Savings & Shares
Savings as shares in a Credit Union are a better way to save. You are not just another customer but an active member of a highly successful financial co-operative. Yes, you have a share in the ownership of the Credit Union. Along with having a say in the operation of the Credit Union you also earn dividends.
Benefits of Credit Union savings
Download Share Withdraw Form (85.7kb)
- Savings balances over and above any loan you
may have are available to you to withdraw on demand.
- If the credit union has a surplus at the end
of the year this is given back to members by way of a dividend. The more shares you have, the greater
- Free life cover on saving up to 20,000
(subject to terms and condition)
- A savings protection scheme is in place to the
benefit of the member up to 12,700
- There are no transaction charges or fees.
- All savings up to 100,000 are covered by the
Deposit Guarantee Scheme which is administered by the Financial Regulator.
Download Standing Order Form (83.8kb)
- Credit union members can rest easy in the assurance that their savings are safe. Credit Unions in Ireland, which are affiliated to the Irish League of Credit Unions, are secured in several ways:
- Members savings within certain limits are insured through Life Savings Insurance.
- Annual independently audited returns are lodged with the relevant authority, The Irish Financial Regulatory Authority.
Notice to Members about taxation of credit union Share Dividend and
Deposit Interest. Effective From 1st Jan
contains the following provisions regarding Deposit Interest Retention Tax
From 1st January
2014 all credit union share dividend and deposit interest
paid to members will be subject to DIRT, with the exception of dividend or
interest paid to members who are exempt from DIRT. The only members who can be exempt are:
- Members aged over 65 whose
total income is less than the relevant limit, currently 18,000 for an
individual and 36,000 for a married couple. For married couples, only one
of the spouses needs to be over 65. To avail of this exemption, you must
sign a self-declaration form DE1. This form is available in your credit
union and is a declaration that you (or your spouse) are aged over 65 and
that your total income is less than the relevant limit.
- Members who are permanently
incapacitated. Such members should either contact their local Revenue
Commissioners office directly or contact a service body such as the Irish
Wheelchair Association. Credit unions have no role in approving the
exemption in these cases.
If you do not
complete the self-declaration form, the credit union will be obliged to deduct
DIRT from your dividend or interest. You will then have to apply directly to
the Revenue Commissioners for a refund of this DIRT (if you are eligible).
Please phone the office to discuss
any queries that you may have with a member of Staff