Savings at Ballinascreen Credit Union

A key aspect of the ethos of the credit union is encouraging members to get into the habit of savings and to improve their financial situation.

This is reflected in the range of savings accounts which we offer for both adult members and junior depositors.

Benefits of saving with Ballinascreen Credit Union

  • No transaction fees or charges
  • Free Life Savings Coverage on balances up to £15,000
  • (terms and conditions apply)
  • Instant access to savings provided they are not collateral against a loan
  • All savings balances are covered by the Financial Services Compensation Scheme
  • Dividend paid on all savings accounts which is more competitive than comparable instant access accounts with Banks/Building Societies

Electronic Payments

You can make payments into your credit union account by various electronic means.

  • Direct Debit
    Setting up a Direct Debit authorises the credit union to collect money from your bank account on a weekly, fortnightly or monthly basis.
  • Standing Order
    Setting up a Standing Order authorises your bank to transfer money to your credit union account on a particular date.
  • Debit Card Payment
    You can make a debit card payment to your account either in person or via telephone. If you would like to set up an electronic payment, please contact the credit union.

Common Questions

Are my savings secure?

Absolutely. Through the Financial Services Compensation Scheme, member’s savings up to £85,000 are 100% protected, the same as any other Bank, Building Society or approved financial institution.

Financial Conduct Authority and the Prudential Regulation Authority :Company Registration 712C :Reference 401116.

What return will I get on my credit union savings?

Every share you hold with Ballinascreen 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 maybe 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.

Apply for an ATM Card

Follow the link below to apply for your ATM Card now:

Please note that you will need an ATM sub-account opened up so that you can withdraw from the machine.

Terms & Conditions