Savings

Our savings benefits

Members enjoy many benefits saving with us, including:

Savings

• Tullow Credit Union have Share Accounts each share is €1 and you need a minimum of €5 to qualify for membership.
• Dividends are paid annually from any surplus.
• All dividends are subject to DIRT which is deducted by the Credit Union at source.
• Some members may be exempt from paying DIRT ie. Members aged over 65 with an income less than €18,000, and in the case of a couple a joint income of €36,000. Members must complete a DE1 Form and return to Tullow Credit Union to be eligible for exemption.
• All dividends paid above €300 are reported annually to the Revenue for DIRT purposes.
• Accounts become Dormant after 3 years inactivity where no member transaction has occurred. To reactivate a dormant account we need up to date proof of ID, proof of address and a transaction on the account.
• Savings are covered by the Deposit Guarantee scheme up to the value of €100,000 per member.
• Withdrawals of shares are on demand provided they are not pledged against a loan.
• Shares are insured - for more details refer to our Services section.

Security

Credit union members can rest easy in the assurance that their savings are safe. Credit Unions in Ireland, which are affiliated to the Irish League of Credit Unions, are secured in several ways:

• All officials of credit unions, whether volunteers or staff, must be fidelity bonded.
• Members savings within certain limits are insured through Life Savings Insurance.
• All monies received in the credit union are properly recorded and lodged regularly.
• Full financial statements are prepared and can be examined by members.
• Annual independently audited returns are lodged with the relevant authority, The Central Bank of Ireland.