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

• Savings balances over and above any loan you may have are available to you to withdraw on demand.
• Free life cover on saving up to € 12,700 (subject to terms and condition)
• The Deposit Guarantee scheme is in place which protects the member’s shares up to 100,000.
• 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 present accounts with Credit Union 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 a regular or special share account but not both

Security

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:

• All officials of credit unions, whether volunteers or staff, must be fidelity bonded.
• Savings up to a limit of €100,000 per member are protected by the Deposit Guarantee Scheme in all credit unions
• Members savings up to €12,700 are insured through 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