Credit Union Membership

Credit Union Membership has Many Benefits.

What is the Common Bond?

The common bond is the factor which unites all the members of your credit union - it is what all members have in common.

Community bond (where all the members live, and in some cases work, in a particular locality).

Occupational bond (where all members are in the same profession or occupation, or work for the same employer).

What you need to join?

When applying for membership you will be asked for proof of ID and proof of address, for example a current passport and recent utility bill. Depending on the rules of your credit union, to be a member there will be an entrance fee of not more than €1/£1stg and you will need to hold a minimum savings of between one and ten shares.

Each credit union is owned by people like you, the members, who both save with, and borrow from it.

As a member, you will receive a dividend, if declared, on your savings and you have access to loans at fair and reasonable rates.

Benefits of Membership

All your savings with the credit union are called ‘Shares’. In northern Ireland, minors (anyone under the age of 16) savings are called 'Deposits'. Some credit unions also have deposit accounts

Each share you hold is eligible for a dividend should your credit union declare one.

In the event of your death your credit union savings are insured - subject to terms, conditions and eligibility criteria - at no direct cost to you.

No matter how much you have saved, all members aged 16 or over, have equal voting rights on issues affecting their credit union.

Credit Union Membership