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Savings Introduction

Each Euro saved is the equivalent of one share and each share is eligible for a dividend at the end of the year. The amount of dividend paid will depend upon the number of shares held by the member as well as the overall performance of the credit union during any given financial year. Members are also encouraged and reminded of the importance of saving even when paying loans etc.  The Maximum Savings Balance for any one member is €30,000.00

Growth Account

The Credit Union also operates a growth (deposit) account for existing deposit account holders. (Note! We no longer offer this service to members who have not opened a deposit account).  The maximum deposit balance is €10,000.00.  The current rate of interest is 0% P/A.  We would remind all deposit account holders that deposit/growth accounts unlike share accounts do not carry Loan Savings insurance.  Share Account Holders can be eligible for a maximum insurance claim of €7,700.00.  Terms and conditions apply.

Common Fund

As the amount of shares build the common fund of money subsequently grows. This fund is then readily available for providing loans to members etc.


All members can rest assure that their money is dealt with in a safe and effective manner. Most credit unions in Ireland are affiliated to the Irish League Of Credit Unions and are secured in several ways.

  • All officials of credit unions whether they are volunteers or staff must be fidelity bonded.
  • Members savings with certain limits are insured through life savings insurance.
  • All monies received in credit unions are dealt with in a professional manner on an ongoing basis.

Annual accounts as well as auditors & directors reports etc. are available for inspection by all members.


It is important that all members & possible future members are aware that on joining the credit union you are entitled to nominate one or more persons to whom your shares or deposits will be transferred upon your death. Such a service is almost unique in that the sum of money you have left behind is not tax deductible.

Members over 16 years are encouraged to nominate a person(s) to receive their credit union property in the event of their death. The maximum amount you can nominate is €23,000. This means that on your death, your savings will not form part of your estate and can be distributed without delay to the person(s) you have named on your Nomination Form.

As a Nomination overrides a Will, we encourage members to complete a Nomination and keep it up to date.

You can update your Nomination any time at Roscrea Credit Union.

Key Points:

• Members under 16 years are not eligible to complete a Nomination Form.

• The Nomination is valid up to a limit of €23,000. Any amount above €23,000 becomes part of the member’s estate.

• The member can at any time change their Nomination by completing a new Nomination Form. Any previous Nomination will automatically be cancelled.

• A Nomination overrides a Will, so it is important to have a nomination and keep it up to date.

• The marriage of a member of Roscrea Credit Union cancels any Nomination made by him/her before his/her marriage. This applies even if the same person is to be nominated.

• A Nomination shall be cancelled by the death of the Nominee before the death of the Nominator.

• The form of Nomination must be made at the registered office of Roscrea Credit Union during the Nominator’s lifetime.
Once Roscrea Credit Union’s Board of Directors receives satisfactory proof of death of the member, the account and monies will be processed.

To fill in a Nomination Form, call in to our office with Photographic ID.