Increased savings limit at St. Canice’s Credit Union
St. Canice’s Credit Union is delighted to announce that members can now save up to €100,000 across their accounts.
The previous limit of €30,000 had been in place for the past number of years. Members can now, once again save funds up to the full regulatory limit of €100,000 as set out in the credit union act, safe in the knowledge that their funds are completely covered by the Deposit Guarantee Scheme. Lower savings limits had been imposed in many credit unions due to market pressures, reduced investment income and negative interest rates charged by banks for deposits along with the influx in member’s savings experienced during Covid.
Now that markets have returned to more normal levels St. Canice’s wishes to pass on the benefits to its members by allowing them more freedom to save with the Credit Union. Increasingly people are availing of products such as mortgages and current accounts from St. Canice’s and saving for a deposit and other major life events are an important part of Credit Union life. The increased limits will allow members more freedom to do this from now on.
Members should note that they can access their accounts and lodge money via the branch network, the St. Canice’s Credit Union app or via their banking platforms where their Credit Union BIC and IBAN can be used to lodge funds directly to their account. If members have any queries about saving with the credit Union they can call St. Canice’s on 056 7722042 or see the website for all details.
St. Canice’s Credit Union has an asset size in excess of €450 million with a loan book of over €112 million and growing. The membership base is over 70,000 making it one of the largest and most secure community credit unions in the country. Anyone interested in joining the credit union or availing of its products can visit the St. Canice’s website on www.stcanicescu.ie or see any of their social media channels for more details.