Saving money is a good idea
By putting a little aside on a regular basis you not only have something to look forward to, you also have something to fall back on, should the need arise.
Saving money with St. Colman’s Credit Union is an even better idea. You are not ‘just another customer’, but an active Member of a highly successful financial co-operative, which provides security and protection for your savings, along with an annual dividend.
Each €1 saved is the equivalent of a single share. Shares build up surprisingly quickly once a Member sets up a regular savings pattern. Each share then is eligible for a dividend (interest) at the end of the year. The more savings held by the Credit Union, the more funds available for loans to Members.
You must have €10.00 in your share account to be a Member of the Credit Union and avail of all the facilities afforded to Members.
Benefits of Saving
Annual dividend paid on your savings at the end of the year.
Members savings are insured at no direct cost through the Credit Union Life Savings Insurance (Maximum €10,200-Terms & Conditions apply).
EASY ACCESS TO SAVINGS
Easy access to your savings if you wish to make a withdrawal (once not pledged against loans).
NO HIDDEN CHARGES
No hidden charges or fees on any transactions.
State Guaranteed Saving
All savings of up to €100,000 are State Guaranteed under the Deposit Guarantee Scheme (DGS). For more information on the DGS click here: Deposit Guarantee Scheme
Share & Taxation
Notice to Members about taxation of Credit Union Share Dividend
Budget 2014 contains the following provisions regarding Deposit Interest Retention Tax (DIRT):
From 1st January 2014 all credit union share dividend and deposit interest paid to members will be subject to DIRT, with the exception of dividend or interest paid to members who are exempt from DIRT. The only members who can be exempt are:
Members aged over 65 whose total income is less than 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 exemption, you must sign a self-declaration form DE1. This form is available in your credit union or click here to download and is a declaration that you (or your spouse) are aged over 65 and that your total income is less than the relevant limit.
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).