Savings
Regular saving with a Credit Union has the benefit of:
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Secure place to save |
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You are included in a Savings Protection Scheme
(up to €13,000 per member) |
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Excellent return on your savings (dividend) |
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Interest on savings is calculated on a daily basis |
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Easy withdrawal of your savings (once not pledged against a loan) |
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Life Saving Insurance for eligible Members (see details below) |
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Eligibility to borrow |
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No hidden charges |
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There is a maximum amount, by law a member can save in a credit union. |
Life Savings Insurance
The Lough Credit Union provides Life Insurance cover on the savings of all eligible
members. The maximum benefit is €7,700 and the scale of cover is as
follows:-
Savings made before 55th birthday 100% cover
Savings made between 55th and 60th birthday 75% cover
Savings made between 60th and 65th birthday 50% cover
Savings made between 65th and 70th birthday 25% cover
Any savings lodged after 70th birthday has no insurance cover, but savings
lodged before 70th birthday will carry the above cover percentages, provided
that savings are not withdrawn.
The insurance claim is processed after the death of the member. The insurance
company providing this valuable service is owned by the Credit Union Movement
in Ireland.
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