What type of savings does the Credit Union offer?
Downpatrick Credit Union has two types of savings accounts:
Shares - As the credit union is owned by its members, the savings you have in it are known as shares. Shares are your life savings and are what any loans you apply for are based on (ie. 1st loan is up to twice your shares balance).
If you have a loan, Shares are held as security against it. So this means you can only withdraw the difference between your shares and loan (if shares are higher).
EasyShares - This thrift account is designed to allow members to save for things such as Christmas, a holiday, birthdays, bills etc, without their savings being held as security against a loan.
The ‘EasyShare’ thrift accounts are an excellent way of avoiding those expensive sources of ‘quick-cash’, including pay day loans and credit cards.
EasyShares are also a much safer product than ‘savings stamp schemes’. If a savings stamp book is lost or stolen, it is equivalent to cash that has been stolen or lost. However, if a credit union EasyShare account book is lost it can easily be replaced and no-one can access the account. Savings stamps are not insurable, unlike the ‘EasyShare’ accounts. EasyShares are also covered by the credit unions Life Savings Protection and may be eligible for annual dividends if declared.
Are my savings secure?
Yes, please see the article on Life Savings Insurance.
A Credit Union Savings Plan
Regular Credit Union saving can help you build up a substantial savings account: Regular small savings accumulate to large amounts in a surprisingly short period of time.
If you saved each week |
In 1 year |
In 3 years |
In 5 years |
£5 |
£260 |
£780 |
£1,300 |
£10 |
£520 |
£1,560 |
£2,600 |
£20 |
£1,040 |
£3,120 |
£5,200 |
£50 |
£2,600 |
£7,800 |
£13,000 |
This table does not include dividends you may receive; ie. interest rebate, interest on shares. Adding dividends could increase the totals substantially.
Can I have easy access to my savings?
You can withdraw your Shares provided they are not pledged as security on a loan. However, you are encouraged to keep your savings intact, so that:
- They continue to benefit from the Life Savings Insurance protection.
- You maintain your credit worthiness and capacity to borrow
EasyShares can be withdrawn at any time. Please note that the Credit Union does not guarantee cash.
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