How to Join

There are a number of ways you can join: –

         Through one of the many voluntary collectors;

         Directly with the Credit Union;

         Through a standing order or direct debit.

Assist the Parish

The parish savings scheme, from which this savings scheme evolved, was set up some years ago as a method of raising funds for Parish projects, by Ballinascreen Parish retaining the interest earned on the total savings gathered.

You can still contribute to this fund raising scheme by nominating Ballinascreen Parish to recieve any dividend that is earned on your savings.

Become a collector today

Make Christmas a little easier for your family and friends by becoming a collector. It could just be:-

For your family, For your street, For your townland,For your workplace, or For any group of interest, (club, association etc.)

Full assistance and support is available from Ballinascreen Credit Union.

Ballinascreen Savings Scheme is supported and managed by

Ballinascreen Credit Union Limited, 17/19 St Patrick’s Street, Draperstown, Co. Derry, BT45 7AJ. Telephone: 028 7962 8762

Frequently Asked Questions

Q. What is Ballinascreen Savings Scheme?

A. Ballinascreen Savings Scheme is a dedicated savings scheme replacing the parish savings where people save on a regular basis throughout the year with the total savings returned to the saver in time for Christmas.

Q. Who can save in Ballinascreen Savings Scheme?

A. Anyone who is a member of Ballinascreen Credit union.

Q. Who can be a member of Ballinascreen Credit Union?

A. Anyone over the age of 16 who resides or is employed within a six mile radius of the centre of the Parish of Ballinascreen. The townlands within the six mile radius are listed overleaf. Children under 16 years can open a separate deposit account.

Q. How can I become a member?

A. To open a credit union account you need to complete an application form and provide photographic ID and proof of address. You also need to put at least £1 into your main account.

Q. How much can I save?

A. The maximum amount that can be saved in the Ballinascreen Savings Scheme in any one year is £5,000. However this may be reviewed from time to time.

Q. How long does the scheme last?

A. The scheme will start in January and finish in November each year.

Q. When will I get my money back?

A. The money will be paid out in full around the 1st of December each year.

Q. Can I withdraw my money at any time?

A. No. Money cannot be withdrawn during the period of the scheme except in exceptional circumstances.

Q. If I don’t need my money can it stay in the scheme?

A. No. The money cannot stay within the Ballinascreen Savings Scheme but it can be transferred to your main account within the Credit Union.

Q. Will I get any dividend on my savings?

A. Yes. A dividend is paid on all savings within the Credit Union including savings within Ballinascreen Savings Scheme.

Q. Can I donate my dividend to the Parish?

A. Yes. Dividend can be donated to the parish if you so wish.

Q. How secure is my savings?

A. Savings in Ballinascreen Credit union is protected in a number of ways:

        Ballinascreen Credit Union only lends to individual members within the community and monitor repayments very closely.

        The money that is not out on loan is invested prudently in low risk financial institutions in particular those guaranteed by

           Government.

        Ballinascreen Credit Union does not invest or speculate in property.

        Over 12% of the savings of the credit union are in reserves.

        The Credit Union subscribes to the Savings Protection Scheme, a stabilization fund established by the Irish League of Credit

           Unions to ensure the viability of the Credit Union Movement in Ireland.

Q. What other benefits do I get?

A. All participants in Ballinascreen Savings Scheme qualify for all the benefits of being a credit union member:

        Access to loans at a competitive interest rate;

        Life savings insurance;

        Loan protection insurance;

        Death benefit insurance; (To avail of £1,500 death benefit insurance members must keep £100 in their savings at all times.)

        Fuel stamps;

        Foreign exchange;