Benefits Of Saving
At your credit union, you’re not just a customer, you’re a member of a successful financial co-operative
No hidden fees or charges
Saving is easy with our various payment methods
24 hour/365 access to your funds with Online Banking and Mobile App
We offer access to Life Savings Benefit on a FREE-TO-MEMBER basis
Our main savings accounts are called shares. As a shareholder, you have a say in the Credit Union’s operations.
Be part of a financial co-operative supporting the community
Our Savings Policy
Encouraging thrift is an important part of the Credit Union message. Regular saving and sensible borrowing are key elements to remember when it comes to managing your money.
Saving regularly gives you financial security, independence and peace of mind.
How Secure Are My Savings?
- Credit Union Savers are covered by the 'Government Deposit Guarantee Scheme'. The guarantee applies to 100% of each member savings to a maximum of €100,000 per member
- Credit Unions are regulated by the Central Bank of Ireland
- Tower Credit Union is affiliated to the Irish League of Credit Unions
- The Credit Union issues independently audited financial statements to each member each year
Payment Methods & Nominations
We made saving easy!
SEPA Payment
Direct Debit Payment*
Online Card Payment
Phone Payment**
In Branch Payment
Nomination of Your Account
This is a unique facility for credit union members. Credit unions have a nomination facility whereby if you are over 16 years of age, you can nominate someone to receive the property of your credit union accounts upon your death. This is of benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes timely intestacy process.
You may nominate a person(s) of choice to receive your property presently up to a maximum value of €27,000 in Republic of Ireland. Any amount in excess of €27,000 will form part of your estate. You may change the details of your nomination as often as you like. A completed nomination must be signed and witnessed. Ask in the office and a staff member will help you complete the relevant form and witness your signature. The most recent nomination is the valid nomination.
Please note:
- A nomination is not revocable or variable by the terms of your will or by a codicil to your will.
- The nominated property does not form part of a deceased person’s estate.
- A nomination is automatically revoked when your nominee dies before you. In this case, you should consider completing a new nomination. If you do not, your property in the credit union may form part of your estate.
- Where your personal circumstances change (e.g. marriage, divorce or separation) you should review your nomination at that time.
- A nomination is automatically revoked by your subsequent marriage.
- If a member elects not to complete a nomination, the proceeds of their account become part of their estate on their death, and are dealt with under their will or under the rules of intestacy if they make no will.
- Small Payments Provision: Where no valid nomination exists and the amount in the deceased member’s account is under €18,000, the Credit Union may distribute the deceased member’s property in the Credit Union to such persons as the board deems to be entitled to it.
We urge all members to check if their current nominees are as they intend and if not, to visit the office to update the nomination form.
* We can also assist with setting up a standing order/direct debit for you. To avail of this service please phone 01457 0884.
** Please note that we can only take card payment over the phone for loan repayments.
Still have questions?
Check below to see if it is answered in our Frequently Answered Questions.
The maximum amount that a member (individually or in association with another member) may hold in Tower Credit Union Limited is €100,000. There is currently no monthly lodgement cap in place.
There are no hidden fees or charges on savings accounts with Tower Credit Union.
When you become a member of Tower Credit Union, you’re opening a shares account. This is your main savings account, but you also have a share in the ownership of Tower Credit Union. This is why account holders are referred to as members and not customers. Along with having a say in the operation of Tower Credit Union you also earn dividends.
Yes. Tower Credit Union is a financially strong and stable credit union and member’s savings continue to be guaranteed by the Government Deposit Guarantee Scheme.
