Why save with the Credit Union?

Saving for that special event or a rainy day? Regular saving has come back into fashion and the Credit Union is just the place to do it for lots of reasons.

At the Credit Union, your savings are called Shares making you, not just a customer but a member of a successful financial co-operative. As a shareholder, you have a say in how the Credit Union operates and will earn dividends each year on your Shares.

Saving regularly will give you financial independence and security and stand you in good stead when applying for a loan. More than that, it is through the accumulation of members’ shares that the Credit Union has the ability to lend to other members.

Types of Accounts

We currently offer a number of different types of shares or savings accounts.

Share Account – standard account.

  • Dividends are paid annually net of any DIRT liability*
  • Funds over and above any loan amount are available on demand

Special Shares Account – no longer available

  • Existing account holders may retain their special shares account
  • Dividends are paid annually net of any DIRT liability
  • Funds over and above any loan amount are available on demand

Deposits Account – for members with Shares in excess of €40,000

  • Dividends are paid net of any DIRT* liability
  • Funds over and above any loan amount are available on demand

Savings Account

  • Suitable for members who have loans but also want an on demand savings account (as shares are held against loans)
  • Interest is paid net of DIRT*


Deposit Interest Retention Tax (DIRT) is a tax payable to Revenue Commissioners on any dividend or interest earned.  The rate for 2018 is 37%.

With effect from 1st January 2014 all credit union share dividend and deposit interest paid to members will be subject to DIRT, with the exception of dividend or interest paid to members who are exempt from DIRT.  You may only qualify for an exemption if:

  • you are aged over 65 with income of less than €18,000 (single) or €36,000 (married); or
  • you are permanently incapacitated

Please speak to a member of staff if you would like more information on this.

How much can I save?

Shares or Shares/Savings Combination €40,000
Deposits (available only where Shares maximum has been reached) €25,375

How can I withdraw my savings?

You can make a withdrawal from your savings by cheque, cash or electronic transfer. Cash withdrawals are subject to an on-demand daily limit of €1,000.

What dividend will I earn?

The amount of dividend payable is variable and whilst we strive to pay a dividend each year, it is depends on the amount of surplus funds available.

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.

Are my savings secure?


Your savings are covered under the Deposit Protection scheme 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. The scheme covers deposits up to a maximum of €100,000 per person.

Credit Union members also have the added protection of the Savings Protection Scheme (SPS), a scheme owned and operated by the Irish League of Credit Unions to assist any Credit Union that may experience difficulties.

Life Savings Insurance

Life Savings Insurance is another added benefit of being a regular saver with the Credit Union. We insure members’ savings at no additional cost to the member and the benefit will become payable on the death of the eligible member. In the case of joint accounts, the eligible member is the member whose name appears first on the account.

The benefit payable will be in proportion to the amount of savings that you have made during the term of membership and it will also depend on your age at the date the lodgements were made but the maximum amount payable is €12,700.

Amounts saved after your 70th birthday are not insured but cover built up before your 70th birthday will remain in place. Withdrawals of savings can affect life savings cover.

Save with the credit union

Latest News

Latest News

Payment Services Directive (PSD) 2

June 21st, 2018

Notice of Annual General Meeting 2016

December 16th, 2016

Christmas Opening Hours 2016

December 16th, 2016 Click here to read more news ››

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Ballybay Credit Union Ltd is regulated by the Central Bank of Ireland