Savings Accounts

Whether you’re saving for something in the future or just for a ‘rainy day’, regular saving is a good idea. Opening a savings account with Lisduggan Credit Union is an even better idea.

At Lisduggan Credit Union, you’re not just a customer; you’re a member-owner of a successful financial cooperative. You have the added bonus of knowing that your savings are being used to make loans to other members. Members just like you.


Our Savings Accounts

Basic Share Account

The Share Account is the most common type of saving account that Lisduggan Credit Union offer. Each member of Lisduggan Credit Union holds shares, making them part owner of the Credit Union. Every share earns a dividend, which is the return you earn on your savings, paid out of the surplus income of Lisduggan Credit Union every year.

All dividends earned are subject to DIRT at the prevailing rate. The dividend is posted net to the account every year which means you will have no further tax liability on this income and there are no Revenue reporting requirements or member declarations attached to this account. This can represent a saving to some members who would normally be liable for tax at the highest marginal rate.

The maximum amount in a basic savings account is €30,000 from 1st January 2016.


Deposit Account

Any Shares in excess of €30,000 are lodged to a deposit account. A maximum of €70,000 can be held in this account, giving an overall maximum amount of €100,000 between deposits and shares.

Currently a Savings CAP of €30,000 is in place due to high levels of savings being lodged to LCU. This CAP is under monthly review by the Board of Directors.

Please note that members who currently hold in excess of this amount will not be asked to remove funds from their account. (Update July 2020)