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Tel: 01 6244930 Fax: 01 6244790 Email: info@leixlipcu.ie

20 August 2017
Shares

Shares

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.
  • High dividends for savings available on demand, you will not get a higher return at the same level of risk.
  • Free life cover on saving up to € 13,000 (subject to terms and condition)
  • A savings protection scheme is in place to the benefit of the member up to € 12,700
  • There are no transaction charges or fees.

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

Regular Share Account


  • The credit union share is the most common form of saving in a credit union. This account pays a dividend annually and you have 100% access to your savings (up to certain limits if you have a loan with the Credit Union). 

CHANGES TO DIRT FROM JANUARY 2014

  • From 1st January 2014, all Credit Union share dividend (whether paid into regular share or special share accounts) and deposit interest paid to members (including children) will be subject to D.I.R.T., with the exception of dividend or interest paid to member who are exempt from D.I.R.T.

The only members who are exempt are:

  • Members aged over 65 years whose 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 and is a declaration that you (or your souse) 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 is obliged to deduct D.I.R.T from your dividend or interest. You will then have to apply directly to the Revenue Commissioners for a refund of D.I.R.T. (if you are eligible)

S.S.I.A. Special Savings Incentive Account

SSIA can no longer be opened, but you can review the relevant details here. Click for more information on SSIAs.

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 €12,697 per member are protected by the Savings Protection Scheme in all credit unions participating in the Scheme.
  • 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.
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Leixlip & District Credit Union Tel: 01 6244930 Fax: 01 6244790 Email: info@leixlipcu.ie Web: http://www.leixlipcu.ie
Leixlip and District Credit Union Limited is regulated by the Central Bank of Ireland. Reg. No: 316CU