Savings as shares in a credit union are a better way to save. You are not just another customer but an active member of a highly successful, ethical, financial co-operative. You have a share in the ownership of your credit union.  To make it as easy as possible, you can set up a standing order or direct debit directly into your credit union savings or loan account.

Benefits of Credit Union savings

  • Having shares in your credit union gives you a say in its operation.
  • Your shares may also earn you a dividend.
  • A good savings pattern will be of benefit to you when applying for a loan.
  • Savings balances over and above any shares you may have pledged against a loan you may have are available to you to withdraw on demand.
  • Free life cover on savings up to €12,700 [subject to Life Savings Terms & Conditions].
  • Government guarantee of €100,000 per member in place since September 2008.
  • There are no transaction charges or fees on savings or loans.

For small to medium savers your credit union is where you belong. 

Types of Accounts

Share Accounts

  • Dividend paid to member net of Deposit Income Returns Tax.
  • Return made by the credit union does not include individual members’ details.

Access Account

  • Where a member has a loan with the credit union, some or all of their shares may be secured against the loan. We now offer our members the opportunity to save separately in an access account, from which the member may withdraw at any time.



Credit union members can rest easy in the assurance that their savings are safe. Credit unions in Ireland, which are affiliated to the Irish League of Credit Unions, are secured in several ways:

  • All officials of credit unions, whether volunteers or staff, must be fidelity bonded.
  • Savings up to a limit of €12,697 per member are protected by the ILCU Savings Protection Scheme in all credit unions participating in the Scheme.
  • Members’ savings within certain limits are insured through Life Savings Insurance.
  • Savings up to a maximum of €100,000 per member are protected by the Government Deposit Guarantee Scheme.
  • All monies received in the credit union are properly recorded and lodged regularly.
  • Full financial statements are prepared and can be examined by members.

Annual independently audited returns are lodged with the relevant authority, the Central Bank of Ireland.