additional direct cost to you, the member. The insurance is underwritten by the credit unions’ own insurance company, ECCU Assurance DAC and is paid for by credit unions.
- 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 and any withdrawals are considered as from last in deposits
What Are The Benefits?
Subject to a maximum benefit of €20,000, every €1 you save before the age of 55 provides €1 of insurance. So, if you are 54 years of age with €2,000 saved in your credit union, an insurance benefit of €2,000 will be paid out on your death, subject to the eligibility terms and conditions.
Once you are over 55 years of age, each €1 you save with your credit union provides the following insurance benefit:
- €1 saved between 55 – 59 years of age provides 75c insurance benefit.
- €1 saved between 60 – 64 years of age provides 50c insurance benefit.
- €1 saved between 65 – 69 years of age provides 25c insurance benefit.
What Savings Are Eligible?
Your savings are eligible for insurance cover if they were lodged:
- before your 70th birthday,
- When you were actively at work and regularly performing all the usual duties of your occupation or when you were in good health,and
- Further terms and conditions can apply.