Savings
Save with your Credit Union
Save your hard earned money now, for the life you want tomorrow
We all know the merits of saving money, either for something specific or for that "rainy day". The big difference between your credit union and any other savings account is that members own the credit union.
Regular saving is a good idea. Regular saving with your credit union is an even better idea.
Benefits of Credit Union savings
- Easy access to your money once it is not used as security against a loan
- No hidden charges or fees on any transactions
- Life savings insurance for eligible members (Terms & Conditions apply)
- Nomination of account proceeds
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. If we accrue a surplus, the credit union may declare a dividend following the end of the financial year.
If so, you will get a return on each share you hold. In the meantime, the money you’re saving is being used to provide loans to your fellow members. You can withdraw money whenever you want - provided the money is not pledged as security on a loan and subject to credit union rules.
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 who is to receive the property of your accounts with the credit union 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. Contact a staff member for more information today.
Once the credit union pays all its legal bills and set aside money in its reserves any money left over can be paid out to the members by way of a dividend. The dividend is decided upon at the AGM.
All senior and junior account holders qualify for a dividend.
Any new members that join before their 75th birthday are automatically enrolled into our Benevolent Scheme. A £10 contribution is taken each April for this, and your beneficiary would receive a grant of £1500 upon your death.
To ensure you continue to qualify for this scheme, you must use your Credit Union account in the manner that it is intended, by saving regularly and availing of an occasional loan.
The Financial Services Compensation Scheme is a scheme which protects savings in banks, credit unions and various other organisations. Your savings are covered under this scheme up to a total of £85000 per member.
We don’t allow savings as high as that amount so ALL your savings are covered should anything happen to Benburb and Killyman Districts Credit Union Limited. It is imperative that you keep all your personal details up to date with us so FSCS can get your money to you as quickly as possible. So let us know immediately if you have a change of Address, name, or beneficiary.
