Latest News

11 Mar 2024

SEPA Payments Delay

Informing members of expected delays in SEPA payments over St Patricks weekend

08 Mar 2024

SEPA Payments

07 Mar 2024

Premier Credit Union First Schools Quiz

An article and photos from the first School Quiz held by Premier Credit Union

08 Feb 2024

FEXCO Valentine Competition

Information and links to the Valentines competition being run by Fexco on their social media

09 Dec 2023

Cash Draw

21 Jul 2023

Maintenance to our website

Due to maintenance to our website you will not be able to transact today the 30/09/19 from 5pm until 9am Tuesday the 01/10. We apologise for any inconvenience caused.

18 May 2023

Member Notice

Our website will be unavailable on Wednesday, May 24th, from 9 am to 5 pm to facilitate the merger of Roscrea Credit Union into Thurles Credit Union.  Please also note that on Thursday, May 25th and Friday 26th we will open at a slightly later time of 10 am. 

Loan & Savings Insurance

One of the great benefits of credit union membership is the free insurance provided on savings and loans and members frequently ask about it.

Loan Protection Insurance

Loan protection insurance is provided by your credit union for you, the member, at no extra cost. This means that your dependents will be protected against this debt in extreme circumstances. All loan balances are insured provided certain criteria are met.

This means that in the event of death, terminal illness, or a member becoming permanently disabled, then the insurance cover provides that the loan (up to certain limits) is repaid in full. Each member of the Credit Union is eligible for loan protection insurance if they meet the following criteria:

  • Have not reached your 85th birthday.
  • Have signed a promissory note when the loan is granted
  • Are actually at work (or physically capable of carrying out the normal work duties)
  • If not working but in good health
  • Member is the first named on the account

Please note that even members who don't meet all of the above criteria may be eligible for loan protection insurance provided satisfactory evidence, e.g. A Certificate from a certified doctor, is submitted to the insurer.

In the case of joint accounts, the first named member shall be insured in respect of any loan. Cover applies only to the borrowing member whose signature appears first on the credit agreement.

Note: Members should not confuse Loan Protection Insurance (LPI)with Repayment Protection Insurance(RPI).

Life Savings

An exclusive credit union service for members

Life Savings* is a unique service provided for the benefit of members. It rewards eligible members for their ongoing support of their credit union and protects members while they save. There is no charge to members for this service.  In the unfortunate event of your death, the Life Savings service can pay a benefit to the person(s) nominated to receive the property of your account. For further information on nomination see below.


The Life Savings service provided by your credit union changed in January 2023 and the new service is called Life Savings, date of death. The key difference is it bases the benefit calculation on a single savings balance from your account. The previous method based the calculation on multiple savings balances held between the ages of 55 and death. The new method is easier to understand and reduces the administration for your credit union.

Am I eligible for the Life Savings service

You are eligible once you:

  • are a fully paid-up member (a minimum fee is set in the CU rules for membership) and you remain a paid up member of your credit at all times and,
  • you lodge your savings before your 70th birthday and,
  • you lodge your savings when you were actively at work and regularly performing all the usual duties of your occupation or when you were in good health.

How much Life Savings is provided?

The maximum benefit chosen by your credit union for an eligible member is €3,000

How is the Life Savings benefit calculated?

The benefit is calculated by multiplying the relevant savings balance by a single benefit percentage which is determined by your age at death, except where death occurs after age 70. See benefit percentages set out below:

Life savings benefit percentages applied at your age at death

  • Member dies before age 55                                100%
  • Member dies between ages 55-59                       75%
  • Member dies between ages 60-64                       50%
  • Member dies between at age 65 or greater          25%

The relevant savings balance used is the savings balance held at date of death, for deaths occurring before age 70. For deaths after age 70, the relevant savings balance is the lowest savings balance between age 70 and the date of death. The savings balance used is also subject to the overall maximum limit of €3,000.  Note also that any withdrawal of savings made after age 70, can reduce the benefit payable.


Example member dies age 40

An eligible member dies at age 40 with €1,000 in savings. The €1,000 is below the maximum credit union limit (€3,000). At age 40, 100% LS benefit is applicable, so the  benefit will be €1,000 x 100% = €1,000.  Total fund paid to the nominee/estate of the deceased paid out will be the members’ original savings of €1,000 plus the LS benefit of €1,000 an overall total of €2,000.


Example member dies age 68

An eligible member dies at age 68 with €5,000 in savings. The maximum LS limit amount that can be paid is €3,000 and at age 68, 25% LS benefit is applicable. Here the benefit is (€3,000 x 25%) €750 would be paid. Total fund paid out to the nominee/estate of the deceased would be the members’ original savings of €5,000 plus the LS benefit of €750, an overall total of €5,750.


Example member dies age 75

An eligible member dies at age 75 with €10,000 in savings. At age 70 the member savings balance was €2,000. After age 70, the lowest balance from age 70 to death is used for the benefit calculation, and this is €2,000. The €2,000 balance is below the €3,000 maximum, so the benefit will be €2,000 x 25% = €500. Total funds paid out to the nominee/estate of the deceased would be the members’ original savings of €10,000 plus the LS benefit of €250, an overall total of €10,250.

Nominations

When you join your credit union you will complete a nomination form. This enables you as a member (over 16 years of age) to nominate or name someone to receive the property of your account, upon your death. This form can be updated if necessary at the credit unions offices.


Savings Cover Limit

All Thurles Credit Union's member shares are insured up to a maximum of €3,000

Up to age 54

100% insured on balance or lowest balance thereafter

i.e. you will receive an extra 100% of your savings that are in your account up to a maximum of €3,000

Age 55-59

75% insured on balance or lowest balance thereafter

i.e. you will receive an extra 75% of your savings that are in your account up to a maximum of €3,000

Age 60-64

50% insured on balance or lowest balance thereafter

i.e. you will receive an extra 50% of your savings that are in your account up to a maximum of €3,000

Age 65-69

25% insured on balance or lowest balance thereafter

i.e. you will receive an extra 25% of your savings that are in your account up to a maximum of €3,000

Effect of Withdrawls

  • Withdrawals have a negative impact on Life Saving Benefit as claim is based on lowest share amount after the age of 55
  • Amounts lodged after age 70 are not insured, however, withdrawals can affect benefits due

Note: It is worth remembering that it makes sense to leave your savings intact, especially as you get older. It can often make more sense to borrow money using your savings as security. This way you are covered twice in the event of your demise; your loan will be covered plus you will get a top up on your savings under the Life Saving Policy.

The Life Saving Policy payment will depend on the savings you made during the term of membership and the age that lodgment's are made as specified in the Table of Benefits above.