Why save with us?

• Security when you need it most.
• Excellent return on your savings.
• Easy access to your money.
• No hidden charges or fees on any transactions.
• Life savings insurance for eligible members.

Savings in Roscommon Credit Union Ltd are protected under the life savings protection insurance scheme (LP/LS) and through the savings protection scheme (SPS) Deposit Guarantee Scheme

Roscommon Credit Union Ltd is bound by the Deposit Guarantee Scheme, which is provided for in the European Communities (Deposit Guarantee Schemes) Regulations 1995 (SI 168/1995) (as amended) (the “Deposit Guarantee Regulations”). This compensates eligible deposit holders in the event of a failure of a credit institution. Where compensation is payable, it relates to all deposits held by one depositor subject to a maximum compensation payment of €100,000.  On 4th October 2008 the Minister for finance extended this guarantee to credit union member savings. This has been extended to December 2011.

The Flexible account is a new sub-account offered by Roscommon Credit Union Ltd.

This is open to members who have existing loans with this Credit Union and are unable to access their shares as they are used for security purposes.

Members enjoy the same membership but will see a new line on their receipts showing this sub account. Benefits include full access to the balance of your ‘Flexible account’ even if you have a loan.

The balance in the Flexible account will not be pledged against the members’ loan, however, should the loan go into arrears the Board of Directors reserve the right to transfer shares from the Flexible account after two missed payments.

The following is a brief explanation of the two basic share accounts available with us

1. Regular Share Account
Dividend is posted gross to the account every year.
It is the responsibility of the account holder to inform the Revenue Commissioners of any dividend posted to the account in his/her annual Income Tax return.
The Revenue Commissioners have the right to inspect the books and records of all financial institutions, including the credit union, with regard to individual’s accounts.

2. Special Share Account
Dividend is posted net to the account every year after deduction of Retention Tax (DIRT) from the gross dividend earned.
The credit union will deduct the tax and will pay it over to the Revenue Commissioners on behalf of the account holder.
The rate of retention tax will be the prevailing rate announced in the Finance Act each year. It is currently 27% (tax year 2011).
This deduction of tax will fully discharge the Income Tax liability of the account holder in respect of the dividend paid to his/her Special Share Account. The account holder is not required to disclose the amount of dividend earned in his/her annual Income Tax return.

In making your decision, please note the following:
The rate of DIRT is currently 27%. If you pay Income Tax at the higher rate 41%, you will pay less tax by choosing the Special Share Account option. If you pay tax at the standard rate (20%), you will pay the same tax with either option. However, with a Special Share Account, you will not have to declare the amount of dividend that you earn on your annual Tax Return.
Non-residents are not liable for DIRT on their dividend. However, this is conditional on a declaration being made by the member.
Tax-exempted charities, companies subject to Corporation Tax and approved pension schemes are not subject to DIRT.
If your income is so low that you don’t pay any income tax and you are either permanently incapacitated or 65 or over, you are entitled to claim back any DIRT that you pay on your dividend.

Have you got your Nomination Form completed?

Nominations are a transfer of savings upon death

Roscommon 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 an inexpensive means of passing shares in the credit union onto family or friends and we advise members to avail of this provision.

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.
The nomination shall not be revocable or variable by the will of the nominator or by any such codicil to the will.
The marriage of a member shall operate in the revocation of any nomination previously made by the member before the marriage.
A nomination will be revoked by the death of the nominee before the death of the nominator.
The amount that can be transferred under a nomination is currently set at a maximum of €23,000.
 

Make sure your nomination is up to date by contacting us please.