Find out how to save with the Credit Union

Why save with the Credit Union?

Saving for that special event or a rainy day? Regular saving has come back into fashion and Ballybay Credit Union is just the place to do it for lots of reasons.

At the Credit Union, your savings are called Shares making you, not just a customer but a member of a successful financial co-operative.  As a shareholder, you have a say in how the Credit Union operates and will earn dividends each year on your Shares*.

Saving regularly will give you financial independence and security and stand you in good stead when applying for a loan. More than that, it is through the accumulation of members’ shares that the Credit Union has the ability to lend to other members.


Protected Savings

Your savings are covered by the statutory deposit guarantee scheme (DGS). If insolvency should occur, your eligible deposits would be repaid up to €100,000.

Life Savings Insurance

We insure members’ savings at no additional cost to the member and the benefit will become payable on the death of the eligible member. (T&C’s apply)

Nomination of Account Proceeds

A mechanism to distribute funds of up to €23,000 in your account after your death unique to Credit Unions. We urge all members to avail of this facility.

You can currently save up to €20,000 in your Credit Union account.

Existing share balances above this limit can remain in the account, but no new savings can be lodged.
Should future withdrawals bring a member’s balance below €20,000 at any stage, the limit will apply to future lodgements, so that the share balance remains at or below €20,000.

You can make a withdrawal from your savings by cheque, cash or electronic transfer. You can also transfer funds using your cuOnline+ online banking. Cash withdrawals are subject to an on-demand daily limit of €3,000.

The amount of dividend payable is variable and whilst we strive to pay a dividend each year, it is depends on the amount of surplus funds available.

The Board of Directors will recommend a rate at the AGM each year (usually held in December) and the members present will vote to accept or reject. The dividend will then be paid on the day following the AGM. The amount due to each shares account will be calculated based on the monies held in the account throughout the year.


Your savings are covered under the Deposit Protection scheme administered by the Central Bank of Ireland. This is a scheme that can provide compensation to depositors if a credit institution is forced to go out of business. The scheme covers deposits up to a maximum of €100,000 per person.

Ballybay Credit Union members also have the added protection of the Savings Protection Scheme (SPS), a scheme owned and operated by the Irish League of Credit Unions to assist any Credit Union that may experience difficulties.

How to apply for Membership

How To Apply

Call into our office, or call us on 042 9741789 to discuss joining Ballybay Credit Union today.

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If you would like more information on saving with Ballybay Credit Union please contact us today.

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