Tel: 028 90 322 507 Email:

23 July 2017

Savings Account

The purpose of the Credit Union is to promote thrift among its members and, by the accumulation of their savings, create for themselves a source of credit at a fair and reasonable rate of interest.

Your savings earn dividends which are paid annually. We are a not for profit organisation!

Free life insurance is provided for all members joining before their 70th birthday.

Your savings are guaranteed under the Financial Services Compensation Scheme (FSCS).

By saving regularly in a Credit Union, you can build up a substantial savings account as the table below shows:

If you saved each year In 1 year In 3 years In 5 years
£1 £52 £156 £260
£5 £260 £780 £1300
£10 £520 £1560 £2600

The above table does not include dividends.

The rate of dividend will vary from year to year and is dependent on the financial performance of the Credit Union. Bad loans affect the amount of dividend paid out.

Savings Membership

Savings in a Credit Union are known as “shares”. Each share represents £1.00 in savings and is used as security against a loan. Regular savings will build up a substantial share capital for you and security for the future. One of the main aims of a Credit Union is to encourage members to develop the habit of regular savings. For the individual the advantages of building up savings are obvious. These savings may be planned for something in the future or just for the rainy day.  With the Credit Union the extra benefit is that your savings will be used to make loans available to other members and to yourself.

Clonard Credit Union Limited permits £20,000 as the maximum amount of savings that each member may have.  If a member holds an Easy Share Account then the maximum they can hold reduces to £17,000 in their Main Share Account and a maximum of £3,000 in their Easy Share Account a total limit of £20,000.

  • Regular savings will build up a substantial share capital for you and security for the future
  • Your savings earn dividends which are paid annually.
  • The amount of your dividend will depend on:
    • The amount of shares you have saved (one share is equal to £1.00)
    • The surplus income available for distribution by your credit union to members
  • Free life savings insurance is provided for all members
  • Your savings are guaranteed under the Savings Protection Scheme of the Irish League of Credit Unions

Easy Share 

  • Easy Share Accounts may be opened by anyone holding a full Clonard Credit Union Share Account and meet the Credit Union requirements in respect of loans. (You should note that if a member closes their main Savings Account they must also close their Easy Share Account).
  • Members have immediate access to Easy Shares with no penalties incurred.
  • The maximum amount that can be saved in an Easy Share Account is £3,000 with a combined savings maximum of £20,000
  • A minimum of £5.00 is needed to keep the Easy Share Account open
  • Easy Share Accounts attract the same benefits as the Adult Savings Account including: Any declared Dividends which are paid annually
  • No money can be lodged into an Easy Share account if the member is (or goes into) arrears of a loan repayment. Loan arrears must be cleared before any further lodgement is made into an Easy Share Account
  • Easy Share Accounts are not taken into consideration when assessing a loan application

Ask a member of staff for details on how to open

How To Lodge Funds To Your Account

There are a number of ways you can lodge funds into your Credit Union account as follows:

  • Set up a Standing Order from your bank account
  • At the Credit Union using cash, cheque or a Debit card
  • By phone using a Debit card

*This service is not available for Credit Cards

Minors Savings Account

This account is available to children from birth to age 16. It is generally opened by a parent or guardian on behalf of the minor.

The parent or guardian can make withdrawals from the minor account if the child is less than 7 years old, after that age both minor and parent signatures are required. Withdrawals are restricted to two per year.

Annual interest is payable on the account.

Savings limited to a maximum of £5,000.

At the age of 16, the minor must close their minor savings account as they will be eligible to become an adult Credit Union member although they are unable to apply for a loan until the age of 18.

The minor and their parent or guardian must bring the following identification should they wish to make a withdrawal or close the account:

  • Parent/Legal Guardian – Photographic ID
  • Minor – Password/National Insurance Number/Medical Card
Find Us here:
Clonard Credit Union Tel: 028 90 322 507 Email: Web:
Clonard Credit Union Ltd is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.