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  028 807 61507  info@tmcu.net


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Savings

Why Open a Savings Account?

Secure your financial future with our savings account—start growing your savings today with no monthly fees

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Savings

Termonmaguirk Credit Union encourages all members to develop a regular savings habit. As one of the key aspects of the Credit Union ethos, saving not only improves your financial situation but it helps other members and our local community.

Savings in a Credit Union are known as ‘shares’. This is because when you save with the Credit union you become a Shareholder. You have the  right to vote (one member, one vote) and can participate in decisions affecting the credit union.

  • No hidden charges or fees on any transactions
  • Easy access to your money once it is not used as security on a loan
  • Life Savings insurance for eligible members
  • Death Benefit insurance for eligible members
  • Nomination of account proceeds 
  • Savings are protected by the Financial Services Compensation Scheme
  • A return of Dividend at the end of the Financial Year (subject to approval at AGM)

Regular Share Account 

  • You must be 16 years old 
  • You can save up to maximum of £15,000.

Easy Share Account

  • You must be 16 years old
  • You can save up to maximum £1,000
  • shares can be withdrawn on demand
  • used for day-to-day budgeting for bills and other household expenses.

Minor Account (Children)

  • Newborn to 16 years old
  • Children can save up to a maximum of £5,000
  • For Minor withdrawals – please read ‘Account Opening for Minor Accounts’.
  • With the co-operation of the Principals and teachers of the local schools we operate a ‘school saving scheme’ for all the children. The main aim of the saving scheme is to encourage the children to adopt a regular savings habit. Whether it be for their first car, college fund or travelling the world etc – it’s good to save! Contact the office to find out more.
  • Cash
  • Cheque
  • Online transfer (contact the office for our account details)
  • Debit Card – in office or over telephone
  • Standing Order
  • Cash 
    • up to a maximum of £3,000 – must be ordered
  • Cheque – No limit  
    • Cheques can be made payable to 3rd party
  • Electronic Fund Transfer – No limit 
    • can only be transferred to member’s own bank account
  • Call into the office in person
  • Make an online request via website if registered (for EFT withdrawal)
  • Contact the office on 028 807 61507 – withdrawal request to be followed up by an email stating whether
    • EFT withdrawal or;
    • Cash/cheque withdrawal where you can authorise someone to collect on your behalf

Savings with Termonmaguirk Credit Union are 100% protected:

  • Savings are protected by the Financial Services Compensation Scheme
  • The Credit Union is regulated by the Financial Conduct Authority and Prudential Regulation Authority. This means that we must follow procedures to safeguard your savings.
  • All officials of the Credit Union, whether volunteers or staff, are Fidelity Bonded
  • Full financial statements are prepared each month and displayed in the office
  • Quarterly and Annual certified returns are lodged with the FCA and PRA and are on public record.