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Savings Limits at Gurranabraher Credit Union

Savings Limits at Gurranabraher Credit Union

We wish to notify our members of a change in the savings limits at Gurranabraher Credit Union effective from March 1, 2022.

Your Credit union is implementing revised savings limits per member as follows:

€25,000 (+ current loan balance) Maximum overall savings per member.

€5,000 Maximum Adult savings per month.

€500 Maximum Juvenile savings per month.

Like many other Credit Unions in Ireland, Gurranabraher Credit Union is implementing these limits in order to manage the large growth in savings into the Credit Union in recent years. The implications for a Credit Union of receiving excess savings are that the Credit Union needs to set aside reserves and keep additional deposits on demand at banks which are often earning a prevailing negative rate of interest for our members.

We wish to thank you for your cooperation with this change in savings limits.