Shares

Savings in Bishopstown Credit Union are known as shares.  This is because if you have shares in excess of €10 in Bishopstown Credit Union you are a member.

At Bishopstown Credit Union, you are not just another customer but a member of a highly successful financial co-operative. You have a share in the ownership of Bishopstown Credit Union.  Along with having a say in the operation of Bishopstown Credit Union, you also earn dividends.

Whether you are saving for something in the future, or just for a rainy day, it is a good idea to save some money on a regular basis.  Regular saving is a fantastic way to approach personal finance. 

Benefits of Credit Union savings

• Savings balances over and above any loan you may have are available to you to withdraw on demand.
• Dividends for savings available on demand.
• There are no transaction charges or fees.

How can I save?

While it might sound strange, it does not matter how much you save at the start.  It is the regular habit that we want to encourage.  This is why we offer a number of options to our members.

• Over the counter lodgements - This is a very popular method for members wishing to save.  

• Standing Order - This involves the member choosing how much money they want to save every week/fortnight/month.  The amount and the frequency is dictated by the  member.  Members choose to save by standing order as it does not require regular trips to Bishopstown Credit Union and the member can change the amount or frequency at any time.

• Transfer funds via www.bishopstowncu.ie - A growing number of members are choosing to receive payments into their Bishopstown Credit Union LINK account.  Bishopstown Credit Union can now accept electronic payments in the form of wages, salaries, Children's Allowance, benefits etc.  This can be done by providing employers/paying institutions with our Sort Code (99-10-12) and your unique 8-digit LINK account number.  If you do not know your LINK account number, please contact your branch for these details. 

Security

Credit union members can rest easy in the assurance that their savings are safe. Credit Unions in Ireland, which are affiliated to the Irish League of Credit Unions, are secured in several ways:

• All officials of credit unions, whether volunteers or staff, must be fidelity bonded.
• Savings up to a limit of €12,697 per member are protected by the Savings Protection Scheme in all credit unions participating in the Scheme.
• Members savings within certain limits are insured through Life Savings Insurance.
• All monies received in the credit union are properly recorded and lodged regularly.
• Full financial statements are prepared and can be examined by members.
• Annual independently audited returns are lodged with the relevant authority, The Irish Financial Regulatory Authority.