Savings

Saving on a regular basis makes good sense. Rathkeale & District Credit Union provides you with a secure place to save. You’d be surprised how quickly savings build up once you establish a regular savings pattern. Each euro saved is the equivalent of a single share. The credit union operates a number of savings schemes, details of which are included under the caption Taxation & Savings.

School Savings Scheme

Rathkeale & District Credit Union operates a school savings scheme in several schools in the common bond. The objective of the scheme is to encourage children to develop a savings habit. Credit union staff and volunteers collect the money at the designated schools every week during the school term.

Withdrawing Your Savings

You may withdraw your savings, provided they are not pledged as security against a loan. However, as far as possible members are encouraged to keep their savings intact, thus ensuring that:

  • They continue to benefit from Life Savings Insurance Protection.
  • The member can maintain their credit worthiness and capacity to borrow.

Taxation & Savings

From 1st January 2014 all credit union members are subject to DIRT tax on dividend paid with the exception of the following;

  • 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 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.

Security

Your money is safe and secure with us:

  • The Government’s Deposit Guarantee Scheme (GGS) ensures Credit Union member’s savings are guaranteed by the government for up to €100,000.
  • The ILCU Savings Protection Scheme is available to Credit Union’s should they need it.
  • Rathkeale & District Credit Union are well reserved.