Savings Account Menu
Why Save with WCU?
Saving with Waterford Credit Union has many benefits
- Life Savings Insurance
- No transaction fees or hidden charges
- Easy access to your savings
- Option to join our Christmas ‘Personal Diddley’ Savings account
When you save with Waterford CU you are part of a growing, progressive credit union with almost 34,000 members, 3 branches and €190m in assets. Members of Waterford Credit Union come together to save and from this pooling of funds, we are able to lend to fellow members. Therefore, when you save you are helping your neighbours and local communities grow and develop. Waterford Credit Union is a not-for-profit organisation – our primary focus is on serving the financial needs of our members. Any surplus funds at year-end are paid back to members as a dividend or used to strengthen our financial reserves. Each €1 you save is equivalent to 1 Share in the credit union.
Change to ‘savings cap’ March 2021
In March 2021 the Board of Directors of Waterford Credit Union took the difficult decision to limit savings to €15,000 per member account.
This decision resulted from a significant increase in the value of savings deposits made at the credit union. This increase in member savings has implications on the credit union’s regulatory reserve requirements, as set out by the Central Bank of Ireland, which is a minimum of 10% of total assets. For every €1,000,000 saved with our credit union, we are obliged to put aside €100,000 into our reserves.
As and from 22nd March 2021, you will not be able to lodge funds in excess of €15,000 into your account.
This savings cap has no bearing on the day-to-day operations of the credit union. Waterford Credit Union is adequately capitalised at present and we wish to increase our reserves position for the future.
Our ability to lend is in no way affected by the savings cap. We continue to provide valuable loan services to the local community.
How do I Save?
Every €1 saved is the equivalent to a single share. You may save by direct debit through your bank, or simply call into our office anytime. Your shares will build up quickly, and at the end of the financial year, every member may be entitled to a dividend, based on the number of shares they hold.
You can withdraw your savings at any time, although a minimum balance of €11 is necessary to maintain an active account. That said, if you need money, we would encourage you to take out a loan and keep your savings intact. This will ensure you still receive your dividend (if a dividend is approved at the AGM) and benefit from the free loan protection insurance.
Deposit Guarantee Scheme
The Central Bank of Ireland is responsible for administering the Irish Deposit Guarantee Scheme which provides protection to depositors in the event of a credit institution failing. Deposits up to €100,000 per person per institution are protected and compensation would be payable to eligible depositors within 20 working days. Eligible deposits in banks, building societies and credit unions authorised in Ireland are covered by the scheme.
Deposits with credit institutions authorised in another European Economic area (EEA) country and operating in Ireland on a branch basis are covered under that country’s deposit guarantee scheme. These credit institutions may opt into the Irish deposit guarantee scheme in certain circumstances.
The Irish Deposit Guarantee Scheme is funded by credit institutions lodging funds in a deposit protection account maintained at The Central Bank.
Please note: The maximum saving limit per member (not per account) at Waterford Credit Union is €15,000.