Significant increase in savings sees cap put in place at Nenagh Credit Union

A savings cap is to be introduced for members of Nenagh Credit Union from April 1st.

Due to the costs associated with a significant increase in savings, the Credit Union has joined many others in putting a cap of €20,000 on member accounts, but this won’t affect members who already have savings above that threshold.

Savings increased by 13 percent or €7.2 million at Nenagh Credit Union last year, while its loan book also increased by nine percent.

CEO Pat Naughton says the savings cap was a difficult decision that they had to take.

“We made the decision to apply the cap retrospectively – basically what that means is that any members that have more than €20,000 with us at the moment can retain that €20,000 or more in the Credit Union but they won’t be able to add to those savings. But they won’t have to withdraw those savings to reduce the balance to €20,000.”

“Members who have less than €20,000 with us at the moment can continue to save to bring the balance up to €20,000 but the balance won’t be able to exceed that.”