Benefits of saving with your Credit Union
Peace of mind that your savings are secure. Online and mobile account access
No hidden charges or transaction fees
Competitive return on savings (dividends)
Easy access to savings with withdrawals, unless savings are pledged against a loan
Life Savings Insurance, for eligible members
Supporting the local community to support families, build business and enhance the community
Savings (Shares)
Encouraging thrift is an important part of the Credit Union message. Regular saving and sensible borrowing are key elements to remember when it comes to managing your money. Saving regularly gives you financial security, independence, peace of mind and an attractive return on your savings.
The maximum amount of shares that a member can save at Ballyshannon & Killybegs Credit Union Limited is €30,000. Members are required to maintain a minimum value of €5 in shares in their account.
Members’ shares in the Credit Union form the pool from which loans can be granted. As shares act as a security against your loans, you are advised to continue to save while repaying a loan to ensure that you are well placed if you need to borrow a higher amount on the next occasion.
Shares may be withdrawn from the member’s account without notice, subject to the shares not being held as security against a loan. Withdrawals may only be made by the member from his/her account. If the member is unable to call into the office to make the withdrawal, a Withdrawal Mandate Form must be completed by the member giving permission to a third party to make the withdrawal on their behalf.
When a member is approved a loan in excess of their shares amount, those shares become pledged at the time the loan is approved and may not be withdrawn. Withdrawal of shares prior to the drawdown of an approved loan will void the approved loan. Any share balance above the loan amount may be withdrawn from time to time.
The maximum balance that any one member can maintain in shares with Ballyshannon & Killybegs Credit Union is now reduced to €30,000.
Any member who has in excess of €30,000 at 16th July 2019 may retain that amount of savings but cannot add to their savings.
The credit union regrets this savings limit but it is necessary to ensure the sustainable development of the credit union.
If you are affected by this, please speak to a member of staff.
A dividend is generally paid every year on your shares. The members vote at the Annual General Meeting to decide the rate of dividend for the year. The members’ decision is based on the surplus for the year and the recommendation of the Board of Directors.
Tax (DIRT)
It is important to note that Ballyshannon & Killybegs Credit Union does not automatically deduct DIRT at source and some Members may have an Income Tax liability on their dividend. If you wish for the credit union to make the deduction at source then please contact the office and request a Special Share Account.
Members over 65 years may be exempt for DIRT on their dividend if:
- You or your spouse are aged 65 or over during the year, and
- Your total income (this is essentially your gross income from all sources, e.g. old age pension, deposit interest etc.) for the year does not exceed the following amounts:
| Single or Widowed | €18,000* |
| Married Couple (Combined Income) | €36,000* |
*As on the day of print. Please, check with the Revenue
DIRT Exemption forms are available at the office
Members under the age of 16 years are classified as minors. Accounts may be opened for minors by a parent or guardian. The parent or guardian may operate the account for the benefit of the child until the child can provide his/ her own signature.
From then on, only the child may make withdrawals from the account. Upon reaching 16 years of age the child becomes a full member. Members under 16 years cannot make a valid nomination - the beneficiary will usually be a parent or guardian.
