Shares

"Regular Saving means peace of mind for the future"

Shares

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 in St Canice’s Kilkenny Credit Union gives you security, independence and peace of mind and an attractive return on your savings.
• The primary purpose of the credit union is to promote thrift amongst its members and by the accumulation of savings create for themselves a source of credit at a fair and reasonable rate of interest.
• Free Life Cover on Savings up to €12,700. (Terms and Conditions Apply).

For small to medium savers St Canice’s Kilkenny Credit Union is where you belong.

Types of Share Accounts

1. Regular Share Accounts

• These accounts are suitable for those who are not liable for income tax.
• The onus is on the member to declare this account to the Revenue Commissioners.
• Dividend rate declared at A.G.M. is posted gross to members accounts.

2. Special Share Accounts

• Member must request in writing that their account be changed to a special share account. (forms available at our offices)
• Dividends are paid to this account net of DIRT 
• Return made by Credit Union does not include individual members details.
• A member can hold a regular or special share account but not both

3. Medium Term Share Accounts

• A declaration must be signed by the member to open a Special Term Account.
• The first €480 dividend is tax free
• Where dividends are paid in excess of €480 DIRT is paid at a rate of 25%.
• A list of accounts (names and addresses) opened in the year must be sent to the Revenue Commissioners
• A once-off lodgement only may be made to this account with a minimum of €1,000.

Members holding a 3-year Term Account can convert it to a 5-year Term Account once their 3 year Term account matures but it is not permissible to convert your account from 5 years to 3 years.

4. Long Term Share Accounts

• A declaration must be signed by the member to open a Special Term Account.
• The first €635 dividend is tax free
• Where dividends are paid in excess of €635 DIRT is paid at a rate of 25%.
• A list of accounts (names and addresses) opened in the year must be sent to the Revenue Commissioners
• A once-off lodgement only may be made to this account with a minimum of €1,000.

Members holding a 3-year Term Account can convert it to a 5-year Term Account once their 3 year Term account matures but it is not permissible to convert your account from 5 years to 3 years.

Withdrawals

• If you withdraw funds that have not been in your account for the required minimum period, all tax benefits previously given in respect of your Special Term Share Account will be recalculated retrospectively to the opening of your account.
• A member on reaching their 60th birthday during the term of the account can make a once-off withdrawal. There is no limit on this amount. Account must have been opened before the members 60th birthday.
• Dividends earned can be lodged to the Special Term Account or to a member’s main account.  This option can only be taken at the time the account is opened.  If a member opts to have dividend earned paid into his/her main shares, it can be withdrawn without penalty.

Members savings in all four-accounts will be fully insurable up to the Credit Unions savings limit of €12,700.  The four account types are:

1. Regular Share Account
2. Special Share Account (subject to dirt)
3. Medium Term Share Account (3 years)
4. Long Term Share Account (5 years)

Savings and Loans

Money in Special Term Share Accounts can be used as collateral against a credit union loan.

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.
• All monies received in the credit union are properly recorded.
• Full financial statements are prepared and can be examined by members.
• Annual independently audited returns are lodged with the relevant authority, The Irish Financial Services Regulatory Authority.