Shares

Savings as shares in a Credit Union are a better way to save. You are not just another customer but an active member of a highly successful financial co-operative. Yes, you have a share in the ownership of the Credit Union. Along with having a say in the operation of the Credit Union you also earn dividends.

Benefits of Credit Union savings:

Savings in Mitchelstown Credit Union gives you security, independence and peace of mind and an attractive return on your savings.
The primary purpose of the credit union is to promote thrift amongst its members and by the accumulation of savings create for themselves a source of credit at a fair and reasonable rate of interest.
Free Life Cover on Savings up to €12,700. (Terms and Conditions Apply).

Types of Share Accounts:

1. 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 Annual General Meeting is posted gross to members accounts.

2. Special Share Accounts

• Member must request in writing that their account be changed to a special share account. (Forms are available at our offices)
• Dividends are paid to this account net of DIRT
• Return made by Credit Union does not include individual members details.

Note: A member can hold a regular or special share account but not both

Security

Credit Union members can rest easy in the assurance that their savings are safe.

Credit Unions in Ireland, which are affiliated to the Irish League of Credit Unions, are secured in several ways:

• All officials of Credit Unions, whether volunteers or staff, must be fidelity bonded.
• Savings up to a limit of €12,700 per member are protected by the Savings Protection Scheme.
• All monies received in the credit union are properly recorded.
• Full financial statements are prepared and can be examined by members.
• Annual independently audited returns are lodged with the relevant authority, The Irish Financial Services Regulatory Authority.