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
- All savings balances are covered by the Financial Services Compensation Scheme
- 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
- Dividend paid on all savings accounts which is more competitive than comparable instant access accounts with Banks / Building Societies
Types of Savings Accounts
The maximum cumulative share balances any adult member can hold in Ballinascreen Credit Union is £50,000.
Main Share Account
This is the main account which is opened when a member joins the credit union. Funds held in the main share account are instant access provided they are not held against a loan.
This is a sub-account on the members main account number. Easy-share accounts are ideal for members who want to continue to save when they have a loan on their man share account or for members who want to keep separate savings balances. All fund in easy-share accounts are instant access.
Christmas Savings Accounts
These no-access accounts enable members to save for Christmas either through a local collector or directly with the credit union. All funds in these accounts are paid out in November each year and the maximum balance is restricted to £5,000.
Junior Deposit Accounts
These accounts are available to anyone aged under the age of 16 and must be opened by a parent or guardian. The maximum balance permitted in a junior account is £10,000. Upon reaching the age of 16, junior account holders who hold the common bond, may join the credit union as adult members.