Whether you are saving for a “rainy day” or to build up a track record to apply for a loan, regular saving is always a good idea. Saving is a habit and can only be taught by doing. Once you develop the habit it will stay with you for life.
It is not about how much you save, but about developing the habit of saving regularly. So that by keeping the habit going over time, your savings can add up to quite a lot. You can even start small by saving loose coins in our pocket, change in your purse. Every cent helps.
Savings in your Credit Union are called Shares. Each share you hold is equal to €1.00. To be a member you must have a minimum of €6.35 in your Shares (Savings).
The maximum funds guaranteed under the Government’s Deposit Guarantee Scheme is €100,000 per member. Under Cara Credit Union’s policy the maximum a member can have in shares is €30,000 (with effect from August 10th, 2020)
For further information on Saving, Phone Cara Credit Union 066 712 2373
Ways to save with Cara Credit Union
With Cara Credit Union you have a number of ways to lodge funds to Savings:
1. Call in to our offices in Tralee, Castleisland or Killorglin
2. Use our Banking Kiosks (Tralee office only)
3. Use the E Stamp Balance
An alternative option to our Saving Stamps for short term saving.
4. Direct Debit from your Bank Account
To set up a Direct Debit, call to Cara Credit Union or Tel 066 712 2373.
5. Electronic Funds Transfer / Standing Order from your Bank Account
To set up an Electronic Funds Transfer / Standing Order, please contact your Bank with your Credit Union IBAN and BIC Code.
6. Online through your Bank’s Online Banking facility
Using your Credit Union IBAN and BIC Code.
7. Cara Credit Union CU Online Banking or CU Anywhere Mobile App
Transfer funds from your Credit Union Access “Current” Account to your Loan Balance.
8. Payroll Deduction, Paypath, Social Welfare and/or Pension.
For further information, call to Cara Credit Union or Tel: 066 712 2373
Important Members Notice (July 10th 2020)
From August 2020 the following Savings Limit will be in place at Cara Credit Union
€30,000 Adult sole and joint accounts and €10,000 Juvenile accounts, children under 16 years.
This limit is calculated to include all balances in your sole name (savings, access, e-stamp and current) and to include 50% of any joint account balances.
A limit on savings is not a decision your Board of Directors and Executive have taken lightly, but is necessary given the current economic environment.
Why are we making these changes?
The business model of any credit union, including ours, is a simple one. We accept savings from our members to lend out to other members. Any funds not lent out to members are placed in investments. With the current rate of return on investments very low, many financial institutions are charging us to hold your savings on short term deposits.
In addition, the rate of savings has nearly doubled this year and as the rate of savings increase, we have a regulatory requirement to also increase our reserves. Regulatory requirement is 10% of total assets so for every additional €1m in savings, we must allocate €100,000 from our surplus/profits, to our regulatory reserve. Cara Credit Union is very well capitalised, far more than the regulatory requirements and is making this change to maintain that strength.
What does this mean to you?
Given that the average savings per member is over €4,000 ,this decision affects 3% of our membership and has been made in the interest of all our members. For affected members we apologise for the inconvenience this may cause you. We will continue to monitor the savings limit and notify members accordingly when savings limits are lifted.
All affected members have been notified by post and by telephone call.