Savings
Savings
Saving money with Templemore Credit Union Limited is a good idea. You are not just another customer but an active member of a highly successful financial co-operative, which provides security and protection for your savings. In order to remain as a member, you must hold and maintain a minimum savings balance of €6.35.
As a shareholder you enjoy equal rights to vote (one member, one vote), which in turn allows you to attend our Annual General Meeting. Within this meeting you may participate in decisions affecting Templemore credit union.
Regular saving not only helps yourself, you also help our local community as your savings are being used to further finance loans to members of the community and the common bond. As lending is our core service to our members without sufficient members savings to fund such loans would be severely restricted. Please note Templemore credit union have a Share Cap of €25,000 effective as and from the 1st of November 2020
Having a regular savings pattern with Templemore credit union helps in your ability to borrow as you will have demonstrated the ability to set aside monies on a regular basis.
Templemore credit union prides itself on been Strong, Safe, and Secure. Credit Unions presently protect members savings under our own SPS fund (Savings Protection Fund) and are also covered under the Deposit Guarantee Scheme
How does your Credit Union Savings Account work?
Once you start saving regularly your funds will build up quickly. Another benefit of a Credit Union Savings Account is the free to members Life Savings Insurance Scheme (Subject to T&C's). By saving regularly you not only help yourself, you also help your community as your savings provide a loan fund for other Credit Union members.
Another benefit of a Credit Union Savings Account is the free to members Life Savings Insurance Scheme. This is the Life Insurance Cover a Credit Union provides for its eligible members as an additional incentive for them to save regularly. The amount of Insurance Benefit to which a member is entitled is in proportion to the amount of savings the member has and depends on the members age at date of lodgement.
Withdrawing your Savings
Members can withdraw their Credit Union savings at any time provided they are not pledged as security for a loan. However, members are encouraged to keep their savings intact, thus ensuring they continue to earn a dividend, benefit from Life Savings Insurance Protection, and to enhance their credit worthiness and capacity to borrow. Members should note that withdrawals from their savings after the age of 55 may reduce the amount of Life Savings Insurance Cover.
Shares and Dividends
Every €1 saved is equivalent to 1 share in Templemore Credit Union Limited. A minimum of €6.35 is needed to keep your Templemore Credit Union Limited account active. Each share may be eligible for a dividend at the end of the year. The amount of Dividend received will depend on the number of shares you hold and also on the surplus income available for distribution by Templemore credit union to their members. The rate of dividend may vary from year to year and may be subject to approval from the Central Bank. Dividends are then applied to members accounts after approval at the AGM. Please note as from the 1st of January members dividend on shares will be subject to DIRT. However, there are some exceptions to this process:
- Members aged over 65 whose total income is less than the relevant limit (see www.revenue.ie for current limits). For married couples, only one of the spouses needs to be over 65. To avail of this exemption, you must sign a self-declaration form DE1. This form is available in your credit union and is a declaration that you (or your spouse) are aged over 65 and that your total income is less than the relevant limit.
- Members who are permanently incapacitated. Such members should either contact their local Revenue Commissioners office directly or contact a service body such as the Irish Wheelchair Association. Credit unions have no role in approving the exemption in these cases.
- If you do not complete the self-declaration form, the credit union will be obliged to deduct DIRT from your dividend or interest
