At your credit union, you’re not just a customer, you’re a member of a successful financial co-operative. Yes, you have a share in the ownership of the Credit Union. Along with having a say in the operation of the credit union you also earn dividends (subject to approval at AGM). Find out more here

Benefits of Credit Union savings

• Savings balances over and above any loan you may have are available to you to withdraw on demand six days a week.
• Online Banking and In-App Banking.
• Access to uncommitted shares twenty-four hours a day using ATM at our Athenry branch.
• 24-hour lodgement available using our ATM at our Athenry branch.
• Members can transfer money into their accounts using their own BIC & IBAN number.
• Free life savings cover up to €3,000 through the Irish League of Credit Unions Savings Protection Scheme (subject to terms and conditions).
• Security of savings through the credit union's fidelity bond.

Share Accounts

• Dividend rate declared at A.G.M. is posted net to members accounts.
• Return made by Credit Union includes individual members details for new accounts opened and for members who receive a dividend in excess of €300.00.

Exemptions for DIRT on Credit Union Dividends is allowed in the following circumstances:

• Share Accounts are subject to DIRT.
• The only members who can be exempt are:
1. Members aged over 65 whose total income is less than the relevant limit, currently €18,000 for an individual and €36,000 for a married couple. For married couples, only one of the spouses needs to be over 65 years old.
2. Members who are permanently incapacitated. Such members should either contact their local Revenue Commissioner 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. You will then have to apply directly to the Revenue Commissioners for a refund of this DIRT (If you are eligible).

Security

Credit union members can rest easy in the assurance that their savings are safe. Credit Unions in Ireland, which are affiliated to the Irish League of Credit Unions, are secured in several ways:

• All officials of credit unions, whether volunteers or staff, must be fidelity bonded.
• Savings up to a limit of €3,000 per member are protected by the Savings Protection Scheme in all credit unions participating in the Scheme.
• Savings are guaranteed up to €100,000 under the Government Guarantee Scheme. (Maximum savings balance is €20,000 per account).
• Members savings within certain limits are insured through Life Savings Insurance.
• All monies received in the credit union are properly recorded and lodged regularly.
• Full financial statements are prepared and can be examined by members.
• Annual independently audited returns are lodged with the relevant authority, The Central Bank of Ireland.

Terms and conditions apply for more information please contact Athenry Credit Union.