Savings at Connect CU
We all know the merits of saving money, either for something specific or for that “rainy day”. But saving money with Connect 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.
Features & Benefits
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)
Can receive payments by Laser/Debit Card
Members Car Draw
- 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.