Community-based Saving

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Nominating your Savings

Credit Union members can complete a nomination in favour of a person or persons to whom they want their savings to be transferred following their death. This is a straightforward and in-expensive means of passing property in the credit union onto family or friends and we advise members to avail of this provision.

Please note:

  1. The nomination must be in writing and signed by the nominator, the nomination can be revoked or varied at any time by the nominator during his lifetime, again this must be in writing
  2. The nomination shall not be revocable or variable by the will of the nominator or by any such codicil to the will
  3. The marriage of a member shall operate in the revocation of any nomination previously made by the member before the marriage
  4. A nomination will be revoked by the death of the nominee before the death of the nominator
  5. The amount that can be transferred under a nomination is currently set at a maximum of €23,000


Taxation on Savings

Income Tax/DIRT
Financial service providers such as Credit Unions, banks, building societies and post offices, offer accounts where you can save a sum of money (a deposit) for which they will pay you an annual rate of interest in return, usually as a percentage of the deposit. The interest you receive is subject to a tax called Deposit Interest Retention Tax (DIRT). The current rate is 41%.

Since 1 January 2014 all credit union share dividend and deposit interest paid to members is subject to DIRT, with the exception of dividend or interest paid to members who are exempt from DIRT (certain people over aged 65 and certain people who are permanently incapacitated). This is explained below.

DIRT does not apply to interest on deposits owned by: Companies that are liable to corporation tax, Charities, People not resident for tax in Ireland (see also below) and Revenue-approved pension schemes.

Exemptions and refunds
Certain people may qualify for a refund of DIRT or may have their deposit interest paid without the deduction of DIRT. You must apply to have your deposit interest paid without the deduction of DIRT - see 'Where to apply' below.

In general, joint accounts where one of the account holders is aged 65 or over will only qualify for the refund of DIRT if the other account holder is that person’s spouse or civil partner.

However, if another person, such as your son or daughter, has the authority to operate your bank account on your behalf, and is named as an account holder for this purpose only, you will continue to qualify for the refund of DIRT provided you are the beneficial owner of the account.

In this case, when claiming a refund of DIRT, you must include a declaration that you (not your child) are entitled to all of the interest paid in respect of the deposit.

First Time Buyers: First time buyers who buy or self-build a house or apartment to live in as their home may be able to claim a refund of the DIRT paid on their savings.

If you buy or self-build a property between 14 October 2014 and 31 December 2017 you may be entitled to claim a refund of DIRT. You must be a first-time buyer. This means that you have never, either individually or jointly with any other person, previously purchased or built a house or apartment. The property must be purchased or built as your home. The relief does not include properties acquired for investment purposes.

You can claim a refund of any DIRT deducted from interest earned on savings used for the purchase of a property or a self-build in the 48 months prior to the purchase date (date of conveyance).

You can only claim relief on DIRT paid on savings up to a maximum of 20% of the purchase price or in the case of self-builds, 20% of the completion value of the property.

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Taxation on deposit accounts
In the case of savings held in deposit accounts the credit union must deduct D.I.R.T. from any interest payable to members. The credit union member receives the net interest after the deduction of the tax. This deduction fully discharges the members' income tax liability in respect of the interest received. The credit union makes a gross return to the Revenue Commissioners.

Certificates of Interest
Any member may request a certificate of interest earned on savings and interest paid on loans at any time.


Savings Insurance

You are eligible for this insurance if you save in Cahir Credit Union up to your 70th birthday. The amount of insurance you earn depends on your age and when you save the money. When you save in your credit union share account, for every €1 you save (up to €12700):

  1. Before 55 years – €1 cover
  2. Before 55-59 years inclusive – €0.75 cover
  3. Before 60-64 years inclusive – €0.50 cover
  4. Before 65-70 years inclusive – €0.25 cover