Find out how to save with Letterkenny Credit Union
Savings - Letterkenny Credit Union Ltd

Why Save with Us?

Whether you’re saving for something in the future or just for a ’rainy day’, regular saving is a good idea.

With us, you are not just a customer!

You are a member of a successful financial co-operative. Each and every €1 you save is equivalent to 1 share in your credit union. Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting your credit union.

You will need to hold a minimum savings of €10 to keep your account activated.

Limits

Letterkenny Credit Union proactively manage, monitor and respond promptly to global market changes. We have a Monthly Lodgement Cap of €7,000 per member.  With a Maximum Total Tavings per member of €25,000 in place.

How to save with LKCU

We have a number of ways which you can lodge savings to your Credit Union Account including:

  • A lodgement directly at the counter with a member of staff
  • Using the self-service Kiosk in our front office
  • By setting up a Direct Debit or Standing Order from your bank account
  • By Salary deduction with one of the many employers offering this service
  • Using your Visa Debit card on our secure members area of this website

Each balance you hold with LKCU has a unique IBAN which can be used to lodge funds directly to your account. Note: limits as mentioned above will apply to electronic lodgements.

Free Life Savings Insurance

Members savings (up to certain limits) are insured at no direct cost to the member through the credit union.

Easy Access

Open 6 days per week (1 day in our sub office in Ramelton), our online banking app and now our new Current Account Mastercard®debit card, you can access your money anytime, anywhere.

Supporting Local

As a Letterkenny CU member, you are supporting a local financial co-operative, that has local people and local communities at the core of what it does.

Good Saving Practices

By saving with your local CU, you are building a positive savings history which may be considered should you apply for a loan with us in the future.

No Hidden Fees

With Letterkenny Credit Union there are no transaction fees.

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.

Find out more

We must operate prudently, watching global financial trends so that we can respond in a timely and robust manner.  As a Credit Union, we are governed and regulated by the Central Bank of Ireland.  and their regulations mandate that all credit unions must hold a regulatory reserve of a minimum of 10% of their total assets. This means that for every additional €100,000 of savings, we must allocate €10,000 from our surplus/profits to our Capital Reserve, and this can have the effect of reducing the amount available to lend, to cover operational costs, etc.

We have seen an increase in the amounts deposited into shares and this impacts our return on investment for monies held by our members.   The Monthly Lodgement Cap has no bearing on the day-to-day operations of the credit union.  In fact, the decision to have a Monthly Lodgement Cap reinforces and strengthens our Credit Union further.  We monitor the environment we operate in and ensure we take appropriate action well in advance of potential issues developing.

By having a Monthly Lodgement Cap in place, this prevents a draw on our surplus in the coming years, an effect that would happen from having to maintain an excessive regulatory reserve due to excess savings.

If you have less than €25,000 held in shares (combined across all your accounts) you can increase it to this amount, however, not beyond.  Our team monitor this on an ongoing basis and advise members accordingly.

Each member’s shares are limited to a maximum of €25,000 of combined savings, whether they are in any of the following:

  • Single Share Account
  • 50% of the value of their joint share account(s)
How to join

Become a Member

If you would like to start saving with Letterkenny Credit Union you can register to Become a Member below. Existing members who are registered to CU Online can log in below.

Become a Member Download Form
Online Banking Log In Register

NEVER EVER provide your Current Account or Debit card details unless you are very familiar with and trust the individual.

If you would like more information please contact Letterkenny Credit Union today.

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