Savings

Save With Your Credit Union

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.

Why Save with Clonakilty & Dunmanway Credit Union?

At your credit union, you’re not just a customer, you’re a member of a successful financial co-operative

Your savings do make a difference to you and Clonakilty & Dunmanway Credit Union

Your savings form the common pool of funds that allow members to borrow

Your savings are insured and guaranteed

Your savings are eligible for a Dividend

Your savings provide you with financial independence

Your savings provide you with a loan, should you wish to borrow

Are my savings secure?

Credit Unions in the Republic of Ireland are covered by the Deposit Guarantee Scheme which is administered by the Central Bank of Ireland up to a maximum of €100,000. More information on the Deposit Guarantee Scheme can be found here.

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.

Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions). For more details, visit the Insurance section.

Ways to Save

With Clonakilty & Dunmanway Credit Union you have a number of ways to lodge funds to Savings:

  • Call in to our Office during opening hours.
  • Make payments to your credit union account via your bank account. Click here on how to set this up.
  • Make payments to your credit union account using your visa debit card in our office and over the phone.

Not a Member?

Joining Clonakilty & Dunmanway Credit Union is the best decision you will make for you and your money. Our members benefit from the lowest lending rates in the community, no transaction charges, no fees and friendly staff available to talk to you in person or over the phone about your financial needs.

FAQs

  • Your savings do make a difference to you and Clonakilty & Dunmanway Credit Union
  • Your savings form the common pool of funds that allow members to borrow
  • Your savings are insured and guaranteed
  • Your savings are eligible for a Dividend
  • Your savings provide you with financial independence
  • Your savings provide you with a loan, should you wish to borrow

With Clonakilty & Dumanway Credit Union you have a number of ways to lodge funds to Savings:

  • Call in to our Office during opening hours.
  • Make payments to your credit union account via your bank account.
  • Make payments to your credit union account using your visa debit card in our office and over the phone.

Credit Unions in the Republic of Ireland are covered by the Deposit Guarantee Scheme which is administered by the Central Bank of Ireland up to a maximum of €100,000.

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.

Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions).

Following due consideration and deliberation, the Board of Directors of Clonakilty & Dumanway Credit Union has reluctantly decided to introduce a cap of €20,000 on shares(savings) in the credit union effective as of 15th March 2021. This decision was taken in the best interest of all members of the credit union.

Clonakilty & Dumanway Credit Union is a safe, strong, and secure financial institution and we have always adapted our business over the years to ensure we remain in this position. The financial markets in which we operate pose new challenges to all Credit Unions. Member’s savings that are not on loan to other members are invested to generate income. Until recent years, these investments have provided substantial income.

However, due to the low interest rate environment, this income has now declined substantially with some banks charging Clonakilty & Dumanway Credit Union for holding your savings, which is an additional cost for your Credit Union.

Along with this, Clonakilty & Dumanway Credit Union's savings increased by 8% in 2020 due to Covid-19 restrictions causing members to save more and spend (withdraw) less. The effect of an increase in savings means our reserves (profit) erodes and costs your credit union more in life savings insurance cover.

This savings limit is simply an adjustment to ensure we are prepared for the changing financial landscape we operate in and the limit of €20,000 was chosen in an effort to be fair to all members. It is important to note that this change is temporary and is in line with most credit unions today. The Board of Directors will keep this arrangement under constant review.

Members with less than €20,000 can increase their shares to €20,000, but no more than that amount.

Clonakilty & Dumanway Credit Union is a testament to what local people and communities can achieve and we look forward to your ongoing support, enabling us to continue to expand the range of financial services within your local community.