Savings FAQ’s

See our frequently asked questions below:

Savings FAQ’s

See our frequently asked questions below:

Home > Savings > Savings FAQ’s

Q1. Are my savings secure?

Credit Unions in Northern Ireland are covered by the Financial Services Compensation Scheme. This scheme is backed by the government. This is a scheme that can provide compensation to shareholders and depositors if a credit union is forced to go out of business. It covers deposits held with banks, building societies, and credit unions. Please visit: www.fscs.org.uk for further information.

In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is available to proactively intervene to protect members’ savings by making available financial assistance to help any credit union which may experience difficulties.

Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions). For more details, visit the Insurance section.
Q2. What return will I get on my Credit Union savings?

Every share you hold with Crossmaglen Credit Union Limited for the year is eligible for a dividend when declared. A dividend is the return on your shares and it is paid by your credit union out of surplus.*

*Past performance is not a reliable guide to future returns.

The amount of your dividend will depend on:

The amount of shares you have saved (one share is equal to £1stg.)

The surplus income available for distribution by your credit union to members.
Q3. 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.