As of 1st February 2020 the maximum savings balance a member may have in Ballinasloe Credit Union will reduce from €60,000 to €30,000.
Ballinasloe Credit Union is a safe, strong and secure financial institution and we have always adapted our business over the years to ensure we remain in this position. The financial markets in which we operate pose new challenges to all Credit Unions. Member’s savings that are not on loan to other members are invested to generate income. Until recent years, these investments have provided substantial income.
However, due to the low interest rate environment, this income has now declined substantially with some banks actually charging Ballinasloe Credit Union for holding your savings, which is an additional cost for your Credit Union. This savings limit is simply one more adjustment to ensure we are prepared for the changing financial landscape we operate in and the limit of €30,000 was chosen in an effort to be fair to all members.
As the financial climate changes, we can certainly revisit this issue when we believe it is in the best interest of the Credit Union and its members to do so.
Ballinasloe Credit Union is a testament to what local people and communities can achieve and we look forward to your ongoing support, enabling us to continue to expand the range of financial services within your local community.