Members of Swilly Mulroy Credit Union are encouraged to save what they can when they can. A regular savings pattern is a good indication of a members ability to repay any future loans.

Swilly Mulroy Credit Union offers a wide range of saving benefits including:

  • Your savings are insured in the event of your death at no extra cost to you (see insurance section for more information).
  • Each Euro saved by a member buys a share in the credit union and dividends may be paid on shares at the end of each financial year, if it is within the capability of the credit union to do so.
  • Dividends are how members share the profit of the credit union and is unique to the credit union sector.
  • Dividends are declared at the AGM ( Annual General Meeting ) after being proposed, seconded and voted on by the members present.
  • Savings can be paid into your account by any of the following methods;
  • At any of our offices during opening hours.
  • By standing order direct from your bank account.
  • By a Direct Debit from your bank account.
  • From your Debit Card
  • By EFT (electronic funds transfer) through Internet banking from the comfort of your own home.

As a saving member you are encouraged to keep your savings intact, so that:

  • You continue to earn dividends.
  • Your capacity to borrow is maintained.
  • You maintain the best life savings insurance benefit.

In addition:

  • Your savings can be withdrawn at any time unless they are pledged against your loan or are pledged as a guarantee on another member’s loan.
  • Withdrawals can be paid out by cheque, by cash if previously arranged or by EFT, electronic funds transfer.
  • Cheques can be made payable to third parties for paying bills etc, and EFTs can also be paid to third party bank accounts if required.