Deposit Accounts help the Credit Union with their Asset/Liability Management (ALM), the process of managing the use of assets (e.g. shares) and cash flow to meet the Credit Unions obligations to our Members. Obligations include making sure we have cash flow available to return Members savings if requested, while at the same time investing Members money wisely to help run the Credit Union.
The Board of Director’s review, at least annually, the types of deposit accounts and rates of interest which are available.
Members whose Share account balance reaches the €20,000 limit can avail of a Deposit Account to hold further savings.
The maximum limit of savings per Member in Core Credit Union is €100,000.