Share Account

Share Account

Our regular savings account

Our main account used for regular savings.

The Share Account is offered to members for their regular savings and can attract a dividend (minimum share deposit is £2 a week, £4 a fortnight or £10 a month). It has the additional benefit of acting as security for the basis of loan applications. Which means shares cannot be withdrawn whilst being used as security for the loan. Members can also be assured that regular deposits into their share account are covered by credit union insurance (terms and conditions apply).

  • I am over 16
  • I either reside in or am employed in the locality of Ayrshire, or am a member of the same household as a member
  • Application for a membership can be made at any access point.
  • Bring one item of photographic ID i.e. passport or driving licence (original only).
  • Bring one recent official letter no more than three months old (original only).
  • An annual fee of £5 is due on the 31 March each year.
  • Members can pay via collection point, standing order, online, over the phone with a debit card or payroll deduction.
  1. A Share Account may be opened by completing a Membership Application Form and by
    providing appropriate identification documents.
  2. A minimum deposit of £1 is required to join thereafter the minimum balance of £5 is required.
  3. Members with outstanding loans may only withdraw shares if their value exceeds their loan
    balance and any future interest and the amount they withdraw will be limited to the surplus
    shares over loan, e.g. a member with an outstanding loan of £100 including interest and a
    share balance of £150 may withdraw up to £45.
  4. An Annual Dividend may be paid, gross of tax, on Share account, subject to surplus. Dividend
    rates will be decided at the AGM.
  5. An annual service charge of £5 applies.
  6. Default in loan payments could result in transfer of Shares.

1st Alliance (Ayrshire) Credit Union covers members shares and loans in the event of death. It is a financial benefit that supports your family when they most need it. On joining members instruct who should be the beneficiary of the account. The value of this payment is directly linked to your savings and your age.


How it works:

  • 18 – 65 years old: shares are covered 100%
  • 66 - 80 years old: shares are covered 25%

The first £10,000 of shares is covered by this insurance. On the members 65th birthday, the balance of the shares is ‘locked in’ and thereafter shares are covered by the 25% rule.

Example 1:

Member has been saving regularly and passes away at 60 with £4,000 in account.

The beneficiary will receive a total of £8,000 (subject to conditions).

Example 2:

Member has been saving regularly and passes away at 70 with £4,000 in account, £3,000 of which was held in the account at 65.

The beneficiary will receive £7,250 (subject to conditions):

£3,000, plus £3,000 for the balance at 65 and then 25% of the £1,000 saved after 65.


How it works:

Loans are also insured in the event of death. Existing medical conditions are covered after six months (subject to conditions).

The terms of this member benefit may change from time to time. The applicable rates / amounts covered are those prevalent at the date of death.

Please note: This benefit does not mean you have an insurance policy.