Savings Benefits

Annual Dividend

A dividend is the same as interest on your savings, but because you are a shareholder in the Credit Union, it’s known as a dividend. A dividend is generally paid every year on your shares. The members vote at the AGM to decide the rate of dividend for the year. The members’ decision is based on the surplus for the year and the recommendation of the Board of Directors.

Life Savings Insurance

Life Savings Insurance is another free benefit, an additional incentive to save with the Credit Union. This insurance payment is separate to both the Loan Protection Insurance and the Death Benefit Insurance.

On death, a member’s shares are paid to the Nominee. Life Savings Insurance may also be payable, depending on the age at which the shares were lodged.

For every Euro you lodge to shares before age 70, you become entitled to extra insurance. This assumes that you are actively at work, or if not working, in good health. The maximum amount of Life Savings Insurance is €12,700.

The following table shows how your insurance builds up:

NB – Insurance is paid on the Share balance on the 55th birthday or the lowest amount thereafter until date of death.

Shares Accumulated Insurance Cover
Under 16 25%, i.e. 25c for every euro saved
Age Under 55 100%, i.e. €1 for every €1 saved
55 – 60 75%, i.e. 75c for every euro saved
60 – 65 50%, i.e. 50c for every euro saved
65 – 70 25%, i.e. 25c for every euro saved
Age Over 70 0%

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