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Savings

We all know the merits of saving money either for something special or for the “rainy day”. Saving money with Tallaght West Credit Union means you also become a member of a highly successful co-operative. You are not just another customer you are a member.

Each €1.00 you save is the equivalent of 1 share in your Credit Union. To be a full member with voting rights and all the benefits of membership you must mantain a minimum balance in your shares of €10

When you save with the Credit Union you are building a history with the Credit Union which will be taken into account in the future should you wish to apply for a loan.

Your savings with the Credit Union earn a dividend which is credited to your account annually, further increasing your savings. The dividend paid in 2014 was 1% which is very competitive when compared to other savings products where you have instant access to your money.

 

Setting up a Direct Debit

Direct Debits into your account here can be set up weekly, fortnightly or monthly, and we do not charge members for this service.  To set up a Direct Debit speak to a staff member in the office who will get you to complete a SEPA DD Mandate.  Please bring the BIC and IBAN details of your Bank Account when setting up your DD.  For your convenience you can download a blank Direct Debit mandate and complete it before calling to the office.

 

Minor accounts (under 16)

Members please note that from 01/04/2013, once a balance has reached €10,000, no further lodgements other than dividends or interest rebates may be made to Minor accounts.  Minor accounts which currently have a balance greater than €10,000 may maintain that balance, however if withdrawals are made the lower balance now becomes the maximum allowed until such time as the balance is below €10,000. Any exceptions to this rule can only be approved by the Board of Directors.

 

IMPORTANT NOTICE REGARDING DIRT TAX

Budget 2014 contains the following provisions regarding Deposit Interest Retention Tax (DIRT):

From 1st January 2014 all credit union share dividend and deposit interest paid to members will be subject to DIRT, with the exception of dividend or interest paid to members who are exempt from DIRT. The only members who can be exempt are:

  • 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. 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. You will then have to apply directly to the Revenue Commissioners for a refund of this DIRT (if you are eligible).

 The following paragraph is only relevant if you have a Term Accounts:

In addition to the above, the tax free limits applicable to share dividend and deposit interest in Special Term Accounts have been removed and will not apply to Special Term Accounts opened after 16th October 2013. Existing Special Term Accounts can continue to avail of the tax free amount for the remainder of their term.