# Deposit guarantee.



## DirectDevil (15 Nov 2017)

Two questions please ;

1. Are savings deposited with a Credit Union guaranteed / backed like money in a bank ?

2. If so, what is the limit of the guarantee ?


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## Palerider (15 Nov 2017)

Yes, €100000 per account holder. €200000 in the case of jointly held accounts.


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## DirectDevil (15 Nov 2017)

Palerider said:


> Yes, €100000 per account holder. €200000 in the case of jointly held accounts.



Much obliged for that.

I am researching this a for a relative who may have a lump sum of about €50,000 to park somewhere at no risk.
Is there anywhere that I can check what dividends any particular Credit Union paid out in the past or do I need to ask each credit union ? His local credit union would probably be Blackrock, County Dublin as that is where he lives.


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## Sue Ellen (15 Nov 2017)

DirectDevil said:


> Much obliged for that.
> 
> I am researching this a for a relative who may have a lump sum of about €50,000 to park somewhere at no risk.
> Is there anywhere that I can check what dividends any particular Credit Union paid out in the past or do I need to ask each credit union ? His local credit union would probably be Blackrock, County Dublin as that is where he lives.



This AAM thread on rates paid for 2015 might help:
https://www.askaboutmoney.com/threa...-union-dividend-for-2015.196754/#post-1455871

I have an idea that there was another thread done by Brendan some time back but can't find it at moment.


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## DirectDevil (15 Nov 2017)

Sue Ellen said:


> This AAM thread on rates paid for 2015 might help:
> https://www.askaboutmoney.com/threa...-union-dividend-for-2015.196754/#post-1455871
> 
> I have an idea that there was another thread done by Brendan some time back but can't find it at moment.



Thanks for that - I will have a trawl for it.


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## noproblem (15 Nov 2017)

Post office saving certs would be a better option as regards interest paid, the same safety risk but with a better return. Only thing is, you will have to leave them in for a few years. There's a 3 yr, 5 yr and 10 yr option as far as I know.


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## DirectDevil (17 Nov 2017)

noproblem said:


> Post office saving certs would be a better option as regards interest paid, the same safety risk but with a better return. Only thing is, you will have to leave them in for a few years. There's a 3 yr, 5 yr and 10 yr option as far as I know.



You're right.

He wanted to lodge the funds somewhere at short call with no risk to the capital. We checked out the Credit Union and found that it would not suit as the maximum cash deposit is relatively low.


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## Ravima (23 Nov 2017)

Prize bonds? Once you have them for the required period, you can cash in any time.


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## fernrock (30 Nov 2017)

As regards credit union savings.
Some have put a cap on the max size of savings in an account.
An elderly relation of mine had to bring her lifes savings below €30000.
This was a life long member who relied on her local CU because of the human contact.

 That makes the €100000 guarantee irrelevant.


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## 24601 (1 Dec 2017)

fernrock said:


> As regards credit union savings.
> Some have put a cap on the max size of savings in an account.
> An elderly relation of mine had to bring her lifes savings below €30000.
> This was a life long member who relied on her local CU because of the human contact.
> ...



Yes, and more credit unions should be introducing such caps. Nearly all of their balance sheets are upside-down. They don't need the money and can't lend it out, so for the financial health of credit unions generally they shouldn't take it. I appreciate that there's many elderly people that use credit unions to save their pensions and do their bits and pieces etc. but there's other places that provide similar services such as An Post. Nearly all credit unions have bill pay facilities and other ancillary services so these could still be used by your relation?


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