Shares/Deposits
Why save with Ashbourne Credit Union?
- While the idea of a ratio of shares to loans is not as relevant as heretofore, it is still a requirement to have some shares in your account, and more importantly, a history of regular saving.
- Shares may be withdrawn on demand unless they are being held as collateral on a loan.
- A dividend may be paid to your account annually. The dividend rate is decided by members at AGM each year, on the recommendation of the Board of Directors.
- Your shares are covered by insurance, free of charge, in the unfortunate event of your death – the amount depending on your age at becoming a member, and your balances between that date and date of death. Withdrawal of shares after 55th birthday will have a bearing on any insurance payout.
WHY NOT CALL IN AND TALK TO US TODAY ABOUT A SAVINGS PLAN FOR EURO 2012? Our staff will be more than happy to speak to you. No appointment necessary.
Are there any limits on members shareholding?
Yes, we have a policy to cap the shares at €50,000 per account.
Type of Share Accounts
We operate two types of share accounts, i.e. Regular Share Accounts and Special Share Accounts.
- Regular Share Accounts – Dividend is paid gross (without deduction of deposit interest retention tax (D.I.R.T) and any tax due thereon is the responsibility of the member.
- Special Share Accounts – Dividend is paid net, i.e. we deduct D.I.R.T. and return same to the Revenue Commissioners. There is no further liability on the member.
If your account is a Regular Share Account and you wish to change it to a Special Share Account, just contact the office and we will forward the relevant form to you.
Deposits
There is also an option to open a deposit account with us at a variable rate of interest. This is a particularly useful option if your shares are held as collateral against your loan and you want to save and take your money whenever you like. This can be opened at the counter and there is no extra paperwork involved for existing shareholders
A maximum of €50,000 is allowed per account.
