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By putting a little aside on a regular basis you not only have something to look forward to, you also have something to fall back on, should the need arise.

Saving money with St. Colmcilles (Kells) Credit Union is an even better 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, along with an annual dividend.

Each €1 saved is the equivalent of a single share. Shares build up surprisingly quickly once a Member sets up a regular savings pattern. Each share then is eligible for a dividend (interest) at the end of the year. The more savings held by the Credit Union, the more funds available for loans to Members.

You must have €6.35 in your share account to be a Member of the Credit Union and avail of all the facilities afforded to Members.

Benefits of Saving

Annual Dividend

Annual Dividend may be paid on your savings at the end of the year.

Member Savings

Members savings are insured at no direct cost through the Credit Union Life Savings Insurance (Maximum currently €12,700 -Terms & Conditions apply).

Easy Access To Savings

Easy access to your savings if you wish to make a withdrawal (once not pledged against loans).  Photo ID will be required on all withdrawals where member is not known to a member of staff

No Hidden Charges

State Guaranteed Saving

All savings of up to €100,000 are State Guaranteed under the Deposit Guarantee Scheme (DGS). For more information on the DGS visit the official Deposit Guarantee Scheme website here.

Savings and Taxation

Notice to Members about taxation of Credit Union Share Dividend

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).

Normal Deposit Accounts

Members savings over and above €12,700 are usually lodged to a deposit account.  Interest is generally paid annually to members on monies in their deposit account.

Deposit accounts are not insured under the Life Savings Scheme.

The maximum a member can hold in total savings in St Colmcilles (Kells) Credit Union is €99,999.

Nominating Your Savings

A NOMINATION is a legally binding, written instruction that tells the Credit Union what to do with your money after your death. The nomination service is very valuable to members in that it allows access to nominated funds by the nominee within a very short period of the death of the member.

A nomination is valid up to the amount of €23,000***

Any member aged 16 or over may make a nomination.
The most recent nomination invalidates any previous nomination.
A member may change his/her nomination whenever he or she likes.
Under Section 21 (4) of the Credit Union Act 1997, a nomination is not revocable or variable by the will of the nominator his/her will. i.e. A will does not over-rule a valid nomination.

Under Section 21 (6) of the Credit Union Act 1997, the marriage of a member of a credit union operates as a revocation made by him/her before his/her marriage. i.e. Marriage cancels a nomination.

We advise all members to make a nomination when joining and to regularly review your nomination. Nominations can be amended very easily also. Please contact us if you require more details.

***if amounts over €23,000 are held in an account, then Irish Probate must be taken out before the excess funds can be released into the estate of the deceased member.

Please note: If no nomination form has been filled in, the maximum the credit union may pay out on a members death is €15,000. The balance of the deceased member’s funds goes into their estate.

A Nomination Form must be completed in our office with valid Photographic ID and witnessed by a member of staff.