Savings

 
Lurgan Credit Union encourages all members to develop a regular savings habit.

Savings in a Credit Union are known as ‘shares’. This is because when you save with the Credit union you own a part - or share - of the business. This doesn’t cost you anything because your savings / shares can always be withdrawn.

Being a member-owned business is just one of the many benefits of saving with Lurgan Credit Union:

• All savings are protected by the Financial Services Compensation Scheme
• All accounts are protected with free Life Savings Insurance
• Savings payments to suit your budget
• Members with a good savings history are more likely to be accepted for loans

Lurgan Credit Union offers Regular and Easy Share accounts.

Regular Share Account

You can pay in as often as you like with regular deposits or lump sums.

Importantly, the savings balance is taken into account when assessing your application for a loan. A good savings history means you’re more likely to be accepted for a loan. Savings can be used as security for your loan, meaning you can access higher value loans.

Easy Share Account

The Easy Share Account helps members plan for anticipated future expenditure (like saving for a home improvement). The account can also be used for day to day budgeting for bills and other household expenses.

There is no credit facility available on this account. Because of this your shares can be withdrawn on demand. However the balance is not taken into consideration as part of the loan assessment. Nor will the balance contribute towards any Funeral Assistance benefit. The shares in the ‘Easy Shares’ account are completely separate.

Savings limits

An Easy Share Account can hold a maximum of £10,000 in shares at any time. The total limit for all savings accounts is £20,000.

 

Opening an Adult Account

To become a member with Lurgan Credit Union, you will need to book an appointment by calling our office on 02838325016

You will need to provide:

•  Proof of Address, dated in the last three months (Bank Statement, Utility Bill or Government Issued Letter)
•  Photo ID (Valid)
•  £1 Membership fee
• £5 minimum to Lodge to Account

Our staff reserve the right to request any other relevant documentation they may require to open the account.

 

A Credit Union Savings Plan

Monthly savings calculator

Enter a monthly amount and how many months you want to save for and click 'Calc'.

How to withdraw your savings

Credit Union shares (savings) can be withdrawn at the members’ request.

However, members are encouraged to maintain their savings balance intact so that their savings:

• Continue to earn a dividend
• May benefit from Life Savings Insurance protection
• Maintain their credit worthiness and capacity to borrow.

So it may be wiser for you not to withdraw your savings, but instead to take a loan with repayments suited to your financial circumstances.

Safe savings

Your savings are well protected at the Credit Union:

• Savings are protected by the Financial Services Compensation Scheme
• The Credit Union is regulated by the Financial Conduct Authority and Prudential Regulation Authority. This means that we must follow procedures to safeguard your savings.
• Senior managers at the Credit Union are evaluated as being ‘fit and proper’ by our regulators
• All persons handling Credit Union cash are insured
• Full books of account are kept and financial statements placed on public display in the Credit union office.
• Quarterly and Annual certified returns are lodged with the Financial Conduct Authority and are on public record.

 

Return on shares / savings

Savings are used to make loans to members.

The interest from loans and investments is used

• To pay expenses
• To build up the Credit Union’s own savings (known as reserves or capital
• The remainder may be returned to the members by way of dividend and rebate on loan interest.

 

Re-Opening a closed account

Please note it is our policy if the applicant has had a previous CU account that has been charged off and still has a balance owed on it, then this must be paid back in full before any new account can be opened.

If the balance owed on the account is as a result of and IVA/Bankruptcy we cannot pursue this debt so we cannot and will not ask the member to pay this back.

However, We will not open accounts for any applicant that has included LCU in a previous IVA/BANKRUPTCY that has left us with a balance owed to us on their account.