Membership Benefits

Lurgan Credit Union Limited offers a range of services and facilities for members, there are many benefits associated with joining us, these include:

  • What membership offer you
  • Member benefits
  • Savings Benefits
  • Saving Protection Scheme
  • Funeral Assistance

What membership offers you

Joining Lurgan Credit Union Limited is easy all you do is apply for membership. To join members will have to pay an entrance fee of £1.00 and hold a minimum savings of £5.00 at all times. After this you should continue saving regularly – small amounts which will both give you the habit of thrift and add to the savings pool.

Members benefits associated with their membership, these include: –

  • Loan available at relatively low rates of interest which remain consistent even during times of economic turbulence
  • Encouragement and advice on a regular savings program
  • Control over your own finances
  • Security of savings through Lurgan Credit Union Limited and the Irish League of Credit Unions Saving Protection Scheme
  • Loan Protection and Life Savings Insurance at no direct cost to eligible members
  • The knowledge that your own savings are being used within your own community

Savings Benefits

Whether you are saving for something special in the future or just for a rainy day, regular saving are a good idea. Regular savings with Lurgan Credit Union Limited is an even better idea as you will not just be a customer but you become a member of a successful financial co-operative.

When Lurgan Credit Union Limited 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.

You have the added bonus of knowing that your savings are being used to make loans to other members – members just like you.

Saving Protection Scheme

  • Your savings are protected in Lurgan Credit Union Limited under the Savings Protection Scheme of the Irish League of Credit Unions, which we are affiliated to. They are safe in a number of ways: –
  • All officials of Lurgan Credit Union Limited whether volunteers or staff must be fidelity bonded
  • Under the rules of Lurgan Credit Union Limited your confidentially is protected
  • The savings of eligible members are insured through Life Savings Insurance
  • Full financial statements are prepared and can be examined by members
  • Annual returns are independently audited and lodged with the relevant regulatory authority

Funeral Assistance

This payment will be paid provided all conditions of cover have been fulfilled and will be paid in the form of assistance towards funeral expenses.

Following the AGM meeting on 7th December 2020, the amount of funeral assistance payable was increased from £1,000 to £3,000 for eligible members that passed away from 8th December 2020, subject to conditions.

To be eligible for receipt of Funeral Assistance members’ must –

  • Have joined Lurgan Credit Union before their 70th birthday and have been a member for a minimum of 12 months.
  • Have a Share Balance of NOT LESS than £100 throughout the 12 months preceding their date of death.
  • Have been NO MORE than 12 weeks in arrears on their loan repayments at time of death.

The Board of Directors retains the right to review and amend the conditions of cover at any time.