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Savings

Why Save With Us

Whether you’re 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 and every €1 you save is equivalent to 1 share in your credit union. Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting your credit union. You also earn dividends on your shares.

You will need to hold a minimum savings of €6.35 to keep your account activated.

Other benefits of saving with us include:

  • No hidden charges or fees on any transactions
  • Life savings insurance is provided automatically
  • Easy access to your money once you have not pledged it as security against a loan
  • Building a positive savings history which will be considered should you apply for a loan in the future.

If you are already using your savings 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 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.

 

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.