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As the amount of shares builds up, the common fund of money grows. This in then available for providing loans to members. All members are encouraged to save regularly, even when repaying a loan. This gives the member several direct benefits, and ensures that there are funds for the credit union for use by all members.
Every €1 saved is equivalent of one share in a credit union. A minimum saving of €6.35 is needed to keep the account open. You should save regularly to build up a savings history. Each share is eligible for a dividend at the end of the year. The more savings held by the Credit Union, the more funds are available for loans to members.
Your credit union can help you achieve financial independence through regular savings and fair and affordable access to loans.
The common bond is the factor which unites all the members of Kanturk Credit Union Limited - it is what all members have in common i.e. where they live. Because of the common bond, all members have the good of their credit union at heart; they know and trust each other.
A financial cooperative, owned, and controlled by its members for its members.