Savings
Save with your Credit Union
Get more from your money!
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
Having shares in the credit union gives you a say in its operation
The shares may earn you a dividend
A good savings pattern will be of benefit when apply for a loan.
Shares are withdraw-able on demand where not pledged as security against a loan.
A specific share balance is not required to qualify for a loan
Government guarantee of €100,000 per member in place
Savings
Savings as shares with Monasterevan Credit Union are a better way to save. With Monasterevan Credit Union you are not just another customer but a member with a say in the operation of the Credit Union. Savings of up to €12,700 are protected by the Irish League of Credit Unions Savings Protection Scheme and also covered up to €100,000 by the Deposit Guarantee Scheme. A Deposit Guarantee information sheet is available below. At the end of the financial year surplus funds remaining after operating costs are divided among members as a dividend on shares.
From 1st January 2014, all Credit Union share dividend (whether on regular or special share accounts) and deposit interest paid to members (including children) will be paid net of DIRT, with the exception of dividend or interest paid to members who are exempt from DIRT. The current rate of DIRT is 41%. The only members who can be exempt are:
- Members aged over 65 whose total income is less that 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 exception, you must sign a self-declaration form DE1. This is a declaration that you (or your spouse) are aged over 65 and that your total income is less than the relevant limit. The form is available in the office or can be downloaded below.
- 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).
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.
- Members savings within certain limits 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 Irish Financial Regulatory Authority.
