Are my savings secured?
Cois Sionna Credit Union is covered by the Deposit Protection Scheme which is administered by the Financial Regulator. This is a scheme that can provide compensation to depositors if a credit institution is forced to go out of business. It covers deposits held with banks; building societies; and credit unions. The maximum amount a credit union member can receive under this scheme is €100,000.
The Deposit Protection Scheme covers:
- Current accounts;
- Demand deposit accounts;
- Term deposit accounts;
- Share accounts and deposit accounts with building societies; and
- Share accounts and deposit accounts with 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.
The Savings Protection Scheme (SPS) fund currently stands at €118 million.
Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions).