Savings Limit Increase for our Members

Savings Limit Increase

15th January 2024

Members can now save up to €60,000 across their accounts with Croí Laighean Credit Union.

We are delighted to announce an increase in our savings limits. Members can now save up to €60,000 across their accounts. This comes as a response to the valuable feedback received from our dedicated members.

The savings cap was introduced in 2021 due to the evolving financial landscape marked by negative interest rates and a surge in deposits during the challenging Covid-19 pandemic. Since the introduction of the savings cap, we have worked towards increasing the savings cap for our members.

Over the past 12 months, we have witnessed a significant growth in lending, driven by our market-leading loan interest rates and the introduction of lower mortgage rates from 3.75%.

With the recent ECB interest rate hikes, we are no longer paying interest to hold deposits. As a result of the increased lending and removal of interest to hold deposits, the savings cap for standard savings accounts, including Share Accounts, Joint Accounts, and Everyday Accounts, has been increased to €50,000. Members can also hold an additional €10,000 in their Current Account.

Freedom to Save

We constantly strive to provide our members with the freedom to save and enjoy the benefits of Croí Laighean Credit Union. We are now in a position to increase the savings cap, but rest assured, we are actively exploring options to eliminate this cap entirely, as soon as market conditions permit.

This announcement signifies a very positive step forward and demonstrates our dedication to listening to our members and empowering them with greater financial flexibility. All savings remain protected by the Deposit Guarantee Scheme, and our full-service current account continues to offer a low monthly maintenance fee of just €4.

Croí Laighean Credit Union has over 44,000 members with branches in Kildare and Offaly. As a member-owned not-for-profit credit union, our work benefits our members and the local community. Over the last 7 years, we have contributed over €728,000 to local clubs and groups through our community fund, sponsorship deals, bursary, and scholarship programs. We remain committed to these activities because we believe that investing in our community fosters a thriving local environment that benefits everyone in the area.