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Savings in a Credit Union are very important for two main reasons:

  • To help the Member
  • To help fellow Members

Firstly, as part of our philosophy of encouraging Members to manage their finances wisely, we recommend that they save something, even a small amount, on a regular basis, as this has the following advantages:

  • You will build up a significant balance over time that YOU will own.
  • You will be able to use this as collateral to access loans on competitive terms.
  • You will benefit from our Life Savings Insurance Scheme that will increase the value of your savings in the event of death or permanent disability.
  • You will receive an excellent return on your savings.

(As with all insurance schemes some terms and conditions apply. These are explained under Insurance Schemes).

Secondly, the savings, which each member holds, enables us to advance loans both to them and other members.

Our Life Savings Insurance is the Life Insurance cover Community Credit Union takes out for eligible members as an additional incentive to save regularly and maintain savings with the credit union. There is no additional cost to you, the member.

Summary of Main Features of Savings Accounts

Shares Accounts
Account / Product Availability of Funds Tax Treatment Return Insurance Benefits
Special Shares On Demand – Subject to loans. DIRT at the prevailing rate deducted from Dividend. – No further tax liability in the hands of member. Dividend – not guaranteed – paid once per year in December. Yes – up to €12,700 maximum across all share accounts and age of member when savings made.

Maximum level of shares in a Share account – €30,000

Deposit Accounts
Account / Product Availability of Funds Tax Treatment Return Insurance Benefits
Super Saver Easy Access A/C Available on demand. Dirt at the prevailing rate deducted from Interest Earned. See “What do I earn on my Savings”. None
6 Month Fixed Term Account Locked in for 6 months from opening of account. Dirt at the prevailing rate deducted from Interest Earned. See “What do I earn on my Savings”. None
12 Month Fixed Term Account Locked in for 12 months from opening of account. Dirt at the prevailing deducted from Interest Earned. See “What do I earn on my Savings”. None

Maximum level of deposits across all accounts – €75,000

Maximum level of deposits in individual accounts – €25,000

Please note that this is a summary of the main features only. Please enquire at the office for full details of the Terms & Conditions applying.

Which Account Is Best For Me?

This is a question to which there is no simple answer. In practice many Members hold more than one type of account to meet different needs. As a guide, however, the following may be helpful. Please note that this is intended merely as a simple guide and we recommend that you talk to one of our staff to work out the best plan to suit your needs.

The most important thing for me is to have insurance benefits and to be able to borrow when I need to. Share Accounts may be the most suitable for you.
The most important thing for me is to be certain of what my savings will earn and get it more frequently than once per year. Deposit Accounts may be the most suitable for you.

 

Payment Service Directive

On 1st November 2009, the Payment Service Directive (PSD) was brought into legislation in Ireland and throughout the EU. This directive ensures the same legal framework applies to all payments made within Europe. In January 2018, Payment services Directive II (PSD II) came into force which replaces the first PSD. The attached document outlines your ‘framework contract’ with us in relation to the particular account for the purposes of regulation. Please download the document here for further information.

Some Final Points
  • Please note that evidence of your identity (name, date of birth, address and PPS number) is required when opening a new savings account (shares or deposits). The documents that are acceptable to verify your identity can be seen on the ‘How to Join’ section of the website. The documents to verify your name, date of birth and PPSN will be required only once (first time you request a new deposit account) but you will be required to verify your address every 5 years unless you change address in the meantime.
  • DIRT (Deposit Interest Retention Tax) must be deducted from interest paid on deposit accounts in most cases. The exception to this is if you are exempt from DIRT.
  • To check if you are eligible to be exempt from DIRT please click here