Savings

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.
Saving money is a good idea. 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. Colman’s 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.
 You must have €10.00 in your share account to be a member of the credit union and avail of all the facilities afforded to members.

Benefits of Savings
• Annual dividend paid on your savings at the end of the year
• Members savings are insured at no direct cost through the Credit Union Life Savings Insurance (Maximum €20,000-Terms & Conditions apply)
• Easy access to your savings if you wish to make a withdrawal (once not pledged against loans)
• No hidden charges or fees on any transactions
• All savings of up to €100,000 are State Guaranteed under new government scheme.
Types of Share Accounts

1. Regular Share Accounts
• These accounts are suitable for those who are not liable for DIRT tax.
• The onus is on the member to declare this account to the Revenue Commissioners.
• Dividend rate declared at A.G.M. is posted gross to members accounts.

 
2. Special Share Accounts
• Member must request in writing that their account be changed to a special share account. (forms available at our offices).
• Dividends are paid to this account net of DIRT.  
• A member can hold a regular or special share account but not both.