Types of Savings Accounts NEW Xmas Saving Account Regular Share Account Special Share Account CU Cash Deposit Account Fixed Term Deposit Accounts -NEW Medium & Long Term Accounts

NEW Xmas Saving Account

The credit union now offers a Christmas saving deposit account to members at a competitive rate of 1%. The interest on this account is calculated daily. Why not start by saving €5 every week for 12 months and you could save €260 or more.

Christmas comes every year and it’s an expensive time. Why not start saving a small amount every week or month this year and watch your savings grow until Christmas. It will make a huge difference and you won’t have to worry about tackling your Christmas debt and expenditure next January. For more information check out our Xmas Saving Account flyer.  

Regular Share Account

The regular share accounts offers a competitive annual dividend rate of 1%. If you have a Regular Share Account and you are in the tax net, your dividend is liable to tax. It is up to you to declare your dividend in your normal tax return. The income will be taxed at 0%, 20% or 41%, depending on your income. The Regular Share Account may be of benefit to members who are exempt from tax.

Special Share Account

With a Special Share Account the Credit Union will automatically deduct DIRT at 30% from your dividend. The Special Share Account may be of benefit to members who are paying income tax at the 41% band. The DIRT rate at 30% is lower than the normal tax rate of 41%.

CU Cash Deposit Account

The CU Cash Deposit Account offers you security, a competitive interest rate and instant access* to your funds. Coolock Artane Credit Union offer an excellent interest rate on the CU Cash account of 1% A.E.R. Per Annum* and this interest is calculated daily and DIRT is automatically deducted by the Credit Union. (Interest rates are subject to change*)

How do I open a CUCASH Account?

If you already have a share account with Coolock Artane Credit Union as a member you can simply call into either office and open a CU Cash Account, subject to certain terms and conditions. 

* Subject to the Credit Union Act 1997

Fixed Term Deposit Account

The Credit Union now offers 4 types of fixed term deposit accounts for your convenience. These accounts offer different terms and interest rates;

1. 6 Month Fixed Term Deposit Account
2. 9 Month Fixed Term Deposit Account
3. 12 Month Fixed Term Deposit Account
4. 18 Month Fixed Term Deposit Account

The rates are subject to change please check the attached grid for the most up to date rates. Members must lodge a minimum balance of €3,000 and a maximum of €100,000. The member must ensure that their money remains in their account for the entire term selected and withdrawals are not allowed (any withdrawals on the term deposit are are subject to penalty).

Medium & Long Term Accounts

Alternatively, members can opt for saving into a Medium or Long Term Accounts. Members can choose a 3 year (Medium Term) or 5 year (Long Term) account, the member must ensure that their money remains in their account for either 3 or 5 years. On these Share Accounts, you can earn an annual dividend on a certain amount of money without paying any tax. This is subject to certain thresholds and terms and conditions will apply.

As usual the Credit Union is not authorised to give tax advise to members. For account amendments or more information on any of the above products or services contact us or call into either the Northside or Artane Roundabout offices.

Tax & Your Savings

Your Credit Union savings and annual dividends may be subject to Deposit Interest Retention Tax (DIRT).

Credit Union members can continue with the traditional taxation system for share dividends. Alternatively you can allow the Credit Union to take care of your tax payments i.e. the Credit Union will automatically deduct your Retention Tax (DIRT) at 30% on your dividend. 

Dirt Exemptions Accounts for Over 65's

If you are your spouse are aged 65 or over and your total income is less than €18,000 for a single/widowed person or €36,000 for a married couple, please read below:

The Finance Act 2007 introduced a scheme for DIRT (DEPOSIT INTEREST RETENTION TAX) FREE savings accounts for certain members;

1. Members who are 65  years and over
2. For permanently incapacitated members.

The exemption limit may be increased if the member has a dependent child.

Members in either of the above categories can now apply to have an exemption on

their account in relation to their dividend or interest earned on savings. This means that members no longer pay DIRT on the interest earned on their savings provided they meet the above criteria.