Savings Accounts

Whether you’re saving for something in the future or just for a ‘rainy day’, regular saving is a good idea. Regular saving 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.

Deposits earn interest on a monthly basis, rather than an annual dividend. This rate is currently 0.01% (1st January 2016).

 

Club Account

Club accounts are joint accounts used solely for savings. They require at least 2 signatures and are commonly used for Christmas savings etc. No loans can be issued on such accounts, Death benefit insurance is not available, and nomination forms do not apply. Club accounts offer the same level of interest return as standard accounts.

 

E-Cards

E-Cards are a savings card that fits in your wallet or purse. It is independent of your savings accounts and does not offer any form of dividend return. A maximum of €5,000 can be saved on the card.

This is a great way of putting aside money for bills, holidays, Christmas etc. in a separate account, and is very popular with our members. Money can be lodged and withdrawn on demand.