Saving with Caherciveen Credit Union
We all know the merits of saving money, either for something specific or for that “rainy day”. But saving money with Caherciveen Credit Union means you also become a member of a highly successful co-operative. You are not just another customer you are a member.
Each and every €1 you save is equivalent to 1 share in the credit union. If you begin to save regularly it won’t be long before you build up a healthy balance.
Some of the many benefits of saving with Caherciveen Credit Union:
- Easy access to your money once it is not used as security against a loan
- No hidden charges or fees on any transactions
- Life savings insurance for eligible members
- Nomination of account proceeds (see more information below)
- Savings Clubs including Bizzy Bees, Gr8 Savers and €2 Saver stamps
When you save with us you are also building a credit history which will be taken into account in the future should you wish to apply for a loan.
The money you save with us is used by the credit union to fund the loans it makes to members. By saving with us you are indirectly helping your neighbours and the community to develop.
When a member who is over 16 years of age opens a credit union account, he/she is entitled to nominate a person (or persons) to receive his/her property in the credit union on his/her death. Property includes shares, deposits, loans and insurance proceeds. This is of benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes timely intestacy process.
Are my savings secure?
Credit Unions in the Republic of Ireland are covered by the Deposit Protection Scheme which is administered by the Central Bank of Ireland. 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. Please see the Central Bank of Ireland’s website for further information.
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.
What return will I get on my credit union savings?
Every share you hold with Caherciveen Credit Union for the year is eligible for a dividend when declared. A dividend is the return on your shares and it is paid by your credit union out of surplus.*
The amount of your dividend will depend on:
- The amount of shares you have saved (one share is equal to €1).
- The surplus income available for distribution by your credit union to members.
* Past performance is not a reliable guide to future performance.
Can I have easy access to my savings?
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.
Managing Your Money
Individuals and families are feeling the impact of national austerity measures and as a result the amount of income left after paying for essential items is decreasing.
2016 is yet another year that is delivering families and individuals some tough financial challenges. There are of course other factors that can contribute to financial difficulties such as illness, relationship breakdown an unexpected expense such as a fire, death, robbery etc.
However, this financial year need not mean unnecessary stress and debt. What ever your circumstances are we hope that by encouraging you to look at your finances honestly it will help you highlight where your money is going and start you on the first steps of budgeting and managing your money more effectively.
We need to change our view of and relationship with money. Budgeting is the key. While most of us find budgeting boring it is absolutely essential – a budget is a plan of money you expect to receive and how you expect to spend it.
A budget is important because it will show you:
- How much money is coming into your household.
- How much money is going out.
- How much you can afford to offer to those you owe money to.
- How you can best plan your spending in the future.
Our top tips for managing your money in 2016 are;
Keep track of your spending. Keep your receipts or take note of what you spend your money on. It will help you understand where your money is going and it might just be an eye opener.
Estimate your income and expenditure for a set period and budget accordingly. But be realistic and don’t underestimate!
Get into the habit of saving. Try to save at least 5% of your regular income for emergencies.
Shop around and get the best deals and look at cost comparison websites.
There are times in our lives when we run short of funds. If you have to take out a loan, be sure you only borrow what you can comfortably afford to repay. You should match the repayment term to the purpose of the loan i.e. don’t make the mistake of paying off Christmas over a number of years. Best advice is to stay away from credit cards and not to use MoneyLenders.
For smart phone users please download our app called My BudgetBuddy – it’s simple, it’s effective and it’s free! Alternatively you can download a budgeting guide here…