Savings
Save with your Credit Union
The Credit Union promotes thrift and regular saving among its members, as the accumulation of savings creates a pool of funds that members can borrow from at fair and reasonable interest rates.
Benefits of saving with Muckamore Credit Union
A good savings pattern will be of benefit to you when applying for a loan.
There are no transaction charges or fees on savings or loans.
Easy access to savings with withdrawals, unless savings are pledged against a loan.
Shares can be withdrawn on request. In most instances members will be encouraged to use our loans facilities rather than withdrawing their shares. This ensures that the member continues to earn a dividend and helps keep the Credit Union on a sound financial footing.
We also offer a facility for our senior members to save money for Christmas. You can save as little or as much as you like. You can become a Christmas saver once you are enrolled as a member of Muckamore Credit Union Limited.
You will be required to show ID once more and fill in a separate membership application form and pay a £2 fee. You can pay into the account from 1st January each year (new members can start saving from when they join) and savings can only be withdrawn between1st November and 31st December each year.
This account also attracts a dividend, just the same as your ordinary account. The only difference with this account is you can't get a loan using the shares in your Christmas Account.
Once the credit union pays all its legal bills and set aside money in its reserves any money left over can be paid out to the members by way of a dividend. This dividend is normally paid out each year in February directly after our AGM. The dividend is decided upon at the AGM.
All members, Senior account holders, Junior members and Christmas account holders will qualify for a dividend.
For all new members under the age of 75 we offer a scheme which, for a £10 annual contribution, the person named as your beneficiary will receive a payment of £1500 upon your death.
We will collect the £10 contribution annually via our computer system, so you don't need to do anything, we will take care of it for you.
There are no medical or lifestyle questions to answer, this is simply our way of rewarding our valued members.
To ensure you qualify for the scheme you must:
- Be a member of Muckamore Credit Union and have joined before the age of 75.
- Have been a member of Muckamore Credit Union for a minimum of 6 months before death.
- Have an active account and make an annual contribution of £10 to the scheme.
- Junior account and club/society accounts will be excluded from the Benevolent Scheme.
- Only one payment will be made if a member has more that one account with affiliated Ulster Federation Credit Unions.
The Financial Services Compensation Scheme is a scheme which protects savings in banks, credit unions and various other organisations. Your savings are covered under this scheme up to a total of £85000 per member.
