Savings

Your Savings, Your Future

Save with Public Service Credit Union. Whether it is for a big goal or an emergency fund, our different savings accounts give you the security and flexibility you need.

Why Save with Us?

Safe and Secure

Your savings are insured with us at no direct cost to you, ensuring peace of mind.

Enjoy a Dividend

Reap the rewards of a dividend from any surplus income at the end of the credit union financial year where there is a surplus available to distribute.

Salary Deduction

As a member, you can choose to have regular payroll deductions sent directly into any of your PSCU accounts, making money management effortless.

Online Access

Access your savings when you need them using our simple and secure mobile APP.

Transfer Funds Simply

Every account comes with an IBAN and BIC, letting you transfer funds in and out of your account with ease.

What is a Share?

When you save with PSCU, you are not just a number; you are a member of a successful financial co-operative. In credit unions, we talk about shares.   Each share you have is equal to €1 of your savings.

Your Savings Account requires a minimum savings balance of €13.00. Members over the age of 16 enjoy equal voting rights (one member, one vote) and participate in decisions affecting the credit union at our Annual General Meeting.

As a member of a credit union, there is an annual membership fee that is deducted from a member’s Regular Share Account shortly after the Annual General Meeting, that takes place in December of every year.  The annual membership fee is €1.27.

If you have a Regular Share Account, you need to declare the dividend you receive in your annual tax return and pay tax on it at your usual tax rate.

Extra Protection for You & Your Loved Ones

Your savings are insured at no direct cost to you, and there are no hidden fees or transaction charges. When PSCU declares a dividend at the end of its financial year, each share you hold is eligible for a dividend. The more shares you have, the greater the dividend you will receive. Plus, your savings help provide loans to other members. Members are required to declare any earnings from savings as part of their tax returns

You also benefit from Free Life Savings Protection. In the event of your death, PSCU provides insurance cover up to €20,000 on savings (subject to terms and conditions). This benefit can be paid to your nominee (up to €27,000) or to your estate.  A nominee is chosen by you as part of your nomination form.  You can choose to change the person nominated throughout your lifetime, simply speak to a member of our team.

A Choice of Savings Accounts

We offer a range of savings options tailored to your needs, a member can have

Share Accounts:

This is the most traditional and widely known credit union account type, where members start their savings habit.  This is where the word shares and savings are often combined. Members from birth to older years open a share account to bill their rainy day fund and financial peace of mind.

Members enjoy a maximum combined balance across all accounts of €100k.

Fixed Term Deposit Accounts

Public Service Credit Union launch competitive Fixed Term Deposits Accounts regularly. In the Spring 2024, a range of 1-, 3- and 5-year products were launched offering excellent interest rates to our members.  We update members of new products throughout the year, in offices, on our website, via our members monthly newsletter and across our social media sites.  Working together for financial peace of mind.

  • Higher interest rates for longer terms.
  • Details provided when accounts are available.

Savings FAQs

Have a question? Check below to see if it is answered in our Frequently Answered Questions.

Is there a savings cap in Public Service Credit Union?

Public Service Credit Union has a maximum savings cap of €100,000* to ensure the credit union maintains a strong balance sheet.

Are my savings safe in a credit union?

Credit Unions in the Republic of Ireland are covered by the Deposit Protection Scheme, administered by the Central Bank of Ireland. This scheme provides compensation up to €100,000 if a credit institution goes out of business. Additionally, the Savings Protection Scheme (SPS) by the Irish League of Credit Unions offers financial assistance to protect members’ savings.

 

Is there a return on my savings?

Every share you hold for the year is eligible for a dividend when declared at our Annual General Meeting. The amount of your dividend depends on:

  • The number of shares you have (one share equals €1).
  • The surplus income available for distribution by your credit union.
  • Only members receive dividends, and the amount varies between credit unions.
Can I access my savings?

You can withdraw your savings provided they are not pledged as security on a loan or are subject to a fixed term deposit term.  However, you are encouraged to keep savings, so that:

  • They continue to earn a dividend.
  • They continue to benefit from the Life Savings Insurance protection.

Talk to any member of our team who will be happy to help you with our savings options.