Community Savings Club
|
The Community Savings Club gives families the opportunity to save and access their savings throughout the year. The aim of the Savings club is to allow local people save for everyday items and events such as First Communion, Confirmation, Christmas and Back to School costs. Savings can be requested any time during the year but 2 weeks notice is required.
People can save at any time of the 48 week period the Community Club is open and are encouraged to save any amount from €1 to €30. People can also lodge coin to their savings club free of charge. To encourage younger savers Children’s Saving Incentives are offered. |
|
Advantages of Saving as opposed to borrowing off Regulated Moneylenders
Think of all the worries for school , Christmas and other events such as Communion that the above amounts would pay for.
If you were to borrow the same amounts off moneylenders who can charge as much as 187.2% APR :
The question you need to ask is “can you give away that much per week to someone who calls to your house, when in your community a free convenient savings scheme operates so successfully?"
Opening hours: Thursdays, 5:30pm – 6:30pm
The Community Savings Club is always looking for new volunteers (Garda Clearance Essential). If interested, please contact the Family Resource Centre @ 056 77 23309
- If you save €5 per week in The Community Savings Club you will have €240 saved during the period the bank open each year.
- If you save €10 per week in The Community Savings Club you will have €480 saved during the period the bank open each year.
- If you save €20 per week in The Community Savings Club you will have €960 saved during the period the bank open each year.
- If a family saved €30 per week in The Community Savings Club it will have €1440 saved during the period the bank open each year.
Think of all the worries for school , Christmas and other events such as Communion that the above amounts would pay for.
If you were to borrow the same amounts off moneylenders who can charge as much as 187.2% APR :
- you would pay for €240 over 48 weeks €8.25 instead of €5 , an extra €156 per year.
- you would pay for €480 over 48 weeks €16.50 instead of €10 , an extra €312 per year.
- you would pay for €960 over 48 weeks €33 instead of €20 , an extra €624 per year.
The question you need to ask is “can you give away that much per week to someone who calls to your house, when in your community a free convenient savings scheme operates so successfully?"
Opening hours: Thursdays, 5:30pm – 6:30pm
The Community Savings Club is always looking for new volunteers (Garda Clearance Essential). If interested, please contact the Family Resource Centre @ 056 77 23309
