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Clonsilla Credit Union Ltd has introduced a new and exciting savings account, called CUCASH, to members. This account also replaces the Saving Stamps.
You may open a CUCASH account by completing this form and depositing a minimum of €6.00 and you must also have a minimum of €65.00 in your share account.
Interest will be calculated monthly, based on your minimum savings balance and credited to your account in December each year. The rate of interest paid is 1% (subject to DIRT).
Because your credit union was formed solely to help its members, it aims to offer fair and reasonable rates on savings and loans. But this isn't the only advantage to saving and borrowing with your credit union. Your credit union offers all eligible members Life Savings insurance and Loan Protection insurance at no direct cost. The insurance is underwritten by the credit union movement's insurance company, ECCU Assurance Company Limited and is paid for by credit unions from their surplus income. Members pay no individual charge.
Life Savings insurance is a life insurance cover your credit union provides to all eligible members as an additional incentive to save regularly and maintain savings with the credit union.
With Life Savings insurance, your dependants will receive a financial sum in the event of your death. The amount they will receive will depend on your age and how much you have saved with your credit union over the years. Life Savings insurance is paid for by your credit union. There is no additional direct cost to you, the member.
The amount of insurance benefit which an eligible member is entitled to is in direct proportion to the savings and the age of the member.
Subject to a maximum benefit set by your credit union, every €1 you save before the age of 55 provides €1 of insurance. So if you are 54 years of age with €3,000 saved in your credit union, an insurance benefit of €3,000 in addition to your savings will be paid out on your death.
Once you are over 55 years of age, each €1 you save with your credit union provides the following insurance benefit:
Once earned, your insurance remains in force as long as you leave your savings in your credit union. Withdrawals may affect the amount payable.
You are entitled to Life Savings Insurance cover when you save with your credit union if you:
Loan Protection Insurance is the insurance cover your credit union provides on the lives of eligible members with credit union loans.
Provided you are in good health and engaged in your normal life occupation, your loan is covered by insurance. You should check out details regarding an individual loan when making a loan application. For more details, please fill out this form and we will give you details.
Should a member with an outstanding loan balance die, the balance is repaid in full, subject to certain cover limits which may apply. You should enquire when making your loan application to see if you are eligible.
This means that you can borrow from your credit union in the full confidence that your dependants will not be obliged to repay the outstanding loan balance. With most credit unions, the loan of a member who suffers total and permanent disability for any occupation before the 60th birthday is also repaid.
