Saving in the Credit Union

The Proven Way to Save for a 'Rainy Day'

It is normally inevitable that there will be times in our lives when we will be short of bargaining power, whether we need to buy food and other basics or we need to repair  a damaged home, pay for urgent health care or buy a vehicle to take us to work.

We can go to the high-street banks and many other lending agencies for a loan to tide us over if we have already established a good track record and we are prepared to pay pretty high fees for the service. Fees asked for are typically:

  • A preliminary discussion and set-up fee! 
  • On-going interest payments 
  • Life Insurance fee 
  • Early re-settlement surcharge 
  • Punitive late or missed payment penalties 

Avoid the Hassle !!!

At Maghera Credit Union Ltd you can avoid all this hassle!

Members invest in the Credit Union by purchasing shares in the business over a period of time. This helps to strengthen their Credit Union so that when that member needs either a 'rainy day' loan or a normal loan for 'day to day' expenses the Credit Union is willing to help.


Share Withdrawal

Members can withdraw their shares, if they so desire. However, it must be said that credit unions are prohibited in the UK from acting as banks.  

Saving in a Credit Union = Buying Shares in the Credit Union

Shares can be bought in large or small amounts up to a maximum holding of 15,000 shares costing £15,000.00. Members purchase shares weekly or monthly in amounts that they are comfortable with. The capital raised by the Credit Union  in this way is deposited in an approved bank or loaned out to other members.

These activities earn interest for the Credit Union which is used to pay for legitimate running costs.


Saving in a Credit Union = Dividends

Any surplus is used by the Credit Union to build up its own reserve fund for its own 'rainy day' with the remainder being used to pay an annual dividend to the members. This dividend is distributed in proportion to the members' shareholdings - the more shares, the more dividend!


Saving in a Credit Union = Thrift and Good Management

When an individual saves in a bank or other similar organisation he or she usually has no control or say in what that organisation does with their money.

The Credit Union is different! Here the individual becomes a stakeholder right away. Even the purchase of a single £1 share entitles that individual to an invitation to attend, speak, and vote in decisions taken at the main annual Credit Union Board meeting.

Credit Union Boards (also known as organising committees) actively encourage their members to get involved in order to make their Credit Union the very best that it can be.


Credit Unions have nothing to hide

Each Credit Union in Northern Ireland is obliged to have its audited financial figures for last year on public display in its office. Members should always be aware of how their Credit Union is progressing - after all they have a real stake in the business as they are all shareholders!


Today could be the right day to join your Local Credit Union

An individual who is interested in saving in a dynamic system, custom built to support its own members, should look towards their local Credit Union office for further details.

 Maghera Credit Union Ltd




   “A Credit Union is not an ordinary financial concern, seeking to enrich its members at the expense of the general public.

   Neither is it a Loan Company, seeking to make a profit at the expense of the unfortunates…

   The Credit Union is nothing of the kind; it is the expression in the field of economics of a high social ideal.”

 Alphonse Desjardins
(Mayor of Montreal 1893)