Saving with the Credit Union

Newry Credit Union actively encourages members to save. Savings can help members enjoy a sense of security in their financial situation and mitigate the adverse effects unforeseen circumstances can have on our lives. Having an established savings account can also weigh favorably on decisions regarding loan applications.

Newry Credit Union provides additional insurances on your savings for eligible members. These can include:

• Life Savings Insurance
• Loan Protection Insurance
• Death Benefit Insurance

If you would like to learn more about these benefits you can check out our Insurance Page here.

Additional Information

The maximum amount of savings allowed by Newry Credit Union is £20,000 across all of your accounts (£5,000 for juvenile accounts). The maximum any member can save in one month is £1000 or £3000 per financial quarter (£500 p/m or £1500 p/q for juvenile accounts).

You will need to keep a minimum of £5 in your savings to keep your account open.

If you apply for a loan your savings may be held against the loan until the outstanding balance is repaid.