Shares (Savings)

One of the main aims of a credit union is to encourage members to develop the habit of regular savings.  For the individual the advantages of building up savings are obvious.  These savings may be planned for something in the future or for a rainy day which comes to so many of us.  In credit unions the extra benefit is that your savings will be used to make loans available to other members and to yourself.

Each credit union, within legal limits, decides on the maximum amount of savings that each member may have.  In Dungiven Credit Union the present limit is £15,000 (Adult members).

The credit union provides Life Savings Insurance cover on savings of eligible members.  Click here to find out more.

All members are encouraged to complete a Nomination of Beneficiary form.  Click here to find out more.

Annual dividend and loan interest rebate

Member's savings are used to make loans to members.  The interest received from these loans and any investments is used to pay expenses and to build up services.  The remaining income may be returned to members as an annual dividend and loan interest rebate.  The rate of dividend and loan interest rebate can vary from credit union to credit union and depends on the surplus of money available after all expenses are paid.

How do I pay into my credit union?

By cash at the counter or cheque or alternatively by direct debit through your bank or building society.  Each member is issued with a pass book.  Member's account statements are available on request.


A member who has no loan account may withdraw part or all of his/her savings at any time during normal office hours.  When a member is granted a loan in excess of the amount of savings at that time, those savings become pledged and may not be withdrawn.  Any balance in excess of the loan amount may be withdrawn from time to time.  Withdrawing savings may effect future loan applications as the amount saved creates a credit pattern and determines the ability of the member to repay their loan commitment.