Savings
Share Accounts
When you save with us you are building a history which will be taken into account in the future should you wish to apply for a loan.
The money you save with us is used by the credit union to fund the loans it makes to members. By saving with us you are indirectly helping your neighbours and the community to develop.
Please note that we have a members savings cap of £30,000. This figure is kept under review by the Board of Directors.
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).
Nomination of Your Account
This is a unique facility for credit union members. Credit unions have a nomination facility whereby if you are over 16 years of age, you can nominate someone to receive the property of your credit union accounts upon your death. This is of benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes timely intestacy process. For further information ask any member of staff.
If you’re not a member already, why not think about joining today?
Savings FAQs
Credit Unions in Northern Ireland are covered up to £85,000 by a Government Deposit Protection Scheme which is administered by the Financial Services Compensation Scheme. 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 their website for further information fscs.org.uk.
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.
Every share you hold with Ballynahinch Credit Union Limited for the year is eligible for a dividend when declared. A dividend is the return on your shares and it is paid by your credit union out of surplus.*
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.
*Past performance is not a reliable guide to future returns.
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.
Join our award-winning Credit Union today and avail all benefits of being a Member.
