Encouraging the habit of saving is an important part of the Credit Union message. Regular saving and sensible borrowing are key elements when it comes to managing your money.

Saving regularly gives you financial security, independence, peace of mind and an attractive return on your savings. Regular saving with your credit union is an even better idea.

At your credit union, you’re not just a customer, you’re a member of a successful financial co-operative.

Return on Savings from Lifford Credit Union

Each share you hold in your credit union is equal to €1. When a credit union declares a dividend at the end of its financial year, each share you hold for that year is eligible for a dividend. The more shares you have, the greater the dividend you will receive. Only members of Lifford Credit Union receive a dividend from the credit union. The amount paid to members varies from one credit union to another and is subject to approval on an annual basis.

Benefits of Credit Union savings

  • Savings balances over and above any loan you may have are available to you to withdraw on demand.
  • Free life cover up to a maximum of € 20,000.
  • Government savings guarantee scheme up to € 100,000.
  • There are no transaction charges or fees.

    For small to medium savers, your Credit Union is where you belong.

Can I have easy access to my savings?

You can withdraw your savings provided they are not pledged as security on a loan. However, you are encouraged to keep your savings intact, so that:

  • They continue to earn a dividend
  • They continue to benefit from the Life Savings Insurance protection
  • You maintain your credit worthiness and capacity to borrow

Lifford Credit union will be happy to talk to you about suitable alternatives to withdrawing your savings.

How secure are my savings?

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:

  • All officials of credit unions, whether volunteers or staff, must be fidelity bonded.
  • Member’s savings up to a max. of €20,000 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.
  • Annual independently audited returns are lodged with The Central Bank of Ireland and The Irish League of Credit Unions.

Types of Share Accounts

Regular Share Accounts

  • All accounts are Regular Share Accounts.
  • Dividend rate declared at A.G.M. is posted gross to member’s accounts and then DIRT is deducted if applicable.
  • These accounts are liable to DIRT tax at the current prevailing rate unless a member qualifies for and has completed a Form DE1 (available in any of our offices).

Life Savings Protection

Life Savings insurance is a life insurance cover your Credit Union provides free of charge to all eligible members as an additional incentive to save regularly and maintain savings with the Credit Union. With Life Savings insurance, your dependants may receive a financial sum of up to €20,000 maximum in the event of your death.

Free Death Benefit Insurance

The main purpose of Death Benefit Insurance is to provide extra Insurance to our members in the event of their death. With Lifford Credit Union, the benefit offered is €2,600 and is paid to help ease the burden of funeral expenses of a deceased member.

You are eligible for this insurance provided you:

  • are over 16 years of age (under 16 years are automatically included)
  • joined the credit union before 70 years of age
  • remain a member of the credit union
  • are or have been eligible for cover under the Life Savings Policy
  • must have a balance of €100 in shares on date of death


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