Why Save With Us?
We provide you with a secure place to save, whether you’re saving for something in particular, a ’rainy day fund’ or to build up a record to borrow in the future, regular saving is a good idea. With St. Brigid’s Credit Union, it’s even better because as a member you are an owner with your say on how the credit union is run. Any surplus funds are invested in providing additional services or returned to you the member. What’s more, by saving regularly you not only help yourself, you also help your community as your savings provide a loan fund for other credit union members to avail of.
Benefits of Savings
- Your savings are protected by the Deposit Guarantee Scheme (€100,000 per depositor)
- Members savings’ (up to certain limits) are insured at no direct cost through the Credit Union Life Insurance Scheme – for more details see Insurance section
- Easy access to your savings if you wish to make a withdrawal (once not pledged against loans)
- No hidden charges or fees on any transactions
- Benefit of the Savings Protection Scheme from ILCU (subject to certain limits)
How Can I Lodge Savings to My Account?
- Over the counter in any of our branches
- By setting up a regular Standing Order using your unique credit union IBAN & BIC
- By Electronic Funds Transfer (EFT) using your credit union unique IBAN & BIC
- Using the express lodgment facility in our office
- By post – Cheque, Postal Order or Draft and include your account number
- By Salary/Payroll deduction with an employer offering this service
* If you wish to split money between shares and loan payment or split the money between accounts, please contact a member of staff in any of our offices so we can set up your payment breakdown for you.
How Can I Withdraw My Money?
Savings can be withdrawn from St. Brigid’s Credit Union provided the savings are not pledged as security on a loan or on a loan you have guaranteed. You are encouraged to keep your savings intact, so that:
- They continue to earn a dividend
- You benefit from the Life Savings Insurance protection
- You maintain your credit worthiness and capacity to borrow
To make a withdrawal, members must present their passbook or some form of photo identification.
For security reasons, cash levels in St. Brigid’s Credit Union are kept to a minimum; however we have other options available:
- You can transfer funds by Electronic Funds Transfer (EFT) by supplying the IBAN & BIC of the receiving bank.
- You can get a cheque payable to a third party.
Maximum Savings Limit
A member’s savings (includes all shares and deposits) in St. Brigid’s Credit Union must not exceed €100,000. This also includes any funds you have in a joint account.
From January 2018 the maximum amount a member can hold in their share account is €30,000 and any additional funds will be lodged to a deposit account. There is no interest on deposit accounts.
A dividend is the return on your shares and it is paid by the Credit Union out of surplus funds that may be available at the end of the financial year. The dividend rate is approved by the members at the Annual General Meeting.
The amount of dividend paid over will depend on:
- The amount of shares you have saved (one share is equal to €1).
- The surplus income available for distribution.
Deposit Interest Retention Tax (DIRT)
(DIRT rate is currently 37% – 2018)
Dividends on shares/interest on deposits are subject to Deposit Interest Retention Tax (DIRT).
Some members may be exempt from DIRT and will need to fill out a declaration form available from any of our offices or on the revenue website.
If you do not complete the self-declaration form DE1, 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).
For further information please contact your local tax office.