The Special Share Account is the very same as the Regular Share Account in every way except that the members tax liability on the dividends earned is deducted at source this means with your savings in a Special Share Account, Swords and District Credit Union will deduct D.I.R.T. from any dividend earned. You will have no further tax liability on this income and there are no Revenue reporting requirements or member declarations attached to this account. This can represent a saving to some members who would normally be liable for tax at the highest marginal rate.

The maximum a member can save in a special share account is 1% of the assets of the Credit Union (an additional €100,000 can be lodged into a deposit account).