Why is saving with a credit union better?

• Whether you’re saving for something in the future or just for a “rainy day”, regular saving is a good idea.
• You’re not just a customer but an owner/member of a successful financial co-operative.
• Members enjoy equal voting rights (one member one vote) irregardless of shareholding and can participate in decisions affecting the credit union.
• By regular saving you are contributing to the pool of funds available to lend to members.

Are My Savings Secure?

• Members savings are covered by the Government Savings Guarantee Scheme up to €100,000
• Savings up to €12,697 are covered by the ILCU’s Savings Protection Scheme in which Boyle Credit Union participate.
• All officials of Boyle Credit Union, whether volunteer or professional staff must be fidelity bonded.
• Subject to some terms and conditions members savings are insured under the Life Savings Insurance Protection provided free of charge by the Credit Union link to insurance

What Access Do I have to my Savings?

• Members have same day access to cleared funds providing they are not pledged as collateral or security against a loan.
• However, we encourage our members to keep their savings intact as:

1. They continue to earn a dividend
2. They continue to benefit from the Life Savings Insurance Protection link to insurance
3. The member can maintain their credit worthiness and capacity to borrow
4. We will be happy to discuss suitable alternatives to withdrawing your savings

What Return will I get on My Savings?

Every share you hold with Boyle Credit Union for the year is eligible for a dividend when declared. A dividend is a return on your savings and is paid by Boyle Credit Union out of surplus.

The dividend amount is dependent on:
• The amount you have saved (one share equals €1)
• The surplus income available for distribution by your credit union to members….

Types of Savings Account

Regular Share Account
• A member’s account with the credit union is automatically considered a regular share account. These accounts are suitable for those who are not liable for income tax.
• The onus is on the account holder to declare their account to the Revenue Commissioners.
• Dividends declared at AGM are posted gross to members Regular Share Account.
• Regular share accounts by their nature are more suited to those exempt from DIRT for reasons of age or income.

Special Share Account
• Members must request in writing that their account be changed to a Special Share Account or opened as one from the beginning
• Dividends are posted net of DIRT to Special Share Accounts
• Members may hold a Regular Share Account or Special Share Account but not both.

Deposit Account
• The maximum shareholding in either a Regular Share Account or Special Share Account is €10,000 (1st February 2006)
• Any excess funds saved by a member is designated a deposit and held in a sub account to the members main account
• At present the rate of return on deposit accounts is the same as the rate of dividend declared on share accounts.

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