Are my savings secure?

Credit Unions in the Republic of Ireland are covered by the Deposit Guarantee Scheme which is administered by the Financial Regulator. 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.

The maximum amount a Credit Union member can receive under this scheme is €100,000.

The Deposit Guarantee Scheme covers:

  • Current accounts;

  • Demand deposit accounts;

  • Term deposit accounts;
  • Share accounts and deposit accounts with Building Societies;
  • Share accounts and deposit accounts with Credit Unions.

Further information is available from the following website Deposit Guarantee Scheme Ireland.

In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to pro-actively 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.