Each and every £1 you save is equivalent to 1 share in the credit union. Our savings limits are as follows:
- Maximum deposit of £1,000 per month
- Maximum total shares of £15,000
Credit Unions in Northern Ireland are covered by the Financial Services Compensation Scheme (FSCS). Please go to https://www.fscs.org.uk for more information.
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.
Every £1 you save before the age of 55 provides £1 of insurance. Once you are over the age of 55 each £1 you save with your credit union provides the following benefit:
- £1 saved between ages 55-59 provides £0.75 insurance
- £1 saved between ages 60-64 provides £0.50 insurance
- £1 saved between ages 65-69 provides £0.25 insurance
No insurance is payable on amounts saved after your 70th Birthday
Savings within a credit union are known as shares. Unlike a bank, a credit union does not offer a fixed interest rate on your shares but instead pays a dividend to members once a year. As a not for profit organisation, the amount of dividend you receive is dependent on the surplus funds that are available at the end of each financial year. This is voted on and approved by members who attend the annual AGM in December. In simple terms, the better we perform, the more we are able to give back to members.
A share account with Teachers' Credit Union is not an instant access savings account. Online withdrawal requests are processed at the end of each working day. This means a member may experience a short delay in when they receive their funds if requests are submitted after close of business or over the weekend whilst our offices are closed.
