Savings Accounts are also known as Share Accounts in the Credit Union. Each share you hold in your Credit Union is equal to €1. You will need to hold a minimum savings of ten shares (€10) to keep your account activated. Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting the credit union.

The maximum savings amount with Lisduggan Credit Union is €100,000.

With life savings insurance your dependents will receive a financial sum in the event of your death, up to a maximum amount of €3,000 per member and the amount they receive will depend on your age at date of death.

Life savings insurance is paid for by your credit union. There is no additional cost to you. This is subject to certain terms and conditions; for example, eligibility only applies to those who joined the credit union prior to their 71st birthday.

A valuable free service offered to members is that of Nomination. As a member you can nominate a person (or persons) to become entitled on your death to any property (shares and deposits) up to the value of €27000 that you may have in Lisduggan Credit Union.

This nomination service is valuable to members in that it allows access to nominated funds by the nominee(s) within a very short period of the death of the member.

This facility is provided free of charge. Members are advised to make a nomination when joining and to regularly review that nomination. Nominations can be made and subsequently amended easily.

Every share you hold with Lisduggan 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 Board of Directors will recommend a rate at the AGM each year (usually held in December) and the members present will vote to accept or reject. The dividend will then be paid on the day following the AGM. The amount due to each shares account will be calculated based on the monies held in the account throughout the year.

*Past performance is not a reliable guide to future returns. There is no guarantee that a share dividend will be paid in future years.

The amount of your dividend will depend on:

1. The amount of shares you have saved (one share is equal to €1).
2. The surplus income available for distribution by your credit union to members.

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 may be reactivated by conducting transactions and supporting it with photographic I.D. e.g. passport/driving licence/birth certificate for children and confirmation of address (not more than 3 months old) e.g. utility bill/revenue documentation.

From 1st January 2014 all credit union share dividend and deposit interest paid to members is subject to DIRT, apart from dividend or interest paid to members who are exempt from DIRT. The current DIRT rate is 33%.

The only members who are exempt are as follows:

• Members aged over 65 whose total income is less than the relevant limit, currently €18,000 for an individual and €36,000 for a married couple. For married couples, only one of the spouses needs to be over 65. To avail of this exception, you must sign a self-declaration DE1 Declaration Form.
• Members who are permanently incapacitated. Such members should either contact their local Revenue Commissioners office directly or contact a service body such as the Irish Wheelchair Association and the Credit Union has no role in approving the exemption in these cases.

If you do not complete the self-declaration form, LisdugganCredit Union is obliged to deduct DIRT from your dividend. You will then have to apply directly to the Revenue Commissioners for a refund of this DIRT (if you are eligible).

More info on DIRT tax is available here:

Who is exempt from DIRT? (revenue.ie)