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Latest News

01 Apr 2021

Coronavirus COVID-19

As more COVID -19 cases are confirmed in Ireland, we would like to reassure members that we are currently operating as normal.

03 Apr 2021

Managing & Safeguarding your Credit Union Account

The ILCU Legal Department has developed a new guide, entitled "Managing and Safeguarding your Credit Union Account" , which is specifically for credit union members.

05 Apr 2021

2020 Student Bursary

Applications are now open for the 2020 Student Bursary. Forms are available in the office or you can print one here.

06 Apr 2021

Credit Union Art Competition 2020

2020 Credit Union Art Competition has been launched. Closing date for entries at Abbeyfeale Credit Union is Friday 16th October 2020. Entry Form & Rules.

07 Apr 2021

Student Bursary Winner 2020

This years winner of the Abbeyfeale Student Bursary was Michael Tony, Duagh, Co Kerry.

Savings

We all know the merits of saving money, either for something specific or for that “rainy day”. But saving money with Abbeyfeale Credit Union Limited means you also become a member of a highly successful co-operative.

You are not just another customer - you are a member.

Each and every €1 you save is equivalent to 1 share in the credit union. If you begin to save regularly it won’t be long before you build up a healthy balance.

Some of the many benefits of saving with Abbeyfeale Credit Union Limited:

  • Easy access to your money once it is not used as security against a loan
  • No hidden charges or fees on any transactions
  • Life savings insurance for eligible members (Terms & Conditions apply)
  • Nomination of account proceeds (see more information below)

When you save with us you are also building a history which will be taken into account in the future should you wish to apply for a loan.

The money you save with us is used by the credit union to fund the loans it makes to members. By saving with us you are indirectly helping your neighbours and the community to develop.

When a member who is over 16 years of age opens a credit union account, he/she is entitled to nominate a person (or persons) to receive his/her property in the credit union on his/her death.

Are my savings secure?

Credit Unions in the Republic of Ireland are covered by the Deposit Guarantee Scheme which is administered by the Central Bank of Ireland. It covers deposits held with banks, building societies and credit unions.

In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also 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.

What return will I get on my credit union savings?

Every share you hold with Abbeyfeale 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 €1)
  • The surplus income available for distribution by your credit union to members.
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. (Terms & Conditions apply)
Avoid your Account becoming dormant

Under Credit Union Rule 22 (now amended to Rule 19) if your account becomes inactive for 3 years and we are unable to contact you within that period it may become a dormant account. It is in your own interest to keep it active by conducting regular transaction.

The account may be reactivated by conducting transactions and supporting it with photographic I.D. e.g. passport/drivers licence/birth certificate for children and confirmation of address (not more than 3 months old) e.g. utility bill/revenue documentation.

Why not become a member today

Why not become a member today

Simply drop into our office, with the applicable documentation, to become a member.