Savings
Savings as shares in Heartland Credit Union are a better way to save. You are not just another customer but an active member of a successful financial co-operative. Yes, you have a share in the ownership of Heartland Credit Union. Along with having a say in the operation of Heartland Credit Union you also earn dividends. The maximum shares that can be held by any one individual in Heartland Credit Union is €25,000. The maximum Junior shares that can be held by any one individual in Heartland Credit Union is €5,000.
Each and every €1 you save is equivalent to 1 share in the credit union. If you begin to save regularly it won't be long before you build up a healthy balance.
Types of Share Accounts
Regular Share Accounts
- These accounts are suitable for those who are not liable for income tax
- The onus is on the member to declare this account to the Revenue Commissioners
- Dividend rate declared at A.G.M. is posted gross to members accounts
Special Share Accounts
- Dividends are paid to this account net of DIRT and easy access to your money
- Return made by Credit Union does not include individual members details
- A member can hold a regular or special share account but not both
When you save with us you are also building a history which will be taken into account in the future should you wish to apply for a loan.
Savings FAQs
We all know the merits of saving money, either for something specific or for that "rainy day". But saving money with Heartland Credit Union means you also become a member of a highly successful co-operative. You are not just another customer, you are a member.
Every €1 you save is equivalent to 1 share in the credit union. If you begin to save regularly, it won't be long before you build up a healthy balance.
Some of the many benefits of saving with Heartland Credit Union:
Easy access to your money once it is not used as security against a loan
No hidden charges or fees on any transactions
Nomination of account proceeds (see more information below)
When you save with us you are also building a history which will be taken into account in the future should you wish to apply for a loan.
The money you save with us is used by the credit union to fund the loans it makes to members. By saving with us you are indirectly helping your neighbours and the community to develop.
Credit Unions in the Republic of Ireland are covered by the Deposit Guarantee Scheme which is administered by the Central Bank of Ireland. 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. Please see the Central Bank of Ireland's website for further information.
In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to proactively intervene to protect members' savings by making available financial assistance to help any credit union which may experience difficulties.
You can withdraw your savings at any time, provided they are not pledged as security on a loan.
You can drop into our office to withdraw money from your savings as cash. Please note that we have a limited amount of cash on hand each day and therefore are usually not able to facilitate large cash withdrawals.
We can also transfer directly to your bank account. Please contact us if you wish to request this.
You can save up to €25,000 in your account. You can deposit up to €200 per week. Please note that lump sum lodgements are not accepted.
When a member who is over 16 years of age opens a credit union account, they are entitled to nominate a person (or persons) to receive their property in the credit union on their death. Property includes shares, deposits and loans. This is of benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes timely intestacy process.
We now have online access. Contact us today.
Join our award-winning Credit Union today and avail all benefits of being a Member.
