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)
  • Members can save up to a maximum of €100,000.
  • 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

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.

We are delighted to announce that Comhar Linn INTO Credit Union are lifting our Cap on Savings with effect from today, 1st July 2024. As a result, we are also removing the current monthly lodgement limit of €10,000.

Below are more details on the Savings Cap; we hope that any questions you have are addressed within the FAQ section, but if not please feel free to contact us with your query.

Why was a Savings Cap introduced in Comhar Linn?

A Savings Cap was introduced in Comhar Linn in June 2020 and restricted savings in regular and special share accounts to €50,000.   In June 2022 the Cap was reduced to €40,000 and a monthly lodgement limit of €10,000 was also introduced. An increase in member savings during this period was overshadowed by the low-performing investment environment at the time.  The returns on savings and investments were minimal due to continued low interest rates, including, in some cases, negative interest rates. Our guiding principle in making decisions is always to protect the long-term best interest of all members while ensuring we remain operationally sound.

What has changed now?

We are very grateful our members supported our cap and monthly lodgement limit. We have continuously monitored the situation with a view to removing the cap when possible. With your help, along with improved investment returns, we have recovered our capital position which now stands at just over 14%.

What is the current interest rate environment?

The current interest rate environment is attractive with a blended rate of return being circa 1.9% YTD.  Additional receipt of funds from members will enable the credit union to augment our surplus and further protect our capital. Keeping in mind the savings trends, we have completed a recent exercise to forecast our capital position, including a scenario considering lifting of the savings and monthly lodgement cap which confirms that we will continue to remain sustainable if the cap was lifted.

What is the impact for members?

All members will now be able to save up to €100,000 with us.  We are also removing the monthly lodgement limit.

What is the maximum savings amount you can hold with Comhar Linn

Under the Credit Union Act, the Central Bank introduced a regulation limit to individual members’ savings to €100,000. The maximum combined amount an individual member can hold in a Regular/Special share/Current Account with us is €100,000. This rule was introduced for all accounts opened since 1st January 2016.

You refunded a lump sum to me, can I reinvest?

We are grateful that members supported our savings cap.  We are happy to accept a lump sum to your account and apologise for any inconvenient we may have caused you in the past.

Can I change the amount I am contributing via my DAS?

Yes of course.  We want to make things as easy as possible for you.  We will accept a change to your existing DAS contribution over the phone.  We will need to verify your identity to proceed with your request.

Are my savings 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. This scheme is operated by the Central Bank of Ireland. The DGS provides protection which ensures that an individual member’s funds in any one particular credit institution is covered up to a maximum amount of €100,000. In the case of joint accounts, the limit of €100,000 applies to each individual member. 

Will there be a dividend offered this year?

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. 

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.

Find out More

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.