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.

 Savings as shares in a Credit Union are a better way to save. You are not just another customer but an active member of a highly successful financial co-operative. Yes, you have a share in the ownership of the Credit Union. Along with having a say in the operation of the Credit Union you also earn dividends. And you have the added bonus of knowing that your savings are being used to make loans to other members. Members just like you.  

  • Termonmaguirk Credit Union is owned by its members, and services its members.
  • Termonmaguirk Credit Union is a not for profit financial cooperative.
  • Any surplus income generated is returned to the members as a dividend and/or may be reinvested to improve services.
  • There are no transaction charges on savings (or loans) accounts.
  • Savings are insured at no direct cost to each eligible member and are covered under the Financial Services Compensation Scheme operated by the Financial Services Authority
  • Termonmaguirk Credit Union is a community based organisation.

 

Additional Benefits 

Life Savings Insurance:

A life cover provided to all eligible members as an additional incentive to save regularly. The benefit payable is in proportion to the amount of savings a member had made during their membership, prior to age 70.

Loan Protection Insurance:

Insurance cover provided to eligible members which will clear any remaining loan balance in the event of the member's death.

Death Benefit Insurance:

In the event of a member's death, a sum of £1,500 is paid by Termonmaguirk Credit Union to provide the deceased's family with additional support for bereavement costs. Eligibility is based on becoming a member before age 70, and having a minimum share balance of £10.

 

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