Fixed Term
Deposit Account

• The minimum deposit for the Fixed Term Deposit Account is €2,000 up to a maximum of €75,000. Only one Fixed Term Deposit Account per member.
• You must be a Croí Laighean Credit Union member, aged 18 or above, and hold at least €5 in shares to open a Fixed Term Deposit Account.
• Not available to juvenile or student account holders.
• This is a personal account only and is not available to club or business accounts.
• Not available to any member in loan arrears or bad debts. To avail of the Fixed Term Deposit Account, a member must bring their account(s) up to date.
• If a member has existing savings with CLCU and wishes to open a deposit account, they may transfer funds from their other CLCU accounts, deposit new funds, or a combination of both.
• A member’s total savings in Croí Laighean Credit Union must not exceed €100,000 across all accounts, including share, joint, current, and deposit accounts. A member must always retain a minimum of €5 in shares.
• If a member has a Current Account, the total savings (including share, joint, and deposit accounts) cannot exceed €90,000 with a further €10,000 available in their Current Account.
• This Fixed Term Deposit Account is for a single lump sum deposit only, and no further lodgements will be permitted after the account is opened.
• Withdrawal of funds is not permitted. Any withdrawal will break the fixed term and your account will not qualify for the bonus interest. The Account interest earned up to the point of withdrawal will be retained.
• Members cannot transfer pledged shares, or pledge the funds in the Fixed Term Deposit Account to a covered loan.
• You have a 14-day cooling-off period from the date the Account is opened, to change your mind. If you wish to close your Account during this time, please contact us in writing.
• A fixed interest rate of 3.75% will be applied to this Fixed Term Deposit Account for the Term of 30 months (AER: 1.5%).
• If the account is maintained for 30 months with no withdrawals, the full 3.75% is payable on the Account Maturity Date (i.e. 30 months from the date of original deposit).
• The Account interest rate is calculated and accrued each day based on the balance in the account and only paid at the closing or maturity of the Account Term.
• All member deposits up to €100,000 (combined) are covered under the Deposit Guarantee Scheme, details are available at www.depositguarantee.ie.
• All interest earned will be subject to DIRT at the applicable rates. DIRT will be deducted at source unless you are exempt.
• Fixed Term Deposit Accounts are not covered by our Life Savings Insurance cover. Full details on non-deposit account Life Savings Insurance cover can be found here.
• Joint Fixed Term Deposit Accounts are available if the membership account is a joint account.
• The Credit Union reserves the right to withdraw these Accounts at any time without notice and amend these terms and conditions.
• The Credit Union may at any time without notice to the member offset and apply any credit balance in this Account toward payment of any outstanding loan they have which may be in default, and where the member has failed to respond.
• When the account reaches the Maturity Date, the principal amount of the Fixed Term Deposit Account and any interest earned up to the Maturity Date shall be transferred to the member’s Share Account.
• We may request identity verification documents to comply with the prevention of money laundering legislation.
• If you wish to make a complaint, please contact a member of staff in person, via email or phone. If your complaint is not resolved to your satisfaction, you have the right to refer your complaint to the Financial Services and Pensions Ombudsman, Lincoln House, Lincoln Place, Dublin 2, D02 VH29.
• This agreement between the Credit Union and the Account holder is governed by the laws of Ireland. Croí Laighean Credit Union is regulated by the Central Bank of Ireland.
• Funds must be deposited in a single transfer. If funding via a share account and external funds, the external funds must be transferred to their share account and once cleared, the full amount deposited. If depositing from multiple external accounts, the funds must be collated into one account and transferred to the Fixed Term Deposit Account.

Fixed Term Deposit Account Definitions:

• The “Credit Union” or “CLCU” means Croí Laighean Credit Union Limited.
• The “Fixed Term Deposit Account” or “Account” means a 30-month Fixed Term Deposit Account.
• The “Term” means the 30-month fixed duration of the Account.
• “Start date” means the first day a lump sum is deposited in the account.
• “Maturity date” is 30 months from the date of original deposit.
• The ‘Account holder’ is the member(s) in whose name(s) the account is maintained.
• “AER” means Annual Equivalent Rate and indicates the percentage of interest you’ll receive each year for holding your savings in a Fixed Term Deposit Account with CLCU.