Savings
Save With Clonmel Credit Union
Whether you’re saving for something in the future or just for a ‘rainy day’, regular saving is a good idea. Regular saving with your credit union is an even better idea.
Benefits of Saving With Us
Your Financial Partner For Life
Saving with us
Everything you need to know
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:
Saving for individual members up to €100,000 are protected under the Deposit Guarantee Scheme. For further info on DGS, contact 0818681681 or visit www.depositguarantee.ie.
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.
*payment of dividends are not guaranteed
Clonmel Credit Union operates a cap on savings of €100,000 per member. Members can lodge a maximum of €10,000 in cash per quarter. This limit does not apply to electronic transfers.
All officials of credit unions, whether volunteers or staff, must be fidelity bonded.
For Juvenile (16 years and under) we require the Child’s birth certificate or Passport and PPS number printed on an official document. Plus proof of address dated in the last 6 months and valid photo ID for the adult (eg parent / guardian) opening the account with the child.
If the child is 7 years or older, the child must come into the Credit Union with an adult and open the account themselves. If the child is under 7 years old, the account can be opened by a third party, e.g. parent, grandparent. If a third party, other than a parent, opens the account then they can nominate one of the parents (named on the birth certificate) to operate the account, until the child reaches 7 years old. Where the third party does not wish a parent to be nominated, then only lodgements can be made on the account until the child reaches 7, i.e. no withdrawals can take place.
Money in a child’s account is the sole property of the child and no other person (including the parent/guardian or person who originally opened the account) is entitled to use this money for his/her benefit. Who can withdraw from the child’s account depends on the age of the child:
• If the child is 12 to 16 years old, the minors themselves are the only ones that can sign for a withdrawal. It is not necessary for the child to be accompanied by an adult.
• If the child is 7 to 11 years old, they are the only ones that can sign for a withdrawal but they must be accompanied by either the originator of the account, or the parent/ guardian that was designated by the originator.
• If the child is under 7 years old, then the parent/ guardian (if they opened the account) or the parent/ guardian named by the third party who opened the account, is the only person that can withdraw from the account.
