Savings
Saving with Dungannon Credit Union
Saving made easier
Saving money is a good idea. By putting a little aside on a regular basis you not only have something to look forward to, but you also have something to fall back on should the need arise.
Saving money with Dungannon Credit Union is an even better idea. You are not ‘just another customer’ but an active member of a highly successful financial co-operative that provides security and protection for your savings along with annual dividend*.
*See more on Dividends in FAQ below.
Benefits of savings
Remember put a little aside for that rainy day and see how your savings grow.
Competitive annual dividend
Free savings insurance cover for shares saved up to the age of 70
Easy access to available savings
A maximum savings limit of £15000
FSCS protection on all savings
How Credit Union savings account works
Once you start saving regularly your funds build up quickly. Each share saved (one share is equal to £1) is eligible for a dividend at the end of the year. The more savings you have the more dividends you receive. By saving regularly you not only help yourself; you also help your community as your savings provide a loan fund for other credit union members.
How to save with DCU?
For convenience DCU can accept:
- Regular standing orders
- Bank transfers
- Cash/cheque lodgements
Speak to any member of staff to arrange any of the above.
“Your savings, Your credit union”
Dungannon Credit Union is owned and controlled by its members and every member has a vote irrespective of the size of their savings. The credit union exists only to benefit its members and all monies received by the credit union are used for the mutual benefit of all its members.
Not a Member?
Our Credit Union lets people in the community come together to save and borrow money at low rates, and is operated on a not-for-profit basis.
Still have questions?
See if they're answered in our FAQs below
We are covered by the Financial Services Compensation Scheme (FSCS) The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £85,000.
We are affiliated to the Irish League of Credit Unions and are also secured in the following ways:
All officials of DCU, whether volunteers or staff must be fidelity bonded. All monies received are properly recorded and lodged regularly.
Full financial statements are prepared and available to members. These are circulated in advance of the AGM and can be examined by members.
Every credit union has an appointed supervisory committee whose role is to protect the interests of members and to act as an independent watchdog of credit unions.
Every £1 saved is equivalent of 1 share in a credit union. A minimum of 5 shares/£5 is needed to keep a credit union account open. You should save regularly to build up a savings history. Each share is eligible for a dividend at the end of the year. The more savings held by the credit union, the more funds are available for loans to members.
Savings are used to offer loans to members. The interest received from loans and investments is used:
- To pay expenses.
- To build up reserves (capital)
The remaining income may be returned to members as a dividend. The rate of dividend varies from year to year and the dividend is applied to members' accounts after the AGM.
All credit union shares can be withdrawn on demand, provided that they are not held as security against a loan.
Members are encouraged to keep their savings intact thus ensuring that:
- They continue to earn a dividend
- They continue to benefit from Life Savings Insurance protection
- The members can maintain creditworthiness and capacity to borrow.
Members are encouraged to borrow rather than withdraw their savings. In many cases, this is often in the member's best interest, as long as the member can maintain their repayments.
