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Share Accounts

When you open an account with St. Anthony’s & Claddagh Credit Union you open a savings account known as a share account. Every €1 deposited is equal to 1 share, making you part owner of the Credit Union.

Each share saved is eligible for a dividend at the end of the year. A dividend is interest paid annually to you the member from the profits of the Credit Union. The more savings you have the more dividend you receive.

 

Dividend rates

2020: 0% 2019: 0.05% 2018: 0.05%
2017: 0.125% 2016: 0.125% 2015: 0.5%

Limit on Savings

Due to the capital levels required by the Central Bank, we can no longer accept savings greater than €20,000.

If you are affected by this, please speak to a member of staff.

Restrictions on Transactions

Lodgements

For security reasons, lodgements per Member, are restricted to:

  • €2,500 per week*

Withdrawals

Withdrawals in cash, per Member, are restricted to:

  • €1,500 per day
  • €7,500  per week*

Cash withdrawals of more than €1,500 per day can be facilitated but must be ordered a minimum of 24 hours in advance. The maximum of €7,500 per week* still applies in this case.

 

* per week means a 7 day period.

Taxation

Members subject to tax and not qualifying for exemptions will be required to pay DIRT on their credit union dividend and interest payments. The rate of tax will be the prevailing rate announced in the Finance Act each year. DIRT is automatically deducted each year with the balance of your dividend being posted to your share account. This means you will have no further tax liability on this income.

If you are exempt please fill in a DE1 form (available from our Downloads section) and return to your branch.

From March 2015, the Credit Union is legally obliged to report to the Revenue Commissioners details of any interest or dividend greater than €300 is paid.

Deposit Guarantee Scheme

Savings (includes Shares & Deposits) are covered up to €100,000 per member under the Deposit Guarantee Scheme.

Download Deposit Guarantee Scheme information sheet (pdf).