Saving Is Easy

At KRD we actively encourage our members to save. Whether it’s regular amounts or lump sums, it all helps contribute to your future.

The Benefits Of Saving at KRD

No hidden fees or charges.

Saving is easy with our various payment methods.

24 hour/365 access to your funds with Online Banking and Mobile App.

We offer access to Life Savings Insurance on a FREE-TO-MEMBER basis.

Our main savings accounts are called shares. As a shareholder, you have a say in the Credit Union’s operations.

Be part of a financial co-operative supporting the community through sponsorships, donations and charitable works.

Saving with KRD Credit Union

KRD Credit Union actively encourages its members to save.  Each £1 of savings in the credit union is equivalent to 1 share in the credit union.  The more shares you hold, the greater will be your portion of the annual dividend being paid (subject to annual performance and AGM approval).  

The shares you hold with KRD Credit Union also give you access to personal loans at preferential rates, if secured by shares.  

Maximum savings balance £30,000* (subject to change)

What return do I get on my credit union savings?

Savings with the credit union makes you a member of the credit union, not just a customer.  Amongst the many other benefits of saving with us, you are also entitled to a share in any dividend payable to members, as approved at the AGM.  The value of any dividend paid will depend on the performance of the credit union in that financial year, resulting in a surplus available for distribution to members, and the value of the shares you hold.  

Savings FAQs

Have a question? Check below to see if it is answered in our Frequently Answered Questions.

Can I have easy access to my savings?

Yes! You can withdraw your savings at any time online or in one of our offices.  If your shares are pledged as security against a loan, they will not be instantly available.

However, we encourage our members to keep their savings balance intact so that:

They continue to maximise their dividend earning potential

They continue to benefit from Life Savings Insurance protection.

Any of our staff will be happy to talk to you about suitable alternatives to withdrawing your savings.

What is a Dividend?

As a credit union is a not-for-profit organisation, any surplus generated, after operational costs, is distributed to our members at year-end.  The surplus is distributed to borrowing members as a loan interest rebate and to our saving members as a dividend.  The dividend amount will depend on the performance of the credit union during a financial year, the value of the shares in place in your account and for what portion of the year they have been in place.  The dividend percentage is recommended by our Board of Directors at the year-end following the audit of our accounts.  The members then vote on whether to accept this recommendation at AGM.

Does the credit union offer savings accounts for children? 

Yes! At KRD we believe that the sooner we teach our children the importance of saving, the better! 

A parent/guardian can open an account for a child, up to the age of 16 by organising an appointment at one of our offices.   A Junior Account is instant access and can be topped up to a maximum of £15,000 using a regular savings transfer, birthday money or any other money that the child has access to.  Junior accounts are also eligible for a dividend at year end. 

When the child turns 16, we will write to you both asking you to visit the credit union and transfer the account into a fully fledged member account!

Are my savings with the credit union safe?

Yes! Credit Unions in Northern Ireland are covered by the Financial Services Compensation Scheme. This scheme ensures that credit union savings are repayable fully (up to a maximum of £85,000 per member), by the government, should a credit union go out of business.   Please visit: www.fscs.org.uk for further information.

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.

Mobile Banking On-The-Go

Mobile Banking On-The-Go

  • Secure Member Login
  • Check your account balances On the Go
  • Transfer funds between your own accounts
  • Transfer funds to external accounts
  • Apply for a loan securely, anytime, anywhere!