• Sep : 9 : 2017 - Our Lady Crowned Credit Union 50th Anniversary Open Day
  • Jun : 30 : 2017 - Student Loan Rate Promotion
  • Mar : 11 : 2017 - Monthly Loan Promotion
  • Feb : 18 : 2017 - Our Lady Crowned Credit Union – 50 Years Serving the Community
  • Oct : 22 : 2016 - THE “I’M GETTING MY ACT TOGETHER EARLY THIS YEAR” LOAN
Savings

girl_piggybankWe all know the merits of saving money, either for something specific or for that “rainy day”. But saving money with Our Lady Crowned Credit Union means you also become a member of a highly successful co-operative. You are not just another customer, you are a member.

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.

Some of the many benefits of saving with Our Lady Crowned Credit Union:

  • 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, loans and insurance proceeds.

Click here for information on the Life Savings Insurance and Death Benefit Insurance services available to eligible members.

Savings – Frequently Asked Questions

Are my savings secure?

Credit Unions in the Republic of Ireland are covered by the 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.

What return will I get on my credit union savings?

Every share you hold with Our Lady Crowned Credit Union for the Credit Union financial year (1st October – 30th September) is eligible for a dividend when declared.

The amount of your dividend will depend on:

  • The amount of shares you have saved
  • The surplus income available for distribution

The Board of Directors propose the rate of dividend at the year end and it is voted on at the AGM. The rate can vary from year to year. In 2013, the rate was 1%.*

*Past performance is not a reliable guide to future performance.

There is also a loan interest rebate paid based on interest paid during the Credit Union financial year. In 2013 it was 5% of interest paid.

Is my dividend subject to DIRT tax?

Yes. From 1st January 2014 all Credit Union share accounts are subject to DIRT, at the rate of 41%, with the exception of members who are exempt from DIRT. The only members who can be exempt are:

  1. Members over age 65 whose total income is less than the relevant limit, currently €18,000 for an individual and €36,000 for a married couple.
  2. Permanently incapacitated from maintaining yourself and your tax credits (including your spouse’s) for the year exceed the tax that would be chargeable on your (and your spouse’s) income for the year. In this case Form DE2 must be completed and sent to Revenue.

May I withdraw my savings after taking a loan?

This depends on the amount of the loan balance. Shares in excess of the loan balance are payable on demand. However, if the loan balance is in excess of shares, then the borrower is pledging all paid shares which he/she may have in the Credit Union as security for repayment of the loan.

What is a money management account/sub account?

We offer sub accounts with easy access. These saving accounts are a sub account of a main account and members can budget for specific needs or save for a particular purpose.

What is a Nomination Form?

A nomination form is a legally enforceable document which enables a member to authorise the Credit Union as to whom should receive the savings (including insurance) credited to their account at their demise, subject to a maximum of €23,000.

We strongly recommend that every member over 16 years of age should complete a form of nomination if they have not already done so.

Failure to have a valid form of nomination could result in the proceeds of the account being sent to probate with a solicitor. This is both time consuming and very costly.

It is a very simple form to complete, but should you require any further information please ask any member of staff. They will be happy to help.

Remember it can save a lot of unnecessary time, money and hassle for your loved ones.

 

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  • Contact Info

    11c Silversprings Road
    Mayfield
    Cork

    T: 021 450 4923
    F: 021 450 4933
    E: info@olccu.ie
  • Opening Hours – Mayfield

    Mon: 10am - 4.30pm
    Tue: 10am - 4.30pm
    Wed: Closed
    Thu: 10am - 4.30pm
    Fri: 10am - 5.30pm
    Sat: 9.15am - 12.45pm
  • Contact Info

    Wallingstown
    Little island
    Cork

    T: 021 435 4652/021 435 4660
    F: 021 435 4674
    E: info@olccu.ie
  • Opening Hours – Little Island

    Fri: 9:30am - 12.00pm
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