Why Save with Us

 

Whether you are saving for something in the future or just for a ’rainy day’, regular saving is a good idea.

Regular saving with Mallow Credit Union is an even better idea. With us, you are not just a customer; you are a member of a successful financial co-operative. Each share you hold in your Credit Union is equal to €1. You will need to hold a minimum savings of €6.35 to keep your account activated.

Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting the credit union.

You have a share in the ownership of the Credit Union. Along with having a say in the operation of the Credit Union you also earn dividends.

  • Monies are withdrawal on demand where not used as security for a loan. If you are using monies as security for a loan, we can provide you with a separate savings account to lodge and withdraw from.
  • A specific share balance is not required in order to qualify for a loan.
  • All members’ shares are covered by the Government Protection Scheme up to a value of €100,000, which means that you can have peace of mind that your savings are fully secure.
  • There are no transaction charges or fees.
  • Life savings insurance is provide automatically.
  • You can deposit savings (or pay loans) using you laser card.

Types of Savings Accounts

  • Regular Share Account
  • Special Share Account
  • Medium & Long Term Accounts.

Regular Share Accounts attracted a dividend of 0.50%. (2012)

Special Share Accounts (2012) also paid dividend of 0.5% but are liable for 33% DIRT.

 

Medium & Long Term Accounts money remain in these accounts for either 3 or 5 years.

These accounts are paying 2.25% Interest for 2013 and you can earn a certain amount of money without paying tax.