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.
Each share you hold in your credit union is equal to €1. Depending on the rules of your credit union, to be a member there will be an entrance fee of not more than €1.27 and you will need to hold a minimum savings of five shares i.e. €6.35. 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. When your credit union 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.
- And you have the added bonus of knowing that your savings are being used to make loans to other members. Members just like you.
Nominating Your Savings
A Valuable, Free-to-Members Credit Union Services
A Nomination is a legally binding, written instruction that tells the Credit Union what to do with your money after your death.
The Nomination service is a very valuable to members in that it allows access to nominated funds by the nominee within a very short period of the death of the member. And while it will not relieve the loss suffered by the nominee, it serves to relieve potential cash-flow difficulties.
A Nomination is valid up to the amount of €23,000
- Any member ages 16 or over may make a nomination.
- The most recent nomination invalidates any previous nomination.
- A member may change his/her nomination whenever he or she likes.
- A nomination is not revocable or variable by the terms of your will or by a codicil to your will.
- Where your personal circumstances change (e.g. marriage, divorce or separation) you should review your nomination at that time.
- If you elect not to complete a nomination, the proceeds of your account will form part of your estate on your death and will be dealt with under the terms of your will, under the rules of intestacy if you make no will, or under the small payments provision.**
If amounts over €23,000 are held in an account, the balance would form part of the estate of the deceased member.