Savings

Save With Your Credit Union

Whether you’re saving for something in the future or just for a ‘rainy day’, regular saving is a good idea. Start saving with Donore Credit Union today!

Benefits of Saving With Us

At Donore Credit Union you are not a customer, you are a member of a successful financial co-operative.
Here are some of the key benefits of saving with Donore Credit Union

Savings balances over and above any loan balance are available to withdraw on demand.

Free Life Savings Cover on savings up to €5,000 (subject to terms and conditions).

The State’s Deposit Guarantee Scheme fully protects the first €100,000 of a member’s savings.

A member can save up to €100,000 across all accounts in the Credit Union

Shares are subject to possible dividends - decided at AGMs

There are no transaction charges or fees.

Our Savings Policy

Your savings in a Credit Union are called your shares.
Each share is worth €1.

Members own the credit union - each member has an equal voting right, regardless of the amount in shares. So whether you have €10 or €30,000 in shares with us, you have an equal say in how the Credit Union is run. Your shares are used to provide loans to other members. You can also benefit from lower loan rates if your loan is completely secured by your shares. By saving regularly with us, you not only help yourself, you also help your community. You may receive a dividend on your shares, if declared, after the AGM each year.

Christmas Savings Club

Members are encouraged to save for Christmas and we have a Christmas Club Account available to all members. This type of account attracts no interest or dividend as the savings are withdrawable on demand and are never collateralised against a member’s loan.

  • Not liable to interest.
  • Complete access - usually at Year End.

Frequently Asked Questions About Savings

Is there a savings cap in the Credit Union?

Is there a savings cap in the Credit Union?

Yes, there is a savings cap of €100,000 per member. This includes the savings across all savings/shares accounts

Is there a return on my savings?

Is there a return on my savings?

Dividends on Shares are voted at the AGM each year by the member, and any dividend is subject to DIRT.

Are my savings safe in the Credit Union?

Are my savings safe in the Credit Union?

Yes, the Deposit Guarantee, guarantees that savings up to €100,000 are protected.

How do I withdraw my savings?

How do I withdraw my savings?

You can withdraw your savings in the office or by making a transfer online or on the mobile app.

Can I withdraw my savings in cash?

Can I withdraw my savings in cash?

Yes you can withdraw savings in cash but please contact the office beforehand for larger amounts

What are pledged savings?

What are pledged savings?

Pledged savings, are savings held as security towards a covered loan in the Credit Union.

How can I add funds into my savings?

How can I add funds into my savings?

You can call into the office, transfer funds online/on the mobile app, or set up a Direct Debit or Standing Order.

How do I Find the IBAN for my account?

How do I Find the IBAN for my account?

You can view your IBAN on mobile app, online banking platform or we can send you the IBAN via email or post.