Savings

Why save with us?

  • Security when you need it most.
  • Reasonable return on your savings.
  • Easy access to your money.
  • No hidden charges or fees on any transactions.
  • Life savings insurance for eligible members.

Savings in Roscommon Credit Union Ltd are protected under the life savings protection insurance scheme (LP/LS) and through the savings protection scheme (SPS) Deposit Guarantee Scheme

Roscommon Credit Union Ltd is bound by the Deposit Guarantee Scheme, which is provided for in the European Communities (Deposit Guarantee Schemes) Regulations 1995 (SI 168/1995) (as amended) (the “Deposit Guarantee Regulations”). This compensates eligible deposit holders in the event of a failure of a credit institution. Where compensation is payable, it relates to all deposits held by one depositor subject to a maximum compensation payment of €100,000.  On 4th October 2008 the Minister for finance extended this guarantee to credit union member savings.

The following is a brief explanation of the two basic share accounts available with us

 

1. Regular Share Account

  • Dividend is posted gross to the account every year.
  • It is the responsibility of the account holder to inform the Revenue Commissioners of any dividend posted to the account in his/her annual Income Tax return.
  • The Revenue Commissioners have the right to inspect the books and records of all financial institutions, including the credit union, with regard to individual’s accounts.

2. Special Share Account

  • Dividend is posted net to the account every year after deduction of Retention Tax (DIRT) from the gross dividend earned.
  • The credit union will deduct the tax and will pay it over to the Revenue Commissioners on behalf of the account holder.
  • The rate of retention tax will be the prevailing rate announced in the Finance Act each year. It is currently 27% (tax year 2011).
  • This deduction of tax will fully discharge the Income Tax liability of the account holder in respect of the dividend paid to his/her Special Share Account. The account holder is not required to disclose the amount of dividend earned in his/her annual Income Tax return.

In making your decision, please note the following:

  • The rate of DIRT is currently 39%. If you pay Income Tax at the higher rate, you will pay less tax by choosing the Special Share Account option. If you pay tax at the standard rate (20%), you will pay the same tax with either option. However, with a Special Share Account, you will not have to declare the amount of dividend that you earn on your annual Tax Return.
  • Non-residents are not liable for DIRT on their dividend. However, this is conditional on a declaration being made by the member.
  • Tax-exempted charities, companies subject to Corporation Tax and approved pension schemes are not subject to DIRT.
  • If your income is so low that you don’t pay any income tax and you are either permanently incapacitated or 65 or over, you are entitled to claim back any DIRT that you pay on your dividend.

Have you got your Nomination Form completed?

  • Nominations are a transfer of savings upon death
  • Roscommon Credit Union members can complete a nomination in favour of a person or persons to whom they want their savings to be transferred following their death. This is a straightforward and in an inexpensive means of passing shares in the credit union onto family or friends and we advise members to avail of this provision.
  • The nomination must be in writing and signed by the nominator, the nomination can be revoked or varied at any time by the nominator during his lifetime, again this must be in writing.
  • The nomination shall not be revocable or variable by the will of the nominator or by any such codicil to the will.
  • The marriage of a member shall operate in the revocation of any nomination previously made by the member before the marriage.
  • A nomination will be revoked by the death of the nominee before the death of the nominator.
  • The amount that can be transferred under a nomination is currently set at a maximum of €23,000.
  • Make sure your nomination is up to date by contacting us please.

Become a savings programme

  • Loan availability at relatively low rates of interest, which remain consistent even during times of economic turbelence
  • Security of savings through the credit union’s fidelity bond, and through the Savings Protection Scheme (subject to certain limits).
  • Loan Protection and Life Savings Insurance at no direct cost to the eligible member
  • The knowledge that their own savings are being used in their own community

What does Credit Union Membership offer me?

Every credit union is independent, so the services may vary from one credit union to another. Here at Roscommon Credit Union, we offer:

  • Involvement in one of Ireland’s most successful financial co-operatives
  • Convenient and flexible loans at low interest rates
  • No transaction charges or hidden fees
  • A secure place to keep your money
  • A competitive return on your savings
  • Open Monday to Friday
  • Friendly, confidential and personal service to our members

What do I need in order to join and become a member?

You are eligible to become a member if you reside and/or work within our Common Bond Area. Please check out our welcome page for the Common Bond.

When you are opening a new account, whether you are a new or existing member, you will be asked to provide the following,

  1. Personal Identification Document. For example: Valid passport or a current drivers license.
  2. A document to verify your permanent address and proof of common bond. For example: a household bill (ESB or Phone Bill)
  3. Documented proof of your Personal Public Service Number (PPSN).

Opening an account for a Club or Society

When you wish to open an account for a Club or Society, we will request proof of identification and address of two elected officials. We will also need a letter from the Committee authorising the two nominated persons to act on their behalf.  The signatories on the account must provide the necessary documentation in accordance with the above guidelines.