Savings

Saving on a regular basis make's good sense.

Each €1 saved is the equivalent of a single share. Shares build up surprisingly quickly once the member sets up a regular savings pattern. Each share then is eligible for a dividend at the end of the year. The more savings held by the credit union, the more funds available for loans to members.

Common fund

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 in the credit union for use by all members.

Security

Tallow Area Credit Union members can rest easy in the assurance that their savings are safe. Credit unions in Ireland, which are affiliated to the Irish League of Credit Unions, are secured in several ways:

Savings, up to a limit of €12,700 per member are protected by the Savings Protection Scheme in all credit unions participating in the Scheme.

Dividends

Savings are used to make loans to members. The interest received from loans and investments (if a surplus cash flow allows for investment) is used to pay expenses, build up reserves (capital) and the remaining income may be returned to members as a dividend.

Savings Stamps

We provide two types of savings stamps facilities. The "Charlie Cent" facility allows children to purchese 50c stamps both at the Credit Union office and at school. The €2 stamps are available at the Credit Union offices in Tallow and Conna.

New Born Accounts

Get your new arrival off to a good start with an "New Born" account with Tallow Area Credit Union.