Christmas Savings Club Terms & Conditions

  1. Introduction

The ANSAC Christmas Savings Club is designed to help members save regularly throughout the year for Christmas expenses. The Club aims to promote financial wellbeing and provide a secure, structured savings solution for members of the credit union.

  1. Eligibility

Membership of the Christmas Savings Club is open to all credit union members aged 18 years and over. Applicants must hold an active credit union account and comply with standard membership requirements.

  1. Account Opening

To open a Christmas Savings Club account, members must complete the official application form. Applications may be submitted at any time during the year, subject to approval by credit union staff.

  1. Account Structure

The Christmas Savings Club account operates separately from all other credit union accounts. It is classified as a share account, ensuring transparency and ease of management.

  1. Contribution Methods

Members may contribute to their Christmas Savings Club account through payroll deduction, standing order. Contributions can be made weekly, fortnightly, or monthly, as preferred by the member.

  1. Account Restrictions

Funds deposited in the Christmas Savings Club account are subject to a lock-in period until the designated payout date, which will be advised on an annual basis. An emergency unlock option may be considered in exceptional circumstances, subject to approval by credit union management. Withdrawals are not permitted during the lock-in period except as outlined above.

  1. Withdrawals

Withdrawals from the Christmas Savings Club account shall be made, preferably, via online banking. Cash withdrawals are not permitted. All withdrawals will be remitted to the member’s nominated bank account by Electronic Funds Transfer (EFT). Members shall be notified in advance of the date on which funds become available and of the applicable withdrawal procedures.

  1. Dividends

Dividends on Christmas Savings Club accounts are calculated and paid in accordance with the credit union's share account policy. Dividend payments are subject to the credit union's annual declaration and may vary each year.

  1. Account Limits

A maximum permissible balance of €5000.00 applies to the Christmas Savings Club account.

  1. Use of Funds

Funds in the Christmas Savings Club account may not be used as security for loans or other credit union products. Savings are intended solely for Christmas-related expenses and must remain separate from other financial commitments.

  1. Saving Frequency

Members may select their preferred saving frequency: weekly, fortnightly, or monthly. This flexibility allows members to tailor their savings plan to their individual financial circumstances.

  1. Account Continuation

After the annual payout, members may continue to save in their Christmas Savings Club account for the following year. The account remains active unless the member requests closure or fails to meet eligibility requirements.

  1. Staff Training

Credit union staff will receive comprehensive training on the setup, management, and restrictions of Christmas Savings Club accounts. Staff are equipped to support members throughout the application and saving process.

  1. Member Notifications

Members will be notified by email, SMS, or post regarding the unlocking of funds, withdrawal procedures, and any updates to the Christmas Savings Club product. Notification timelines will be communicated in advance of payout dates.

  1. Support and Communication

Dedicated support channels are available for both members and staff. For queries or assistance, members may contact the credit union by phone, email, or in person at the branch. Staff are trained to provide clear guidance and resolve any issues promptly.