Savings
Saving with Arklow Credit Union
Saving money is a good idea. By putting a little aside on a regular basis you not only have something to look forward to, but you also have something to fall back on should the need arise.
Saving money with Arklow Credit Union is an even better idea.
You are not ‘just another customer’ but an active member of a highly successful financial co-operative that provides security and protection for your savings along with an annual dividend*.
Benefits of savings
Remember put a little aside for that rainy day and see how your savings grow.
Savings are insured at no direct cost to the eligible member.
There are no hidden fees or charges.
The more shares a member has, the greater the dividend the member will receive.
Members have the bonus of knowing that their savings are being used to make loans to other members, members just like you.
A maximum savings limit of €15000.
Easy access to available saving.
Are my savings secure?
Credit Unions in the Republic of Ireland are covered by the Deposit Protection Scheme which is administered by the Financial Regulator. 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. The maximum amount a credit union member can receive under this scheme is €100,000.
The Deposit Protection Scheme covers:
- Current accounts;
- Demand deposit accounts;
- Term deposit accounts;
- Share accounts and deposit accounts with building societies; and
- Share accounts and deposit accounts with credit unions.
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).
As from 5th January 2021 the most any one person can save & have guaranteed with Arklow Credit Union is €15,000.00.
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.
Can anybody save with the credit union?
Members of a credit union are united by a common bond. This is a characteristic that every member has in common (for example, it might be where you live or where you work).
Anyone within the common bond is eligible to apply for membership, and start saving as soon as they are admitted. So, whatever you’re saving for - a car, home improvements, a big day, a holiday, school or college fees, your local credit union will give you a fair and great deal.
Dormancy Notice
You received this letter as you have not performed any transactions on your account in the last 3 years and under Rule 19 of the Standard Rules for Credit Unions (ROI), regarding dormant accounts; dormant accounts are classified as any account which had no member transactions in the last 3 years.
No, your account has been classified as dormant. Your shares / savings are still in your account and you will continue to earn any dividend on them
You have three options.
With each of these options you need to provide valid Photo ID (passport/driver’s license) and Proof of Address (original of recent household bill, house or motor insurance document, bank statement, letter from Revenue or other Govt Dept, local authority document dated within the past 3 months).
For juvenile accounts, we require the above detail for the parent PLUS the child’s birth certificate/passport.
- You can re-activate your account by processing a transaction on it (lodgement or withdrawal)
- If you have moved from the area and you wish to transfer your account to a credit union in your area, you can contact your nearest credit union.
- You may wish to close your account by calling to the credit union offices.
To re-activate your account, simply deliver your photo ID and proof of your address to us and process a transaction (lodge or withdraw) on the account to finalise the re-activation.
