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Savings
Start saving with the CU today!
Saving with the CU is easy….
Whether you’re saving for something in the future or just for a ‘rainy day’, regular saving is a good idea.
Regular saving with your credit union is an even better idea. At Swords & District Credit Union, you’re not just a customer; you’re a member of a successful financial cooperative. You have the added bonus of knowing that your savings are being used to make loans to other members. Members just like you. As a member, you can participate directly in the management of the credit union through the Annual General Meeting, where the Board of Directors is elected from among the membership.
Start saving with just €5.
You can save with the CU using any of the following methods;
- EFT – using our sort code 99-10-34
- You can start saving by direct debit simply complete a direct debit mandate form.
- Get your wages paid directly into the Credit Union using Paypath
- Put a small sum away directly from your wages every month using the Salary deduction
- or simply call into either branch office and pay over the counter
Share accounts are the most common form of saving in a Credit Union. Each member of a Credit Union holds shares, making them part owner of the Credit Union. Every share held with your Credit Union earns dividend, a dividend is the return on your shares and it is paid by your Credit Union out of surplus. The amount of dividend the account earns will depend on the amount of shares saved and the surplus income available for distribution by the Credit Union. The dividend rate must be approved by the members of a Credit Union each year at an AGM
Share Accounts
Regular Share Account
Dividend is posted gross to the account every year i.e. DIRT is not deducted from returns credited to this account. Members are responsible for declaring any dividend posted to their account to the Revenue Commissioners themselves and are liable to pay tax on same at their marginal tax rate.
Special Share Account
Dividend is posted net to the account every year i.e. DIRT (at the prevailing rate) will be deducted from returns credited to this account. This deduction of tax will fully discharge the tax liability in respect of dividend earned on these savings.
Medium and Long Term Share Accounts
Members can deposit a lump sum of money to a Term Share Account, for a three (3) or five (5) year term, with the potential to earn dividend tax-free, up to €480 and €635 per annum respectively. DIRT will be deducted from the amount of a return credited that is in excess of the tax-free limits. Terms and conditions apply. Savings lodged to term accounts must be left in the account for the specified term (3 / 5 years) from the date of each lodgement made, except where a member opens an account prior to their 60th birthday permitting them to make one withdrawal after their 60th birthday prior to maturity date.
Dividends are withdrawable within 12 months of being added to the account without affecting the status of the account. Any other withdrawal will lead to:
(i) Closure of the Term Share Account
And
(ii) Deduction of DIRT based on all tax free income added to account since start date
You may lodge savings to a Term Share Account as follows:
- Transfer all or some of the savings held in either your Demand Deposit Account and/or your Regular/Special Share Account as an initial lump sum lodgement
- And/or make one additional lump sum lodgement to a maximum of €7,260 during the term of the account
DIRT – Some Additional Information
The rate of tax will be the prevailing rate announced in the Finance Act each year. All tax deducted at source from member returns will be paid over to the Revenue Commissioners on members’ behalves. Note that where DIRT is deducted by the Credit Union this may represent a saving to some members who would normally be liable for tax at a higher marginal rate. Retired members should review their circumstances with the Revenue Commissioners to ensure they are availing of any exemptions they are entitled to. In brief, in order to claim exemption from DIRT you must complete a declaration form stating that you or your spouse (if you are married) meet the following conditions:
- are aged 65 or over when making the declaration
- total income for the year will be below the relevant annual exemption limit. The annual exemption limits for single, widowed individuals or for a married couple (combined income) is announced in the Finance Act each year. This annual exemption limit may be increased if you have dependent children. For more information contact the Revenue Commissioners.
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Saving Options
Junior members can save through their school
