Savings

For small to medium savers, Elevate CU is where you belong

Whether saving for something in the future or just a rainy day, it’s a good idea to get into the habit of saving regularly with Elevate Credit Union.

Members own our credit union. This means that money saved in Elevate CU goes towards improving the services we provide to you, our Members.

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Savings Benefits

No maintenance or quarterly fees

Direct debit or standing order to pay your savings

Savings balances above your loan amount can be withdrawn on demand

Free life cover on saving up to €3,000 (T&Cs apply)

Regular Accounts

  • Members present accounts with the credit union are considered as a Regular Share Account. These accounts are suitable for those who are not liable for income tax
  • The onus is on the member to declare their account to the Revenue Commissioners
  • Dividend rate declared at AGM is posted gross to members accounts
  • No disclosure is required by the credit union

Security

Elevate Credit Union members can rest easy in the assurance that their savings are safe. Credit unions in Ireland, which are affiliated to the Irish League of Credit Unions, are secured in several ways:

  • All officials of credit unions, whether volunteers or staff, must be fidelity bonded
  • Member's savings within certain limits are insured through Life Savings Insurance
  • All monies received in the credit union are properly recorded and lodged regularly
  • Full financial statements are prepared and can be examined by members
  • Annual independently audited returns are lodged with the relevant authority, The Irish Financial Regulatory Authority

Saving Limits

The Board of Elevate Credit Union Ltd. took the difficult decision to limit savings to €20,000 per adult member account and €7,000 for junior members.

To maintain the regulatory reserve set out by the Central Bank of Ireland, which is a minimum of 10% of our total assets, it requires that for every additional €100,000 of savings, we must allocate €10,000 from our surplus / profits to our Capital Reserve. We are now also living in uncharted waters when it comes to the challenges we face of low & negative interest rates for deposits. The current negative interest rate climate, which is showing little sign of improvement, now means that Elevate Credit Union Limited is effectively being charged by banks to hold funds.

With the above affecting our ability to invest in and improve our services, while also depleting funds available for dividends at year end, we have had to impose this limit. Most of our members will be unaffected by the changes outlined. At all times, our service to members sits at the heart of all our activities and we will keep this restriction under review.