Savings

Saving at St. Francis Credit Union

Saving at St. Francis Credit Union

Saving on a regular basis makes good sense, whether you’re saving for something in the future or just for a ‘rainy day’. When you save, you not only help yourself, you also help your community as your savings provide a loan fund for other Credit Union members. The Credit Union is committed to your financial well-being so as a member you can rest easy in the assurance that your savings are safe.

A Credit Union savings account comes with a free Life Savings Insurance Scheme. This is the insurance cover a Credit Union provides for members, as an additional incentive for them to save regularly.

There is a savings limit of €40,000 per member. The maximum total lodgement per account per month to €15,000*
*The maximum saving and lodgement limits applicable may change from time to time.

Member savings up to €100,000 are covered by the Deposit Guarantee Scheme.

Benefits of Saving with St. Francis Credit Union

  • The shares continue to earn a dividend (if declared at the AGM);

  • They continue to benefit from Life Savings Insurance Protection**

  • Members can maintain their credit worthiness and capacity to borrow;

**Members should note that withdrawals from your savings after the age of 55 may reduce the amount of life savings insurance cover.

Every €1 saved is equivalent to 1 share in St. Francis Credit Union Limited. A minimum of €10 or 10 shares is needed to keep your St. Francis Credit Union account active. Each share is eligible for a dividend at the end of the year. Dividend rate declared at AGM is posted gross to members’ accounts and applicable to all Share Accounts, Dirt is separately shown on members’ accounts.

The savings in St. Francis Credit Union Limited are used to make loans to other members. The interest received from loans and investments is used to pay operational expenses and to build up reserves.

The remaining income may be returned to the members’ accounts after approval at the AGM which generally takes place in November/December.

Nominate your Savings

If you are over the age of 16 you can nominate a person or persons to become entitled on your death to any shares that you may have in the Credit Union.

We advise all members to make a nomination and to regularly review your nomination. Under law, a nomination is treated separately from a person’s will (or their estate), up to a limit which is set by law.

From 22nd February 2024 that nomination amount is €27,000 or whatever amount is specified by law. (Prior to 22nd February 2024 the nomination amount was €23,000).

  • Any member over the age of 16 may make a nomination.

  • The nomination is only valid up to a limit as set by law (currently €27,000). Anything over that amount must go to form part of the individual’s estate.

  • The member can at any point in time change their nomination by completing a new form. Any previous nomination is automatically revoked.

  • The members Will (or any codicil to their Will) has no bearing on the nomination form, up to the limit set by law which is currently €27,000.

  • When a member marries, any nomination made before the marriage is automatically revoked by the marriage, and no nomination will apply to his/her account unless he/she makes a new one.

  • Joint account holders may not nominate, because when a joint tenant dies, the money in the account automatically becomes the property of the surviving joint tenant.

  • To be valid a nomination must be witnessed by two witnesses and be delivered to the credit union during the lifetime of the member.

Please contact St. Francis Credit Union to ensure you have completed a nomination form.

Nomination forms are available from all our offices.

Savings Limit

St. Francis Credit Union has a savings limit of €40,000 for adult accounts.

The maximum monthly lodgement is €15,000.

The savings limit for juvenile accounts is €15,000.

Why Save With Us?

Your money is safe with us.

Life Savings Insurance

Life savings insurance for eligible members
(Terms & Conditions apply)

Easy Access

Easy access to your money once it is not used as security against a loan.

Protected Savings

Your savings* are covered by the statutory deposit guarantee scheme (DGS). If insolvency should occur, your eligible deposits would be repaid up to €100,000.