Ballyhackamore Credit Union, 171-173 Upper Newtownards Road, Belfast BT4 3HZ
028 9047 1753 bhcu@btconnect.com
Our Credit Union is for People, not profit!

Savings

Savings at Ballyhackamore Credit Union Limited

We all know the benefits of saving, either for something specific or for that “rainy day”. Saving your money with Ballyhackamore Credit Union means you are saving with a highly successful local co-operative.
You are not just a customer - you are a member.

Every £1 you save is equivalent to 1 share in your Credit Union.

Some of the many benefits of saving with Ballyhackamore Credit Union:

  • Easy access to your savings (provided savings are not pledged to a loan).
  • No hidden charges or fees on any transactions
  • Free life savings insurance for eligible members
  • Annual dividend on your savings
  • Fast efficient service
  • The more shares you have the more borrowing power you have

The money that members save with their Credit Union is used to fund loans to other members.

Your savings in Ballyhackamore Credit Union are insured with Free Life Savings Protection. (terms & conditions apply).
For more details, visit the Insurance section.

There are several ways in which you can make deposits into your account.
These include paying at the counter by cash or debit card and standing order from your bank account. If you are unable to get into the office you can lodge money over the phone by debit card. When making a debit card payment over the phone, the cardholder MUST be present to authorise the payment.

The maximum amount which may be deposited in any one calandar month is £2,000.

Overview of the savings accounts available

Type of Account Age Maximum Amount Saved Minimum Amount Saved Loan Facility? Dividend Savings Protected Life Savings Insurance Cover?
Main Savings Account Age 16 and over £10,000* £1.00 Yes (18+) Yes Yes Yes
Easy Share Account Age 16 and over £5,000 £5.00 No Yes Yes Yes
Minors Saving Account Under 16 £5,000 £1.00 No Interest paid Yes No

*If a member has an Easy Share Account the maximum amount of savings they can have in a Main Savings Account is £10,000. This amount may be subject to review.

^Loan facility available to members who are 18 or over.

MAIN SAVINGS (share) account EASY SHARE acount MINOR account
Main Savings Accounts may be opened by people who live or work with the bond. The Bond consists of postal areas BT5, BT16 and parts of BT4. Those who work within the Bond must bring a current pay slip to confirm this Easy Share Accounts may be opened by anyone holding a Ballyhackamore Credit Union Main Savings Account provided there are no arrears on an existing loan Minors Accounts are available to children from birth to age 16. On reaching the age of 16 these accounts must transfer to a Main Savings Account (terms and conditions apply) or be closed
  • £1.00 joining fee
  • Deposit of at least £5.00
  • May be held as security for a loan
  • No joining fee.
  • Deposit of at least £5.00
  • Not held as security for a loan
  • No joining fee
  • Deposit of at least £1.00
  • Debit card may NOT be used to make deposits to this account.

It is most beneficial to members to leave their savings intact. Rather than withdraw shares, why not consider a loan instead?

Click on any section below to expand view

Credit Unions in Northern Ireland are covered by the Financial Services Compensation Scheme (FSCS) which is administered by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). This scheme provides compensation, currently up to £85,000, to depositors if a credit institution goes out of business. It covers deposits held with banks, building societies, and credit unions. Please see the financial services compensation scheme website for further information: www.fscs.org.uk.

In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is available to proactively intervene to protect members' savings by making available financial assistance to help any credit union which may experience difficulties.

Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions). For more details, visit the Insurance section.

A Dividend is the interest you earn on your savings, but because you are a shareholder in your Credit Union, it’s known as a dividend.

The rate varies from year to year and is dependent on the performance of the Credit Union and the end of year surplus. Our Members vote at the AGM as to whether they wish to accept the Boards recommended dividend figure.

A dividend also applies to Minor saving accounts, but in this case, it is known as interest.

You can withdraw your savings provided they are not pledged as security on a loan. However, you are encouraged to keep your savings intact, so that:

  • They continue to earn a dividend
  • They continue to benefit from the Life Savings Insurance protection.