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Tel: 028 71 266738 Email:

FAQs Frequently Asked Questions

Are my savings doubled at death?

Not necessarily!  But some of your savings might double at death.  Shares that double are:

  • Shares you lodged before age 55,
  • Shares that were lodged while you were in good health, and
  • Shares that you kept in your account.

Remember that the current maximum amount insured under LIfe Savings Insurance is £15,000.  Amounts over this continue to earn a dividend but will not earn any additional insurance.  However, if you withdraw any portion of your shares, you lose the insurance on those shares resulting in a reduction of the total amount of shares + insurance.  It is in your best interest to save as young as you can and to keep your shares in your account!  For further information see Insurance.

Are all my shares insured?

Not necessarily!  The shares that are not insured are:

  • Those that you lodge after you reach age 70, or
  • Those that you lodge while not in good health, or
  • Amounts over £15,000, or
  • Shares you withdraw.

For further information, see Insurance.

If I take out my shares can I still keep all my insurance?

No!  Only the shares you keep in your account are insured.  When you withdraw a portion of your shares, you lose the insurance attached to that portion of your shares.  Thatís why we encourage members who are eligible for loans and who can afford them to borrow from us instead -- by borrowing instead of withdrawing your shares, you can keep the insurance attached to them.  (And your loan balance is insured as well, subject to terms and conditions.)  For futher information, see Insurance.

Is my loan always cleared at death?

No!  Loans taken when you were not in good health and loan balances remaining after you reach age 85 (age 80 for PLuSS loans) are not insured by Loan Protection Insurance.  If you are approaching age 85, it may be wiser for you to withdraw some of your shares (especially those not covered by Life Savings Insurance) rather than borrow and risk leaving an outstanding loan balance for your loved ones to pay.  (Any member whose loan will not be cleared until after age 80 will be asked to sign a declaration that the loan is intended for their personal use.)  For further information, see Insurance.

Can my family get my savings at death?

Of course!  But first you must complete a Form of Nomination available at our Reception desk.  On this form, you will be asked to name the person, persons or charitable group you wish to receive your shares in the event of your death.  Derry Credit Union can disburse amounts up to £10,000 to the person(s) or group nominated upon request.  (Probate must be extracted on amounts over £10,000.)  By completing this nomination, you can be assured that the person(s) or group you intended to receive your shares will receive them without red tape or delay.  You must update your nomination if you marry, divorce or if the person nominated dies before you.  In addition, a properly completed Form of Nomination takes precedence over a will.  As you go through the course of your life and update your will, make sure you update your nomination too!  You may change your nomination as often as you like and you may name more than one person or group as your nominee.

Find Us here:
  • Derry Credit Union
  • Tel: 028 71 266738
  • Fax: 028 71 372144
  • Email:
  • Web:
Derry Credit Union LImited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 574104)