Savings at Larne Credit Union
Whether you are saving for something in the future or just for a ‘rainy day’, regular saving is a great idea. Your saving is your shareholding.
Regular saving with Larne Credit Union is an even greater idea. With Larne Credit Union you are not just a customer, you are a member of a successful financial co-operative. Savings are known as shares and each share you hold is equal to £1. The maximum amount of shares an individual member may hold in Larne Credit Union is £18,000 (as of November 2015). Members enjoy equal rights to vote at the Annual General Meeting and participate in discussions affecting the Credit Union.
At the end of each financial year we declare a dividend on each share that you have held for that year. The more shares you have, the greater the dividend you will receive. You also have the added bonus of knowing that your savings are being used to make loans available to other members. Members just like you.
Are my savings secure?
Credit Union savings are now protected by The Financial Services Compensation Scheme. This guarantees savings of up to £85,000 so all members can be assured that their savings are secure.
Can I have easy access to my savings?
You can withdraw your savings at any time provided they are not pledged as security for a loan. However, we would encourage you to keep your savings in the Credit Union so that:
- They continue to earn an annual dividend.
- They continue to benefit from the Life Insurance Protection.
You can also save solely for easy access withdrawals which are not secured against a loan (known as easy shares).
Larne Credit Union does not make a profit. Any surplus income is returned to you, the member, in the form of a dividend. You may also benefit from a rebate of interest if you have a loan.
So, whatever you are saving for – a car, a holiday, home improvements etc., –
Larne Credit Union is the place to save.