Savings

As a credit union member, you can rest easy knowing that your savings are safe. In Kilrush Credit Union, your savings are secured in several ways;

• Credit Union officials, whether volunteers or staff, are fidelity bounded.
• Full financial statements are prepared and can be examined by members.
• Government Guarantee – Individual members’ savings are guaranteed up to €100,000 per member under the Government Deposit Guarantee Scheme. Please see the savings section for details on the savings cap currently in place.
• Kilrush Credit Union is regulated by the Central Bank of Ireland.

Credit Unions in the Republic of Ireland are covered by the Deposit Protection Scheme which is administered by the Central Bank of Ireland. This is a scheme that can provide compensation to depositors if a credit institution is forced to go out of business. It covers deposits held with banks, building societies, and credit unions. Please see the Central Bank of Ireland’s website for further information.

Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions). For more details, visit the Insurance section.

A nomination is a legally binding, written instruction that tells the Credit Union what to do with your money after your death. Here are some frequently asked questions to explain further:

What happens to my shares when I die? If you have completed a Nomination Form, your nominee/s will receive your Credit Union Shares and insurance benefits (if any) up to €27,000 when you die.

Who can I nominate? You can nominate anyone, family or friend or group of people. It is important that you review your Nomination Form regularly.

Can I change my nomination? Yes, by filling in a new Nomination Form. A nomination becomes invalid if you get married or the person that has been nominated dies. It is a good idea therefore to review your nomination form from time to time in order to ensure that the person/s nominated is/are the most appropriate. Note, divorce or legal separation will not revoke a nomination.

Should I ask about my nomination? Yes, a member of staff will be delighted to confirm whether you have completed a nomination and who your nominee is.

My account was opened for me when I was a child? If you joined as a child you would not have had a Nomination Form completed. Once you reach the age of 16 you should fill out a Nomination Form.

Where do I get a Nomination Form? You can call into any of our branches and complete a Nomination Form at any time.

Terms & Conditions

Personal account holders in Kilrush’s Credit Union are entitled to nominate a person/s to be the beneficiary of their credit union savings following death.

Under credit union rules it is important to note the following:

• A nomination must be in writing.
• The statutory maximum amount that can pass under a nomination is currently €27,000. Any amount in excess of this will form part of the deceased member’s estate.
• For members that elect not to complete a nomination, the proceeds of their account will form part of their estate on death and will be dealt with under the terms of their Will, under the rules of intestacy if there is no Will, or under the small payments provision.*
• Members may revoke or vary a nomination at any time by completing a new nomination form.
• A nomination is not revocable or variable by the terms of a Will or by a codicil to a Will.
• A nomination is automatically revoked when the nominee dies before the account holder. In this case, a new nomination should be completed.
• A nomination is automatically revoked by the account holder’s subsequent marriage.
• Where personal circumstances change (e.g. marriage, divorce, separation), a member should review their nomination.
• The nominated property does not form part of a deceased person’s estate. A person under 16 years of age cannot make a valid nomination.

*Small Payments Provision: Where no valid nomination exists and the amount in the member’s account is under €15,000 in total (including insurance etc.) the board of directors of the credit union may, without letters of administration or probate of any Will, distribute their property in the credit union to such persons as appears to the board to be entitled by law to receive it.

You may receive a dividend on your savings but the credit union cannot guarantee this. If a dividend is payable this will be added to your account following the AGM.

Every share you hold with Kilrush Credit Union Limited for the year is eligible for a dividend when declared. A dividend is the return on your shares and it is paid by your credit union out of surplus income.*

The amount of your dividend will depend on:

• The amount of shares you have saved (one share is equal to €1).
• The surplus income available for distribution by your credit union to members.

*Past performance is not a reliable guide to future performance.

You can withdraw your shares (savings) in 3 ways:

1. You can register for online banking (click here) and transfer funds from your savings account to any external bank account of your choice. No Fees apply.
2. Call to our office and complete a share withdrawal form.

N.B. online withdrawals may take up to 5 days to be processed, cash withdrawals are instant to a certain amount. If a loan associated with the member is in arrears withdrawals may be affected.

Please remember that some of your savings may act as security on any outstanding loans - where this is the case you will be unable to withdraw savings below this limit; these are referred to as attached shares - the office staff will confirm this with you upon request.

Tax Earned on Regular Savings Accounts

We will deduct Deposit Interest Retention Tax (DIRT) at the existing rate from all interest earned, unless you are entitled to exemption from DIRT, and we will pay this directly to the Revenue Commissioners.

If you or your spouse are aged 65 or over in the current tax year, or are permanently incapacitated, and you are exempt from income tax, you may apply to have the interest on the account paid without deduction of DIRT.