Savings
Save with your Credit Union
Save your hard earned money now, for the life you want tomorrow
The purpose of all Credit Unions is to encourage thrift among their members and by saving only a small sum every week, members can quickly accumulate a substantial amount of savings.
Saving regularly also increases borrowing power - loans are available at low cost and with flexible terms.
Magherafelt and District No 3 Credit Union Ltd actively encourages all its members to save regularly - each £1 saved is a "share" - the more shares the greater the dividend (interest) paid back to members at the end of each year.
| Years | £1 PER WEEK | £3 PER WEEK | £5 PER WEEK |
| 1 | £52 | £156 | £260 |
| 2 | £104 | £312 | £520 |
Benefits of Credit Union savings
Easy access to your money once it is not used as security against a loan
No hidden charges or fees on any transactions
Annual dividend returned to all our members
Christmas Club Accounts are available all year round
Shares can be withdrawn on request.
In most instances members will be encouraged to use our loans facilities rather than withdrawing their shares. This ensures that the member continues to earn a dividend and helps keep the Credit Union on a sound financial footing.
The staff of Magherafelt & District No. 3 Credit Union are happy to advise members in these cases.
All withdrawals will be made to the account holder only and will be paid by cheque or bank transfer. In some instances the Credit Union may be able to cash the cheque however this depends on the amount of available cash received on any particular day.
All shares in the Credit Union are fully protected by the Financial Services Compensation Scheme up to a level of £85,000.00.
A copy of our Registered Accounts is kept on the Notice Board at all times.
Savings (shares) are used for bank investments and to make loans available for members.
The interest we receive from loans and bank investments is used to pay our running expenses, to build up our General Reserve (ensuring that the Credit Union retains its sound financial footing) and the remainder is returned to all our members by way of an annual dividend.
The rate of the Dividend depends of the amount of profit made in the financial year (this currently runs from 1st October - 30th September. This may vary from year to year.
Christmas Club Accounts are available all year round.
Members can lodge as much or as little to these accounts at any time.The only difference in Christmas Club and regular Share Accounts is that the funds cannot be withdrawn until 1st November of any given year.
Opening a Christmas Club Account lets you save all year to help deal with the additional cost of Christmas.
Christmas Club Accounts attract the same rate of dividend as our regular Share Account - in other words your money will be earning you interest with every lodgement.
Ask our staff for details.
A Schools Savings Scheme is available through the following schools:
Magherafelt Primary School
Knockloughrim Primary School
Tobermore Primary School
Bellaghy Primary School
Castledawson Primary School
Magherafelt High School
Savings are collected from the schools every Monday. For more information please contact the Credit Union.
