Saving on a regular basis is always a good idea. It can be savings for the future, for a particular event, item or just savings for a rainy day.

• When you save with Nenagh Credit Union you are not just a ‘customer’. Provided you maintain a minimum savings balance of €6.35 you’re an active member and shareholder of a successful financial co-operative.
• As a shareholder you enjoy equal rights to vote (one member, one vote), which in turn allows you to attend the Annual General Meeting and to participate in decisions affecting the credit union. In addition to you having a ‘say’ in the operation of the credit union, each share you hold in the credit union may be eligible for a dividend, if declared, at financial year end.
• When you save you’re not only helping yourself, you also help your local community as your savings are being used to make loans to other members. The provision of an efficient and prudent loan service to our members remain as one of our key services, but without sufficient member’s savings to fund such loans the service would be severely restricted.
• Having a regular savings pattern with your credit union can also enhance your own capacity to borrow as you will have demonstrated the ability to set aside monies on a regular basis. Maintaining your savings intact means that you can pledge them as security when making a loan application.
• Your savings may also be insured through Life Savings Insurance (subject to terms and conditions). This insurance is provided at no direct cost to you. This acts as an additional incentive for you to save regularly. Members, should however note, that withdrawals from your savings after the age of 55 may reduce the amount of life savings insurance cover that you may be entitled to.
  

Are my savings secure and can I have easy access?

Nenagh Credit Union provides you with a secure place to save. Credit unions, including Nenagh Credit Union, are covered by the Deposit Protection Scheme for amounts up to €100,000.  The following document outlines the basic details of the protection of eligible deposits in Nenagh Credit Union.  For additional information on the Deposit Guarantee Scheme please refer to www.depositguarantee.ie

Download Depositor Information Sheet (185.8kb)

In addition to this guarantee your savings with Nenagh credit Union are protected under the Savings Protection Scheme of the Irish League of Credit Unions.
Access to your funds is easy. You can withdraw your savings by attending the office in person during our office opening hours. However certain restrictions may apply to the withdrawal of particular funds as follows:

• Uncleared funds
• Savings pledged as security on a loan.
  

Can anyone save with Nenagh Credit Union?

What return will I get on my savings?

The interest received from loans granted to members and the income received from the credit union’s investment portfolio is firstly used to pay for operational expenses and to build up the reserves of the credit union. The remaining surplus income may be returned to members in the form of a dividend on their savings.

Every €1 saved is equivalent to one share in Nenagh Credit Union. Each share you hold may be eligible for a dividend if declared at financial year end.

The amount of your dividend will depend on:

• The amount of shares you saved.
• The surplus income available for distribution by Nenagh Credit Union to their members
  

Dividends are paid to member accounts following the AGM at which the rate of dividend is approved. 

The dividend is posted to your account and the DIRT (Deposit Interest Retention Tax) is deducted automatically from the dividend. Nenagh Credit Union will pay the relevant DIRT tax amount over to the Revenue Commissioners on behalf of the account holder. This deduction of tax will fully discharge the Tax liability in respect of the dividend paid to the member’s share account.