Savings at Kanturk Credit Union Limited
Savings as shares in a Credit Union are a better way to save. You are not just another customer but an active member of a highly successful financial co-operative. Yes, you have a share in the ownership of the Credit Union. Along with having a say in the operation of the Credit Union you also earn dividends. The maximum shares that can be held by any one individual in Kanturk Credit Union is €30,000.
Each and every €1 you save is equivalent to 1 share in the credit union. If you begin to save regularly it won't be long before you build up a healthy balance.
Types of Share Accounts
Regular Share Accounts
- These accounts are suitable for those who are not liable for income 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
Special Share Accounts
- Dividends are paid to this account net of DIRT
- Return made by Credit Union does not include individual members details
- A member can hold a regular or special share account but not both
Some of the many benefits of saving with Kanturk Credit Union Limited:
- Easy access to your money once it is not used as security against a loan
- No hidden charges or fees on any transactions
- Life savings insurance for eligible members
- Nomination of account proceeds (see more information below)
When you save with us you are also building a history which will be taken into account in the future should you wish to apply for a loan.
The money you save with us is used by the credit union to fund the loans it makes to members. By saving with us you are indirectly helping your neighbours and the community to develop.
When a member who is over 16 years of age opens a credit union account, he/she is entitled to nominate a person (or persons) to receive his/her property in the credit union on his/her death. Property includes shares, deposits and insurance proceeds. This is of benefit if the member dies without leaving a will as the property left in the credit union will not have to pass through the sometimes timely intestacy process.
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In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to proactively intervene to protect members' savings by making available financial assistance to help any credit union which may experience difficulties.
Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions). For more details, visit the Insurance section.
*Past performance is not a reliable guide to future returns.
The amount of your dividend will depend on:
- The amount of shares you have saved (one share is equal to €1)
- The surplus income available for distribution by your credit union to members.
- They continue to earn a dividend
- They continue to benefit from the Life Savings Insurance protection. (Terms & Conditions apply)
The account maybe reactivated by conducting transactions and supporting it with photographic I.D. e.g. passport/drivers licence/birth certificate for children and confirmation of address (not more than 3 months old) e.g. utility bill/revenue documentation.