Prudent approach to financial market trends
As a result of a stable return to positive interest rates offered by banks on deposits and after guidance from Central Bank and in consultation with our Board, we have made the decision to remove the monthly lodgement cap of €5,000 and increase the existing savings cap of €50,000 to €100,000 per member as of 9 August 2024.
Does this affect you?
If you have less than €50,000 held in shares (combined across all your accounts) you can increase it to this amount to €100,000, however, not beyond.
Our team monitor this on an ongoing basis and advise members accordingly.
The Total Savings Cap of €100k is per member and not per account with No Monthly Lodgement Cap comes into effect from 9 August 2024.
Each member’s shares are limited to a maximum of €100,000 of savings, whether they are in any of the following:
Single share account
Single Thrift/EFT account/Deposit account
50% of the value of their joint share account(s)
50% of the value of their joint Thrift / EFT account(s) /Deposit account(s)
How long will the €100,000 Share Cap last?
The Board of Directors at Blanchardstown & District Credit Union will keep the Share cap under constant review, if they make any decision to change the cap, all members will be informed.