Savings as shares in a Credit Union are a better way to save. You are not just another customer but a valued 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

• Savings balances over and above any loan you may have are available to you to withdraw on demand. In many circumstances access may also be available to your savings where that figure is lower than your loan balance.
• A competitive return on your savings annually for funds available on demand
• Free life cover on savings up to € 12,700 (subject to terms and condition)
• The State’s Deposit Guarantee Scheme fully protects the first €100,000 of a member’s savings.
• There are no transaction charges or fees.

For small to medium savers your Credit Union is where you belong.

Types of Share Accounts

Regular Share Accounts

• Members accounts with Credit Unions are considered as a Regular Share Account. These accounts are suitable for those who are not liable for income tax.
• The onus is on the member to declare their account to the Revenue Commissioners.
• Dividend rate declared at A.G.M. is posted gross to members accounts.
• No disclosure is required by Credit Union.

Special Share Accounts

• Member must request in writing that their account be changed to a special share account.
• Dividend paid to member net of DIRT.
• Return made by Credit Union does not include individual members details.
• Member can hold both a regular or special share account but not both

Security

• Credit union members can rest assured that their savings are safe.
• Credit Unions in Ireland which are affiliated to the Irish League of Credit Unions are covered by the League’s SPS (Saving Protection Scheme).
• Members savings are covered up to €100,000 by the State’s Deposit Guarantee Scheme
• All officials of credit unions, whether volunteers or staff, must be fidelity bonded.
• Members savings within certain limits are insured through free Life Savings Insurance.
• All monies received in the credit union are properly recorded and lodged regularly.
• Full financial statements are prepared and can be examined by members.
• Annual independently audited returns are lodged with the relevant authority, The Central Bank of Ireland.
• The Credit Union is regulated by the Central Bank of Ireland.