Launch of New Type of Savings Account

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Cloughfern Credit Union now offers savings only accounts to existing and new members. These accounts offer a safer more secure alternative to the  failed Farepack  Scheme. These savings accounts allow individuals to save with the credit union untill 1st November each year when all money saved will be released to the member.

The Credit Union is keen to stress that unlike the FAREPAK scheme the Credit Union is regulated by the Government through officials at the Department of Trade and Industry. The  Credit Union must submit its accounts, prepared by a Chartered Accountant to the Department for scrutiny. The Credit Union is examined regularly by the DETI with a report being prepared on its compliance with the Department's operating procedures for Credit Unions.

The Credit Union is also required by law to have Fidelity Bond Insurance and cannot operate without it. This insurance protects the members savings form fraud by any of the Credit Union's officers or staff.

Cloughfern Credit Union also contributes to a Savings Protection Sheme run by The Ulster Federation of Credit Unions. This scheme protects members savings from bad management or investment decisions which may be taken by the officers of the Credit Union.

These 3 types of protection should give those who want to save safely the comfort to open a savings account with cloughfern Credit Union. The accounts are also designed to cater for existing members who may also wish to put savings aside in a secure account.