Not necessarily! Shares that double are eligible shares you lodge before age 55, while in good health and which are kept in your account. Eligible shares lodged between ages 55 and 70 earn lower amounts of cover.

The current maximum amount insured under Life Savings Insurance is £15,000. If you withdraw any portion of your shares, you lose the insurance on those shares resulting in a reduction of the total amount of shares + insurance. It is in your best interest to save as young as you can and to keep your shares in your account! For further information see Insurance.

Not necessarily! The shares that are not insured are:

• Those that you lodge after you reach age 70, or
• Those that you lodge while not in good health, or
• Shares you withdraw after the age of 55.

For further information, see Insurance.

We would highly recommend that you enquire about a Savings Secured Loan that is offered at a reduced interest rate to make sure your life savings insurance remains intact. Please click here for more information on loans.

No! Only the eligible shares you keep in your account are insured. When you withdraw a portion of your shares, you lose the insurance attached to that portion of your shares. That’s why we encourage members who are eligible for loans and who can afford them to borrow from us instead -- by borrowing instead of withdrawing your shares, you can keep the insurance attached to them. (Your loan balance is insured as well, subject to terms and conditions.) For further information, see Insurance.

Most loans are covered (Ts & Cs apply) and upon death the balance is cleared so you do not have to worry about your dependents inheriting the debt. Credit Unions are one of the few financial institutions that offer this insurance at no extra cost to the member.

Loans taken when you were not in good health and loan balances remaining after you reach age 85 are not insured by Loan Protection Insurance. If you are approaching one of these maximum age limits, it may be wiser for you to withdraw some of your shares (especially those not covered by Life Savings Insurance) rather than borrow and risk leaving an outstanding loan balance. (Any member whose loan will not be cleared until after age 80 will be asked to sign a declaration that the loan is intended for their personal use.) For further information, see Insurance.

You can be certain your chosen person(s) receives your shares and any insurance attached to them when you die if you complete a Next of Kin Nomination. This form is available from our office. The individual(s) on the form become your nominee. Coalisland Credit Union can disburse amounts up to £20,000 to the nominee nominated without undue delay or any red tape. (Probate must be extracted on amounts over £20,000.) You must update your nomination if you marry, divorce or if the person nominated dies before you. In addition, a properly completed Next of Kin Nomination takes precedence over a will. As you go through the course of your life and update your will, make sure you update your nomination too! You may change your nomination as often as you like, and you may name more than one person or group as your nominee.

The interest rebate relates to loans. The total amount of interest that is paid on your loan throughout the financial year (1st October until 30th September the following year) is calculated and a percentage is returned to you. Which means borrowing with us costs even less! For more information on Coalisland Credit Union Limited's interest rebate for the last year, please contact us.

A dividend is essentially an annual ‘interest’ on any shares (savings) you hold with us throughout the financial year. The credit union financial year is from 1st October until 30th September. The value of dividend you receive depends on the amount you have in your savings and the duration it is lodged for within this timeframe.

The dividend is the way in which we return our profits to our members and the amount you receive, if any, will vary depending on how much profit the credit union has made in the year.

Once a member, always a member. Existing members that move location or employer, can still retain their membership with us.

Yes, you can be a member in more than 1 Credit Union.

Yes, you can and there is also an app available to download. You will be able to view your balances, transfer money and more. A pin is required to access the online services and if you have not registered to receive one, then you can do so by clicking here.

Yes, you can apply for a loan as soon as your membership application has been approved.

A Savings Secured Loan allows you to borrow up to the amount of your savings while availing of a lower interest rate of 7.98% APR. You could withdraw your savings instead “and start all over again”, however this is not always easy. Unexpected expenses and costs can make it hard to rebuild savings and with no binding commitment, this often takes much longer, if it happens at all. Withdrawals from your savings could see your life savings insurance reduced in the future.

A Savings Secured Loan is also a good way to easily build your credit rating. This type of loan requires no proof of income and is immediately approved.

A Savings Secured Loan has many benefits and is a very clever way to manage your money.

All our loans are based on affordability, so as a responsible lender, it is important that we ask you to confirm your income and expenditure. For this reason, loan applicants will be required to send in copies of wage slips and bank statements to show their incomings and outgoings.

This ensures that we do not take unnecessary risks with the credit union’s funds and do not give out loans where we feel it will result in the member getting into financial difficulty. It also means that we can look beyond a member’s credit report to try to help them in every way we can. We can help with many different circumstances and situations, so we urge you to speak with us if you are experiencing financial difficulties.