SAVINGS LIMIT UPDATE
We would like to inform all of our members that the monthly and quarterly savings limits have been reduced effective immediately. The new limits are:
£500 Per Month
£1,500 Per Quarter
As a Credit Union we are required to maintain sustainable ratios between the level of savings we receive and the level of loans we approve. Since the COVID-19 pandemic there has been an increase in the amount that has been saved and a reduction in the amount that has been borrowed. To ensure that the ratios are met, we therefore need to reduce the amount of savings coming into the Credit Union. This is something we have had to do in the past, and is normal practice in order to ensure Newry Credit Union meets its regulatory requirements.