Savings - Cavan Credit Union
Saving with the credit union is a little different from saving with other financial institutions. If your objective is to earn money from your savings, then the credit union may not be the correct choice for you. Our focus is on serving the financial needs of our members and not on making a profit. You save with the credit union for the greater purpose of being part of a movement within your community.
Save together with your fellow members and you can borrow against your savings at a low interest rate for home improvements, a new car, education, a family holiday or any other provident purpose. Money is lent within the community for the betterment of the community. As our members thrive, so will our community.
Minimum and Maximum Shares:
Savings in the credit union are called shares. Each share you hold is equal to €1. You need to hold a minimum share balance of €5 in Cavan Credit Union to become a member and retain membership.
A Maximum share balance of €20000 is in place from 31st March 2017.
Your money is available on demand in cash or cheque form or can be transferred electronically to your bank account within one day. Please note there is a maximum cash withdrawal amount of €2000 per day.
Cavan Credit Union is regulated by the Central Bank of Ireland and all savings in Cavan Credit Union are fully protected under the government Deposit Guarantee Scheme.
Information on the Deposit Guarantee Scheme is available at: https://www.depositguarantee.ie/en/home
All share accounts are subject to DIRT. This means that the credit union must deduct DIRT from any dividend paid, including children’s accounts and forward this to revenue on your behalf.
The DIRT rate for 2017 is 39%
Members over 65 or members who are permanently incapacitated may be entitled to a refund of DIRT paid or an exemption from DIRT if your taxable income is below the annual exemption limits.
See http://www.revenue.ie/en/tax/dirt/dirt-repayments.html for more details.
If you qualify for DIRT exempt status please complete a form available in either office and we will mark your account as exempt. Otherwise we are legally obliged to deduct DIRT automatically.
If we have deducted DIRT from your account and you feel that you may be exempt you will need to claim a refund of the DIRT back from revenue yourself. The DIRT claim forms are available for members in either office.
Nominations: A Valuable, Free-to-Members Credit Union Service
A NOMINATION is a legally binding, written instruction that tells the Credit Union what to do with your money after your death.
The Nomination service is very valuable to members in that it allows access to nominated funds by the nominee within a very short period of the death of the member. And while it will not relieve the loss suffered by the nominee, it serves to relieve potential cash-flow difficulties. Members of Cavan Credit Union can nominate a person to receive their Credit Union Shares and insurance benefits (if any) up to €23,000 on their death.
Life Savings and Loan Protection Insurance
One of the benefits of credit union membership is the free insurance provided on savings and loans. Upon the death of a member, his or her savings balance is increased and the outstanding loan balance is cleared so the family are not responsible for the debt (within certain limits and with certain conditions).