We all know the merits of saving money, either for something specific or for that “rainy day”. But saving money with Kilrush Credit Union Limited means you also become a member of a highly successful co-operative. You are not just another customer you are a member.
Each and every €1 you save is equivalent to 1 share in the credit union. If you begin to save regularly it won’t be long before you build up a healthy balance.
When you save with us you are also building a history which will be taken into account in the future should you wish to apply for a loan.
The money you save with us is used by the credit union to fund the loans it makes to members. By saving with us you are indirectly helping your neighbours and the community to develop.
When a member who is over 16 years of age opens a credit union account, he/she is entitled to nominate a person (or persons) to receive the balance of their Credit Union account up to a maximum of €23,000 on his/her death. See the Nomination section for more information.
Due to the capital levels required by the Central Bank, we can no longer accept savings greater than €40,000.
If you are affected by this, please speak to a member of staff.
You have easy access to your savings. You can withdraw some or all of your money whenever you want (provided they’re not pledged as security for a loan). There are no penalties for withdrawals. Please give 24hrs notice if you wish to withdraw >€5k in cash.
Your savings are fully secure and are protected by the Irish Deposit Guarantee Scheme. You can save up to a maximum of €40,000 with Kilrush Credit Union.
Each year, any surplus income generated is returned to you as a dividend/interest rebate and/or reinvested to improve our services. Every share you hold in a share account is eligible to receive a dividend. This means, the more shares you hold, the greater your dividend.
There are no transaction fees or hidden charges on savings (or loan) accounts.
Free Life Savings Insurance
Savings are insured at no direct cost to each eligible member. The insurance is paid in addition to the savings you hold at the time of your death. Click here for more information .
Kilrush Credit Union is a member owned community based co-operative that exists only for the good of the people of West Clare.
As well as contributing to the financial health of our members through savings and loans, the Credit Union is also involved in a huge range of community organisations and events.
As a member you enjoy equal voting rights (one member, one vote) and are eligible to participate in decisions affecting the credit union.
Pay It Forward
Finally, you have the added bonus of knowing that your savings are put to good use and made available to fellow members in the form of loans.
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.
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.