Savings in the Credit Union are protected in a number of different ways.
The Savings Protection Scheme – SPS
The Irish League of Credit Unions Savings Protection Scheme protects the member’s savings by ensuring that credit unions are financially and administratively sound and by providing remedial help to any credit union which shows signs of weakness in these areas. Participation in this scheme is mandatory on the credit unions affiliated to the Irish League of Credit Unions. There is no direct cost to members for the participation of Mullingar Credit Union in this scheme.
Deposit Guarantee Scheme
Members’ savings are covered by the State Deposit Guarantee Scheme which guarantees savings of up to €100,000.00 per person, find out more here.
Life Savings Protection – LP/LS
Mullingar Credit Union maintains an insurance policy called the Life Savings and Loan Protection Policy (LP/PS), which activates on the death of an eligible member to increase the value of their savings which can be returned to the members estate or family and to clear outstanding loans.
There is no charge to members for this insurance cover.
Features of the savings cover are outlined below.
The amounts which are paid out under the policy depends on a number of factors, including:
- Their age when the member joined the credit union.
- Their savings on their 55th birthday and at five yearly intervals up to their 70th birthday.
- The movement on their account following their 55th birthday until date of death.
- Their state of health throughout this period.
- New savings after 70th birthday are not covered.
- Cover is currently to a maximum of €12,700.
- Withdrawal of savings at any time after 55th birthday below the maximum level of cover will reduce coverage.
- Regardless of poor health at date of lodging, savings are covered to a maximum of €8,000.