Savings

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 an annual dividend on your shares.

Benefits of credit union savings

Members can accumulate substantial funds over time, giving them some financial security and a rainy-day fund.
Shares act as security for your loans.
Savings balances over and above any loan you may have are available to you to withdraw on demand. Any savings accumulated since your last loan was taken out are also available to withdraw.
Attractive annual dividend for savings available on demand.
Life savings insurance benefits on shares up to €20,000 (subject to terms and condition) at no direct cost to the member - see elsewhere on this web site for further details.
The State Deposit Guarantee Scheme covers credit union savings up to €100,000 per member.
A statement is posted to each member every three months. Note that there are absolutely no plans to replace posted statements with E statements.
There are no transaction charges or fees.

For small to medium savers your credit union is where you belong.

XMAS Deposit Account

A separate XMAS Deposit account is available to help members to save for Christmas. Funds saved do not act as collateral for any loans and can be withdrawn at any time, ideally in the weeks before Christmas.

Features of the XMAS Deposit Account are as follows:

This is a deposit account rather than a share account. This means that deposit interest is paid each November rather than an annual dividend. The rate of interest is currently .10%.
As the XMAS Deposit Account is designed for short term savings, it is not included for life savings insurance benefits.
Opening an account is easy. You need to be a member of the credit union with a minimum share balance of €6.35. A short form needs to be completed - these are available from the office or can be downloaded from the members section of this web site.
If you pay the credit union through the An Post payroll, this can be set up to divert a certain amount towards your XMAS Deposit Account

Taxation/ DIRT

DIRT tax is deducted from your share dividends and from the interest on your XMAS Deposit Account but certain exemptions apply. See taxation page - under option "MORE" on the menu bar or use this link - taxation

Withdrawal of savings

Members can withdraw savings other than savings that are acting as security for a loan. Savings can be withdrawn by posting or faxing a withdrawal form to the credit union office. Alternatively, a completed withdrawal form can be scanned and emailed to the office. Funds can also be withdrawn using the online banking facility on the web site.

The minimum shares you must hold in the credit union to remain a member is €6.35.

Nominations

One of the advantages of saving with the credit union is that funds can be passed on death to a nominated beneficiary or beneficiaries. This is provided under the Credit Union Act 1997 (as amended) and it allows savings and insurance benefits to be passed on without the delays associated with probate.

Details are as follows:

Every person joining a credit union should complete a nomination form. At this credit union, the nomination form is part of the Membership Application Form and is absolutely essential in establishing a members intentions regarding his/her property in the credit union at the time of death.
Under the Credit Union Act, the maximum amount that can pass to the nominee under the nomination is €23,000. Any amount in excess of this balance must pass to the estate. If you elect not to complete a nomination form, the entire proceeds of your account will form part of your estate on your death, and will be dealt with under the terms of your will, or under the rules of intestacy if you do not make a will.
You may revoke or vary your nomination at any time by completing a new nomination form and sending it to the credit union. A nomination is not revocable or variable by the terms of your will, or by a codicil to your will. A nomination is automatically revoked when your nominee dies before you. In this case you should consider completing a new nomination form. If you do not, your property will form part of your estate.
A nomination is automatically revoked by your subsequent marriage. Where your personal circumstances change (e.g. marriage, divorce or separation) you should review your nomination at that time.
While a nomination is automatically revoked if you marry, it is not automatically revoked if you become separated or divorced. It is essential to make a new nomination in these circumstances.
The nominated property does not form part of the deceased estate.
A person under 16 years of age cannot make a valid nomination.

Small payments provision - Where no valid nomination exists and the amount in your account is under €15,000 in total (including insurances etc.) the Board of Directors of the credit union may, without letters of administration, or probate of any will, distribute your property in the credit union to such persons as appear to the Board to be entitled by law to receive it.

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