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Services Savings

For small to medium savers your Credit Union is where you belong.

Savings as shares in a Credit Union are a better way to save. You are not just another customer but an active member of a highly successful financial co-operative. Yes, you have a share in the ownership of the Credit Union. Along with having a say in the operation of the Credit Union you also earn dividends.

Benefits of Credit Union savings

  • Savings balances over and above any loan you may have are available to you to withdraw on demand.
  • High dividends for savings available on demand, you will not get a higher return at the same level of risk.
  • Free life cover on saving up to € 13,000 (subject to terms and condition)
  • A savings protection scheme is in place to the benefit of the member up to €12,700
  • There are no transaction charges or fees.

Types of Share Accounts

Special Share Accounts

  • Members’ present accounts with RTE Credit Union are considered as a Special Share Account.
  • Dividend paid to member net of Deposit Interest Retention Tax (DIRT).
  • Return made by Credit Union does not include individual member’s details.

Regular & Special Term Share Accounts

  • Regular Share Accounts are subject to DIRT as of 1st January 2014.
  • When coupled with the removal of tax-free limits on Special Term Accounts, this means that all Credit Union Share Dividends paid to members, including children, are subject to DIRT from that date
  • Dividend rate declared at A.G.M. is posted gross to members’ accounts.
  • No disclosure is required by Credit Union.
  • Member can hold either a regular or special share account but not both
  • Exemptions are available for members aged over 65 whose total income is less that €18,000(single) or €36,000(married). For married couples only one of the spouse needs to be over 65.
  • To avail of this exemption you must sign a self declaration form DE1 (available in the Credit Union office). Permanently Incapacitated members should contact their local revenue commissioners to approve the exemption, as Credit Unions have no role in this.

Up until 31st December 2013, there were options as to how members could treat their Share Accounts for tax purposes. Some members held “Regular Share Accounts”. On these accounts no DIRT was deducted from dividends paid and members dealt with their tax liability (if any) directly with the Revenue Authorities. Another option was to hold a “Special Share Account” from which DIRT was deducted from dividends by the Credit Union and paid directly to the Revenue authorities on their behalf. A third option was to hold a 3 or 5 year (Special Term Share A/C) which gave tax exemptions on dividend up to €480 or €635 respectively. From 1st January 2014, these options no longer exist. ALL dividends paid to members are fully liable to DIRT at the prevailing rate (now 41%).

Visit www.revenue.ie for more information on DIRT and exemptions.

Term Deposit Accounts

  • The term of this account is 1 year in length.
  • The minimum balance on the Term Deposit is €3,000 and the maximum is €100,000 (including interest).
  • It has a fixed rate of interest which is set each year.
  • Interest is paid subject to deduction of DIRT at the prevailing rate at the time of payment unless you have an exemption as indicated above.
  • There are restrictions on withdrawals and lodgements which a subject to change each term.

Prior to 1st January 2014, tax efficient Deposit Account savings accounts were available as 3 or 5 year “Special Term Deposit Accounts”. These accounts carried a DIRT exemption on the first €480, or €635, of interest paid on savings. These were also removed from 2014 onwards.

Savings and Loans

Money in Term Deposit Accounts can be used as collateral against a loan. Delinquents; funds can be applied to account in default provided that:

  1. Such shares were pledged as security
  2. Default of not less that 6 months has occurred
  3. Credit Union has followed standard procedures to recover the loan.

Note to Members regarding Savings of €100,000

On 1st January 2016, the Central Bank introduced new regulations prohibiting credit unions from accepting lodgements from members that would bring their total savings above €100,000. This €100,000 limit applies per member therefore any joint account held by 2 persons of up to €200,000 can continue.

We have been in discussions with the Central Bank and they have agreed to permit the retention of balances in excess of this limit of €100,000 that were in existence as at 31st December 2015 but importantly we cannot accept any lodgements to such accounts that increase the balance held as at 31st Dec 2015.

The upshot of the foregoing is as follows:

  1. Any savings balances of €100,000 per member in place at 1st January 2016 may remain but not be increased.

  2. Any members who have brought their savings balances above €100,000 since 1st January 2016 will have the excess above €100,000 returned to them.

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.
  • Savings up to a limit of €12,700 per member are protected by the Savings Protection Scheme in all credit unions participating in the Scheme.
  • Member’s 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 Irish Financial Regulatory Authority.
Find Us here:
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  • RTÉ Credit Union Limited
  • Tel: 01 208 2628
  • Fax: 01 208 2128
  • Email: info@rtecu.ie
  • Web: www.rtecu.ie
Regulated by the Central Bank of Ireland. Reg. No. 60CU