Savings Account

It is very important to develop a healthy saving habit for now and for the future. Save a little, often and watch your balance grow. We all have a special occasion looming, or we might just want to treat ourselves. It is now time to start saving with Comhar Linn.

Become a Member

Savings Account

Why Save?

Salary/Pension Deduction

Flexible loans at competitive rates

Easy access to services by phone and online

Free life protection on savings and loans

No hidden charges

Things to know about your savings account:

All members hold a saver account with Comhar Linn INTO Credit Union, this is known as a Special Share Account. Saving with the credit union is a little different from saving with other financial institutions. Your money is invested in helping yourself and fellow members to borrow at competitive interest rates.

  • Savings are called shares
  • Each share is equal to €1
  • Minimum of €5 in account to be a member
  • Earn an annual dividend, proportionate to number of shares over the financial year
  • Dividends rate is determined by surplus funds and approved by members at AGM at the end of the financial year
  • Dividend is liable for DIRT (Deposit Interest Retention Tax)
  • Maximum of €50,000 in account
  • Joint accounts are available
  • Online Card Payments

Repayment Methods

There are a variety of different payment methods, these include:

  • Salary/Pension Deduction
  • Direct Debit
  • Online Transfers
  • Cheque or Cash
Downloads

Savings Cap

Comhar Linn INTO is the place where teachers borrow. We exist for teachers. When you join Comhar Linn, you help us to continue to support teachers.
The ethos of the credit union embraces the strength, of “people helping people”, yet we know every member is unique, just like us. For as long as our members need loans and other financial services, we will be there for you.

To help us to continue to support teachers, we are informing our members of an important change we will be implementing, with effect from the 30th of June 2020, we will be introducing a savings cap of €50,000.

From 30th June 2020, the maximum level of savings a member can hold is €50,000. The savings cap limits new members to holding a maximum of €50,000 in savings in Comhar Linn INTO Credit Union.

Members might be surprised to learn that high levels of savings can be very challenging for credit unions as regulatory rules require us to allocate and hold an additional 10% of the value of all members’ savings in our ‘Capital Reserve’ account. Put simply, for every €100,000 our members have saved with us, we must allocate €10,000 from our surplus to the reserve.
Credit union surpluses are typically used for dividends and investing in new services for members. However, as a result of increasing our reserves, our surplus reduces and this in turn impacts on our ability to grow and offer new services to our members.
The only way to address this issue, unfortunately, is to limit the amount of money members can have in savings with the credit union. This approach is in line with the majority of other credit unions

The savings cap will be reviewed on a regular basis and judged on its effectiveness and impact on members. If any decision is made to change the cap, members will be informed.

It is too early to determine what rate of dividend, if any, the credit union will pay out. We will communicate with members directly to inform them of the dividend once we are in a position to do so.

If your lodgement plus your current savings do not exceed the savings cap of €50,000 we will be able to accept this lodgement. However, should your retirement fund result in exceeding savings cap of €50,000 we cannot accept this payment.

Yes. Due to the growth in savings over recent years, we have significant funds available to loan to members.

All savings are secure. We are a financially strong and stable credit union and your savings continue to be guaranteed by the Government Deposit Guarantee Scheme up to €100,000.

No, quite the opposite in fact. Due to this growth in savings over recent years, we have significant funds available to loan to members.

Life Savings Insurance

In the event of a member’s death an insurance payment related to your share balance will be paid by our insurance company, CUNA Mutual. The amount is related to your age when depositing the shares, and can be as much as twice the amount you have saved in your account.

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Become a member of Comhar Linn

Unlock the exclusive benefits available to you by becoming a member today and join our credit union community supporting teachers.