Are my savings secure?

Credit Unions in the Republic of Ireland are covered by the Deposit Protection Scheme which is administered by the Financial Regulator. 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.

The maximum amount a member can receive under this scheme is €100,000, per person, per institution

The Deposit Guarantee Scheme covers your funds in St. Paul's including

  • Current accounts;
  • Deposit accounts;
  • Share accounts;
  • Payment accounts;
  • Budget accounts:

Savings Protection Scheme (SPS)

In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to pro-actively intervene to protect members’ savings by making available financial assistance to help any Credit Union which may experience difficulties.

Also, members’ savings are insured through Life Savings insurance.

Life Savings Insurance:

Life Savings insurance pays a benefit, to a maximum of €12,700, on your Shares at the time of your death. There is 100% cover on Shares lodged before age 55 for amounts up to €12,700. The cover is on a reducing scale on Shares lodged between ages 55 and 69. Terms and Conditions apply.

The maximum insurance benefit of €12,700 can only be gained by having at least €12,700 in Shares before age 55 and maintaining a balance of at least €12,700 in Shares until death.

If you are 55 years of age or over, withdrawal of your Shares below €12,700 could have a negative impact on this cover.

Joint Accounts – The Life Savings Insurance only applies to the first name on the account

Death Benefit Grant:

St. Paul’s pay a Grant of €2,500 to the next of kin/family on the death of a member with an active account in St Paul’s. The grant is to support families at a time of loss and to assist with funeral expenses.

Conditions include:

  • The deceased member must have joined St. Paul’s before 70 yrs of age
  • They must have a minimum balance of €1,000
  • The account must be an active account