Savings as shares in Kanturk Credit Union are a better way to save. You are not just another customer but an active member of a successful financial co-operative. Yes, you have a share in the ownership of Kanturk Credit Union. Along with having a say in the operation of Kanturk 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 Kanturk 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 (up to €23,000) in Kanturk 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 Kanturk Credit Union will not have to pass through the sometimes timely intestacy process.
Credit Unions in the Republic of Ireland are covered up to €100,000 by the Government Deposit Protection Scheme which is administered by the Central Bank of Ireland. This is a scheme that can provide compensation to depositors if a credit institution is forced to go out of business. It covers deposits held with banks, building societies, and credit unions. Please see the Central Bank of Ireland's website for further information.
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.
Every share you hold with Kanturk Credit Union Limited for the year is eligible for a dividend when declared. A dividend is the return on your shares and it is paid by your credit union out of surplus.*
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.
*Past performance is not a reliable guide to future returns.
You can withdraw your savings provided they are not pledged as security on a loan. However, you are encouraged to keep your savings intact, so that:
- They continue to earn a dividend
- They continue to benefit from the Life Savings Insurance protection. (Terms & Conditions apply)
Under Credit Union Rule 22 (now amended to Rule 19) if your account becomes inactive for 3 years and we are unable to contact you within that period it may become a dormant account. It is in your own interest to keep it active by conducting regular transaction.
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.
Yes, it is called Kanturk Credit Union and is available to all members who have Apple or Android phones.
Start where you are. Use what you have. Do what you can.