One of the first things people think about when they hear Credit Union is savings. At First South Credit Union we offer an excellent saving service for all our members that allows them the freedom they deserve.
Saving in First South Credit Union couldn’t be easier! There are a number of ways to grow your savings with our Credit Union:
- Payroll deduction if your employer is part of our CU @ Work scheme
- Direct Debit from your bank
- Have all your wages directly paid to First South
- Your benefits such as Child benefit directly paid
- Have social welfare payments paid in directly
- Call in to one of our offices and pay at the counter
Every Credit Union has a unique BIC and IBAN number which means that the account can be accept electronic transactions like direct debits and standing orders. Our accounts are fully SEPA compliant.
How Secure are my Savings?
Deposit Guarantee Scheme
Your Savings are GUARANTEED by the Government Deposit Guarantee Scheme.
(up to a maximum of €100,000)
Credit Union members can rest easy in the assurance that their savings are safe. Credit Unions in Ireland are secured in several ways:
- All officials of Credit Unions whether volunteers or staff must be Fidelity Bonded
- First South Credit Union is a member of the Savings Protection Scheme (SPS) of the Irish League of Credit Unions. This scheme confers no legal right upon a member Credit Union to receive financial assistance from the SPS. The scheme is designed to stabilise a Credit Union in the event that it (the Credit Union) gets into trading difficulties. If assistance is given to a Credit Union under the scheme, the savings of individual members of that Credit Union may be protected up to a maximum of €12,700.
Added confidence for members is given by the fact that:
- All monies received in Credit Unions 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 relevant regulatory authority
Dividends (return on savings) are determined by the performance of our Credit Union each year. At the Annual General Meeting, the Board of Directors may recommend the approval of a dividend to members to be distributed from any available surplus earned in the previous year.
Dividends are paid directly to the members’ accounts.
*Dividends may be subject to deduction of DIRT tax.