Credit Rating Advice2023-08-02T11:28:26+00:00

Successful Savings

The credit union promotes thrift among its members and regular saving because the accumulation of savings create a pool of funds for members to borrow at fair and reasonable rates of interest.

  • Regular savings will build up a substantial share capital for you and security for the future.
  • Your savings earn dividends which are paid annually.
  • Life Savings Insurance is provided for eligible savings (see Insurance) – make sure link is here.
  • Your savings are guaranteed by the FSCS.
  • As of November, 2016, the limit on shares is £30,000 for adult accounts. This is the combined maximum allowed in both your main account and your Easy Shares Account. The maximum share limit on minor accounts is £5,000.
  • The maximum amount of shares permitted each year is £5,000 for adult accounts and £1,000 per year for minor accounts.
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Save with your Credit Union

Save for your future or a rainy day- having regular savings is a great idea.

Savings are insured at no direct cost to eligible members – subject to terms, conditions and eligibility criteria.

When your credit union declares a dividend at the end of its financial year, each share you hold for that year is eligible for a dividend. The more shares you have, the greater the dividend you will receive.

Get in touch with us and start saving today!

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Regular Savings is a good idea and is recommended by Desertmartin Credit Union. You might like to save for holidays, Christmas, Education or simply to put something away for that ‘Rainy Day’.

Why would the Account be made ‘Dormant’ and who can Reactivate it?2021-03-23T10:52:45+00:00

Where a child’s savings account has not been used for a certain period of time, usually 36 months, sometimes as a security measure, the account is made ‘Dormant’. The child, parent/guardian or third party can reopen it with photo ID.


Who can open a Credit Union Saving’s Account for a child?2021-03-23T10:52:20+00:00

Although the policy can vary in each credit union, usually the child should be present with a parent or guardian when opening the account.

In some cases, for credit unions in the Republic of Ireland; if the child is not deemed old enough to withdraw money, (for example they are under the age of 7) the account may be opened by a third party (i.e. godparents or grandparents). The third party can nominate a parent or guardian to operate the account until the child is deemed old enough to sign and withdraw money themselves. (e.g. 7 years of age).

What is Needed to Open a Credit Union Children’s Savings Account?2021-03-23T10:49:14+00:00

1. The child’s birth cert or a passport.
2. Parent or Guardian’s photo ID; (If not previously ID with a membership on file).
3. Proof of child’s address: e.g. utility bill in parents or guardians name.
4. In the Republic of Ireland, proof of the child’s P.P.S. number – letter from social welfare.

What is a Credit Union Children’s Savings Account?2021-03-23T10:46:31+00:00

A credit union children’s savings account, sometimes known as a minor or junior account, is a savings account for a member who is under the age of 16. The savings account is the sole property of the minor in question and no one else is entitled to use it for his/her own benefit.


How to Open a Credit Union Children’s Savings Account2021-03-23T10:47:30+00:00

If a child is under the age of 16, they will generally be asked come into their local credit union with a parent or guardian to open the account.

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Benefits of Savings

Why Save?

  • Easy access to your money as security against a
  • No hidden charge or fees
  • Withdraw money whenever you want, (provided it is not security on a loan or subject to Credit Union rules).
  • If we accrue a surplus, we may declare a dividend after the end of the financial year and return a share to members.
  • Nomination of your accounts- if over 16 you will nominate who will receive the property of your account in the event of a death.
  • Life Savings Insurance – Eligible members savings are covered by life savings insurance at no direct cost to you.

Contact Info

Desertmartin Credit Union, 62 Longfield Road, Magherafelt

Phone: 028 7963 4858

Web: Website

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