Savings as shares in a Credit Union are a better way to save. You are not just another customer but an active member of a highly successful financial co-operative. Yes, you have a share in the ownership of the Credit Union. Along with having a say in the operation of the Credit Union you also earn dividends.

Benefits of Credit Union savings

  • Savings balances over and above any loan you may have are available to you to withdraw on demand.
  • Free life cover on saving up to € 3,000 (subject to terms and condition)
  • There are no transaction charges or fees.
  • Benefits of membership include, Death Benefit Insurance of €1,950 provided the member joins the credit union before the age of 70 and meet the relevant terms and conditions.

Savings LImits 

In January 2020, the board of directors reluctantly decided to impose a savings limit of €50,000 per member.  Since that date, and due in no small part to the COVID 19 pandemic, the credit union has seen a continued significant increase in savings.  To contextualise this, for every €10,000 savings received by Newmarket Credit Union, €1,000 has to be allocated to our regulatory reserve.  In addition, our monies held on deposit with banks (which we are required to hold for liquidity purposes) are subject to negative interest charges.

Whilst Newmarket Credit Union is secure, stable and well-capitalised, it was necessary to review the savings patterns experienced by the credit union.  Following this review, the Board of Directors reluctantly decided to introduce a maximum of €3,000 that each member can save per month in the credit union.  This took effect from June 2021.

The Board regrets the imposition of this limit and it will keep these arrangements under constant review. Should it be possible to raise the limit on monthly share deposits, the credit union will notify members immediately.

For small to medium savers your Credit Union is where you belong.

Types of Share Accounts

Regular Share Accounts

  • Members present accounts with Credit Union are considered as a Regular Share Account. These accounts are suitable for those who are not liable for income tax.
  • The onus is on the member to declare their account to the Revenue Commissioners.
  • Dividend rate declared at A.G.M. is posted gross to members accounts.
  • No disclosure is required by Credit Union.


Credit union members can rest easy in the assurance that their savings are safe. Credit Unions in Ireland, which are affiliated to the Irish League of Credit Unions, are secured in several ways:

  • All officials of credit unions, whether volunteers or staff, must be fidelity bonded.
  • Members savings within certain limits are insured through Life Savings Insurance.
  • All monies received in the credit union are properly recorded and lodged regularly.
  • Full financial statements are prepared and can be examined by members.
  • Annual independently audited returns are lodged with the relevant authority, the Central Bank of Ireland.

Benefits of Membership

Members can take out flexible loans after joining, and repay at tailor-made schedules. All our loans are fully insured (for free), against disability or death.

Quality Service, No Fees

You can be assured of a professional service from Credit Union at all times. And you do not pay a transaction fee for saving with us, or borrowing money.

Pay by Standing Order

Arrange a Standing Order and be sure of regular payments to your Credit Union account. We will send you a statement showing all transactions.

Member Services

Take advantage of a host of additional member services available. See our Available Services page for more details. Ask any staff member for more details about joining the Credit Union, or for further information see the different sections of this web site.