Savings
Save with your Credit Union
We all know the benefits of saving, either for something specific or for that “rainy day”. Saving your money with Carnglen Credit Union means you are saving with a highly successful co-operative. You are not just a customer – you are a member..
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Every £1 you save is equivalent to 1 share in the Credit Union.
Some of the many benefits of saving with Carnglen Credit Union:
- Easy access to your savings (provided savings are not pledged to a loan).
- No hidden charges or fees on any transactions
- Free life savings insurance for eligible members
- Annual dividend on your savings
- Fast efficient service
- The more shares you have the more borrowing power you have
The money that members save with their Credit Union is used to fund loans to other members.
Your savings in Carnglen Credit Union are insured with Free Life Savings Protection. (terms & conditions apply).
For more details, visit the Insurance section.
There are several ways in which you can make deposits into your account.
These include paying at the counter by cash, cheque, debit card or standing order from your bank account. If you are unable to get into the office you can lodge money over the phone by debit card.
Credit Unions in Northern Ireland are covered by the Financial Services Compensation Scheme (FSCS) which is administered by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). This scheme provides compensation, currently up to £85,000, to depositors if a credit institution goes out of business. It covers deposits held with banks, building societies, and credit unions. Please see the financial services compensation scheme website for further information: www.fscs.org.uk.
In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is available to proactively intervene to protect members’ savings by making available financial assistance to help any credit union which may experience difficulties.
Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions). For more details, visit the Insurance section.
A Dividend is the interest you earn on your savings, but because you are a shareholder in the Credit Union, it’s known as a dividend.
The rate varies from year to year and is dependent on the performance of the Credit Union. Our Members vote at the AGM as to whether they wish to accept the Auditors recommended dividend figure.
You can withdraw your savings provided they are not pledged as security on a loan. However, you are encouraged to keep your savings intact, so that:
- They continue to earn a dividend
- They continue to benefit from the Life Savings Insurance protection.
