A financial cooperative, owned, and controlled by its members for its members.

The common bond is that factor which unites all members of a credit union. It defines the area within which the credit union can operate. In Ireland, the most usual common bond are Community bond (where all members live in defined village, town or locality); Occupational Bond ( where all members are in the same occupation or work for the same employer); Associational Bond ( where all members are in the same society or association).

Connect Credit Union's common bond covers the following living and occupational areas:

1. Blackrock
2. Kilsaran
3. Clogherhead
4. Annagassan
5. Castlebellingham
6. Knockbridge
7. Kilkerley
8. Togher

Connect Credit Union can help you achieve financial independence through regular savings and fair and affordable access to loans.

Every €1 saved is equivalent of one share in a credit union. A minimum saving of €6.25 is needed to keep the account open. You should save regularly to build up a savings history. The more savings held by the Credit Union, the more funds are available for loans to members.

As the amount of shares builds up, the common fund of money grows. This is then available for providing loans to members. All members are encouraged to save regularly, even when repaying a loan. This gives the member several direct benefits, and ensures that there are funds for the credit union for use by all members.

• The maximum amount of savings for each member is €30,000, with a monthly lodgement limit of €5,000. This amount is inclusive of all balances in Savings accounts.
• Juvenile accounts for members under 16 years of age have a maximum savings value of €10,000 and a monthly lodgement limit of €5,000.

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.

Connect Credit Union's common bond includes the parishes of Blackrock, Kilsaran, Castlebellingham, Clogherhead and Togher. Members of the same household and family of another Credit Union member who works in these localities are also eligible for membership.

Credit Unions in the Republic of Ireland are covered up to €100,000 by the Government 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.

*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.

A guarantor is a financial term describing an individual who promises to pay a borrower's debt in the event that the borrower defaults on their loan obligation. Guarantors pledge their own assets as collateral against the loans. This person can be a parent or guardian. This simply means the Guarantor will legally take responsibility to repay the loan if you are not in a position to do so. If this situation applies to you do not be put off applying for a Loan. We are happy to answer any questions and queries you or your guarantor may have.

There are many different scenarios in which a guarantor would need to be used. This ranges from assisting people with poor credit histories to simply assisting those without a high enough income. Guarantors also don't necessarily need to be liable for the entire monetary obligation in the guarantee.

A guarantor differs from a co-signer, who co-owns the asset, and whose name appears on titles. Co-signer arrangements typically occur when the borrower’s qualifying income is less than the figure stipulated in the lender's requirement. This differs from guarantors, who step in only when borrowers have sufficient income but are restricted due to income or credit histories. Co-signers share ownership of an asset, while guarantors have no claim to the asset purchased by the borrower.

For example, in a rental agreement, a co-signer would be responsible for the rent from day one, whereas a guarantor would only be responsible for the rent if the renter fails to make a payment. This also applies to any loan. Guarantors are only notified when the borrower defaults, not for any payment before that.

In the event of a default, the guarantor’s credit history may be adversely affected, which may limit their own chances of securing loans in the future. In essence, a co-signer takes on more financial responsibility than a guarantor does as a co-signer is equally responsible from the onset of the agreement, whereas a guarantor is only responsible once the primary party to the contract fails to meet their obligation.

In an agreement with a guarantor, the advantages usually lie with the primary party in the contract, whereas the disadvantages usually lie with the guarantor. Having a guarantor means that the loan or agreement has a higher chance of being approved and much more quickly. Most likely, it can allow for borrowing more and receiving a better interest rate. Though loans with guarantors tend to have higher interest rates.

In a rental agreement, one way to avoid needing a guarantor is by paying a few months of rent upfront if you are in a position to do so. The disadvantages lie with the guarantor. If the person you are guaranteeing fails to pay their obligations, then you are on the hook for the amount. If you are not in the financial situation to make the payments, then you are still liable for the amount and your credit score will be negatively impacted and legal action may be taken against you. Also, if you guarantee a loan then your ability to borrow additional money for something else is limited because you are tied to an existing obligation.

1. Helps a borrower obtain a loan or a rental much easier.
2. Allows for the ability to borrow a higher amount.
3. Can help the borrower improve their credit history.

1. The guarantor may be liable for the outstanding obligation.
2. The guarantor's credit score could be negatively impacted.
3. The ability to obtain another loan for a separate use is limited.

Is a Guarantor a Co-Signer?
Though the terms are used interchangeably, they are both different. A co-signer takes on equal responsibility in an agreement, co-owns the asset, and is responsible for payments from the start of the agreement. A guarantor is only responsible for payments once the primary party of the agreement defaults and is then notified by the lender. A co-signer has more financial responsibility than a guarantor.

Is a Parent a Guarantor?
A parent can act as a guarantor and often does for a child for their child's first rental property, as the child's income is usually not high enough at a young age.

How Do You Qualify as a Guarantor?
Different agreements and different lenders have different requirements for a guarantor. At the minimum, a guarantor will need to have a high credit score without any issues on their credit report. They will also have to have an income that is a certain multiple of the monthly or annual payments.

How Much Do You Need to Earn to Be a Guarantor?
There is no specific amount that an individual needs to earn to be a guarantor. The amount relates directly to the loan in question.

What Happens If a Guarantor Cannot Pay?
If a guarantor cannot pay, both they and the tenant are liable for the obligations. The lender will begin collection proceedings against both the guarantor and the tenant, which will adversely impact the credit profile of both.

A guarantor is an individual that agrees to pay a borrower's debt in the event that the borrower defaults on their obligation. A guarantor is not a primary party to the agreement but is considered as additional comfort for a lender. A guarantor will have a strong credit score and earn a sufficient income to meet the obligation.

Having a guarantor on a loan agreement greatly benefits the borrower.

In the event a borrower defaults, the guarantor must meet the obligation. If they do not, they are still liable for the outstanding amount. They will also see a negative hit on their credit report.

Available for first time buyers purchasing a Principal Private Residences, non-first-time buyer purchasing PPRs, Re-mortgage of PPRs, Equity release on PPRs for home improvements and Consolidation of an existing home improvement loan.

Minimum Loan Amount €40,000 - Maximum Loan Amount €500,000

3.82% APR - Standard Mortgage

2.99% APR - Green Mortgage (BER rating A1 - B3)

Minimum 5 years - Maximum 35 years

First Time Buyer - 90% LTV Non-First Time Buyer -80% LTV

4 times gross salary of applicant or in cases of joint application combined salary

Min - 18 years old

Max - 65 years old

Employed

• 3 months’ up to date consecutive pay slips
• Completed Salary Certificate
• P60’s for 3 years
• 6 months personal bank statements
• Copy of all savings/investment statements for the previous 6 months
• Evidence of balance of funds will be required
• Copy of all mortgage/loan statements for the previous 6 months

Self employed

• Last 3 years certified accounts
• Last 3 years tax returns
• Tax clearance cert
• Form 11 for last 3 years
• 6 months personal bank statements
• Copy of all savings/investment statements for the previous 6 months
• Evidence of balance of funds will be required
• Copy of all mortgage/loan statements for the previous 6 months

You most have been in permanent employment for a period greater than 6 months or self-employed for at least 3 years at the time of application.

Yes, we would require: Site map, house plans, specifications and planning permission along with a breakdown of the cost of construction and an architect letter of supervision and indemnity insurance.

Yes, like any other mortgage we would require a First Legal Charge, where applicable, assigned mortgage protection policy covering the full amount and term of the loan or equivalent i.e., to rely on ECCU Loan Protection for insurance cover andhouse insurance with the interest of the Credit Union noted on the policy schedule.

• Stamp duty
• Valuation Fees
• Solicitors Fees
• Legal Outlay
• Structural survey
• If property is older than 50 years

You can discuss these costs with one of our loan officer to give you an idea of expenses.

Members can fill out the form here to register for online banking. A member of staff will contact you on the telephone number provided to verify your identity and complete the registration process. A PIN will be sent to your address securely via SMS.

You can call our office on 042 937 2400 during office opening hours and our team will be happy to re-issue your pin. Alternatively you can fill in the form here and a member of staff will be in touch to finalise your request.

SCA stand for Strong Customer Authentication, and is required for the user to confirm a member's identify before being grated access to their account.

To access your account, members will need their account number and PIN. Once they have entered an SCA will be sent to the members mobile device which they will need to enter to receive access.

Members will not be charged for the service.

The members draw is an annual draw held for subscribed members of Connect Credit Union. Members who have entered are allocated a number and then a random draw takes place. The winning members receive a cash amount depending on place. The draw is completely self-funded by the application fees. The draw is non-profit making so any surplus funds will be used for further prizes.

Consent most be given for you to be entered into the draw. This can be given on the members draw application form and dropped into any of our offices, a signed picture can be sent to Connect Credit Union's WhatsApp number 087 276 7237 or emailed to info@connectcu.ie. There is now an option to enter the members draw on your online platform.

Download Members Draw Application

The Connect Credit Union Member Draw will be LIVE on Facebook! The draw will take place at a later date of each quarter.

If your not in, you can't win!!!

Follow us on Facebook to keep up to date with times of draw.

All members who are over the age of 18 years before the draw date are eligible.

Only one entry per account is permitted.

Members most give their consent to be entered into the draw.

This year Connect Credit Union intend to change how the member prize draw will operate. The draw will take place FOUR times a year. Therefore one per quarter at a subscription cost of €13 per quarter, totaling €52 per annum.

There will be FOUR draws throughout the year and FOUR more chances to win cash prizes! 1st Prize estimated €10,000*

If you have completed a Nomination Form, your nominee/s will receive your Credit Union Shares and insurance benefits (if any) up to €23,000 when you die.

You can nominate anyone, family or friend or group of people. it is important that you review your Nomination Form regularly.

Yes, by filling in a new Nomination Form. A nomination becomes invalid if you get married or the person that has been nominated dies. It is a good idea therefore to review your nomination form from time to time in order to ensure that the person/s nominated is/are the most appropriate. Note, divorce or legal separation will not revoke a nomination.

Yes, a member of staff will be delighted to confirm whether you have completed a nomination and who your nominee is.

If you joined as a child you would not have had a Nomination Form completed. Once you reach the age of 16 you should fill out a Nomination Form.

You can call into any of our branches and complete a Nomination Form at any time.

Personal account holders in Connect Credit Union are entitled to nominate a person/s to be the beneficiary of their credit union savings following death.

Under credit union rules it is important to note the following:

1. A nomination must be in writing.
2. The statutory maximum amount that can pass under a nomination is currently €23,000. Any amount in excess of this will form part of the deceased member’s estate.
3. For members that elect not to complete a nomination, the proceeds of their account will form part of their estate on death and will be dealt with under the terms of their Will, under the rules of intestacy if there is no Will, or under the small payments provision.*
4. Members may revoke or vary a nomination at any time by completing a new nomination form.
5. A nomination is not revocable or variable by the terms of a Will or by a codicil to a Will.
6. A nomination is automatically revoked when the nominee dies before the account holder. In this case, a new nomination should be completed.
7. A nomination is automatically revoked by the account holder’s subsequent marriage.
8. Where personal circumstances change (e.g. marriage, divorce, separation), a member should review their nomination.
9. The nominated property does not form part of a deceased person’s estate. A person under 16 years of age cannot make a valid nomination.

There is a two-step process to apply for a loan under the Ukraine Credit Guarantee Scheme:

STEP 1 - First register on the SBCI Hub and complete the online Eligibility Application Form. Once completed, eligible applicants will get an eligibility code. Please note, the SBCI eligibility code is not a guarantee of loan approval.

STEP 2 - Once you get the SBCI eligibility code, you should engage with XXXX to begin the loan application process. It is only at this stage that a decision will be made on credit approval by XXXX.

Loans range from €10,000 up to a maximum of €1 million (but are subject to further limitations on borrowing under the Ukraine Credit Guarantee Scheme rules).

The SBCI eligibility code is valid for six months from the date of issue, but it is always subject to the scheme remaining open and having funding available.

The SBCI eligibility code you get for your first loan can only be used once.

For second and subsequent loans you must complete a new eligibility application form and get a new SBCI eligibility code.

Once you have drawn down a loan, the declarations provided within the eligibility application form will need to be updated for the second and subsequent loans.

The second eligibility code can be used multiple times, provided that you don't exceed the maximum loan amount available under the Scheme and the eligibility code hasn't expired.

The revised Payment Services Directive (PSD2) is a piece of EU legislation which entered into force in 2015.

Among the primary objectives of PSD2 were:

• To protect consumers.
• To give people and small businesses the ability and choice to safely and securely share their financial data in order to get access to better financial services and products.

Being an AISP (Account Information Service Provider) means that a company can ask an individual or business for authorisation to connect to a bank account and use that bank account information to provide a service.

The service provided by an AISP is a regulated payment service.

Businesses who are AISPs are authorised to access bank account information on a ‘read only’ basis. This means that the AISP has access to the account information but will never be able to complete any transactions on your bank account.

Truelayer (Ireland) Limited is the AISP used by the Credit Union to enable Members to provide bank account information digitally, in support of loan applications. Truelayer (Ireland) Limited is registered as an Account Information Service Provider (AISP) with the Central Bank of Ireland (Institution code C433487).

If an AISP is registered in any EU member state, it can provide Account information Services (AIS) to consumers and businesses in any EU member state.

This document explains how the overall process works

This service eliminates the effort of collecting, printing and returning bank statements to the Credit Union. Instead, your bank account information is transferred electronically to the Credit Union on your behalf (but only when you give authorisation to do so).

Your bank account data will only be used for the purpose of assessing your loan application to the Credit Union.

Truelayer (Ireland) Limited will access your account data only once (immediately after you have given authorisation).

Truelayer (Ireland) Limited will hold your bank account information on their systems for a maximum of one hour after accessing your bank account. After which, your bank account information will be deleted by Truelayer (Ireland) Limited on their systems.

Truelayer (Ireland) Limited will share your bank account information with the Credit Union (after authorisation by you) via the cloud-based loan application assessment system used by the Credit Union.

Truelayer (Ireland) Limited and Connect Credit Union are two separate Data Controllers. Where Truelayer (Ireland) Limited shares bank account information with Connect Credit Union it is based on consent which you provide to Truelayer (Ireland) Limited during the bank account information retrieval process to facilitate the loan application process, when you the Member authorise Truelayer (Ireland) to do so.

Truelayer (Ireland) Limited and Connect Credit Union are two separate Data Controllers, therefore the Member will be able to access their rights separately with each entity. Connect Credit Union’s privacy notices are available here. Truelayer (Ireland) Limited’s privacy policy is available here.

As a Member, this is a new optional service offering directly for you by Truelayer (Ireland) Limited to reduce the time taken to process loan applications and to enhance the loan application process.

As a Member, this optional service is available to you directly at no extra cost.

• Stamp duty
• Valuation Fees
• Solicitors Fees
• Legal Outlay
• Structural survey
• If property is older than 50 years

You can discuss these costs with one of our loan officer to give you an idea of expenses.