Saving at St. Paul’s Garda Credit Union

Saving at St. Paul’s Garda 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 St. Paul’s Garda Credit Union is an even better idea. At St. Paul’s, you’re not just a customer, you have a dual role of owner and member of a successful financial co-operative.

Each share you hold in your credit union is equal to €1. You will need to hold a minimum 10 shares (€10) in St. Paul’s to retain membership. Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting the credit union.

Why save at a St. Paul’s?

Saving always makes sense but with St. Paul’s Garda Credit Union it’s even better because as a member you’re an owner with your say in how the credit union is run. Any surplus the credit union makes is invested in services or returned to you the member.

What’s more, by saving in your credit union you know that your money is being retained to grant loans to other members – people like you.

How safe are my savings?

Credit unions are regulated by the Central Bank of Ireland- the same body that monitors banks and building societies. Credit unions are also bound by acts of the Oireachtas and are fully insured against theft and fraud so you can be confident that your savings are secure.

Your Savings are covered by the Irish League of Credit Unions Savings Protection Scheme and also by the Government Deposit Guarantee Scheme up to a maximum of €100,000 per person per institution.

Can I have easy access to my savings?

You can withdraw your savings whenever you want provided that they are not pledged as security on a loan.

Every member is however encouraged to continue saving as this means they will continue to benefit from life savings insurance and will carry on earning a dividend.

Nominate your Savings

If you are over the age of 16 you can nominate a person or persons to become entitled, on your death, to any shares (up to €23,000 max) that you may have in the Credit Union.

We advise all members to make a nomination and to regularly review your nomination. Under law, a nomination is treated separately from a person’s will (or their estate), up to a limit of €23,000.

You should complete a new nomination form:

  • When you get married, divorced, separated or re-married, or if the person(s) you have nominated pre-decease you
  • If your Joint account reverts to a Single account

Savings Limit of €70,000

From 4th May 2021 the savings limit is €70,000 per existing member.

The total figure includes all funds in your name and 50% of any funds in a Joint Account where you are a tenant.

Therefore St. Paul’s cannot accept funds from existing members:

  • Which would increase their funds above the €70,000 limit, or
  • If already over €70,000 limit, which would further increase their funds above the balance on 4th May 2021

New Members Account Balance is limited to a maximum of €12,000 for the first 12 months, this includes funds in your Share, Current and Budget Accounts.

Why Save With Us?

Your money is safe with us.

Life Savings Insurance

Life savings insurance for eligible members (Terms & Conditions apply)

Easy Access

Easy access to your money once it is not used as security against a loan.

Protected Savings

Your savings* are covered by the statutory deposit guarantee scheme (DGS). If insolvency should occur, your eligible deposits would be repaid up to €100,000.