We all know the merits of saving money, either for something specific or for that “rainy day”. But saving money with Granard Credit Union Limited 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 Granard Credit Union Limited:
- 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 (Terms & Conditions apply)
- Nomination of account proceeds (see more information below)
When you save with us you are also building a 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.
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All Credit Unions shares may be withdrawn on demand, provided that they are not held as security against a loan. Members are encouraged to keep their savings intact thus ensuring that:
- they continue to benefit from Life Savings Insurance Protection
- the member can maintain credit worthiness and capacity to borrow
- they continue to earn a dividend
Members are encouraged to take our loans rather than withdraw their savings as in many cases this is the wiser option, as long as the member can maintain their repayments.
Every Credit Union has an appointed Board Oversight Committee whose role is to protect the interests of members, and to act as independent watchdog of Credit Unions.
- Annual independently audited returns are lodged with the Central Bank of Ireland.
- Full financial statements are prepared and available to members. These are circulated in advance of the AGM and can be examined by members.
- All monies received are properly recorded and lodged regularly.
- All officials of Credit Unions, whether volunteers or staff must be fidelity bonded.
- All savings are protected by Free Life Savings Insurance *
All Credit Unions are affiliated to the Irish League of Credit Unions and are secured in the following ways:
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.
The surplus of income, once expenses and reserves are met, is returned to members in the form of Dividend. The rate of dividend varies from year to year and the dividend is applied to members account once ratified at the AGM.
Statements are sent every 6 months. Need one sooner – Statement can be sent out upon request. Please contact us if you wish to receive a statement of your accounts and we will gladly oblige.
Every share you hold with Granard Credit Union Limited 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.*
*Past performance is not a reliable guide to future returns.
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.
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. (Terms & Conditions apply)
Under Credit Union Rule 22 (now amended to Rule 19) if your account becomes inactive for 3 years and we are unable to contact you within that period it may become a dormant account. It is in your own interest to keep it active by conducting regular transaction.
The account maybe reactivated by conducting transactions and supporting it with photographic I.D. e.g. passport/drivers licence/birth certificate for children and confirmation of address (not more than 3 months old) e.g. utility bill/revenue documentation.