When you open a new account in St. Joseph's Irish Airports & Aviation Credit Union it's called a 'Special Share' account.
Everyone must have such an account to operate as a member of the Credit Union. Every euro in this account is also a share in the overall Credit Union - hence the name.
If you get a loan from the Credit Union, a certain amount of your 'shares' are frozen as
security against the loan i.e. the amount that is 'frozen' can't be touched until the loan is completed.
Key Points To Be Aware Of:
- The minimum Shares per account is €5.
- There are two types – Ordinary Shares & Special Shares.
- New Accounts opened are called 'Special Share' accounts.
- A dividend is paid annually, if there is a surplus.
- There is Life Savings Insurance on all shares (plus Deposits) – maximum cover
- The maximum payable from the Life Savings Insurance to a nominated beneficiary is €23,000 – the remainder goes to the estate of the deceased member.
- Tax is deducted from any interest earned, unless the member is over 65. Members 65 years of age and over may be exempt from paying D.I.R.T on deposit interest. Total income must be less than €20,000 for an individual and €40,000 for a couple.
Note: A DE1 form (to claim exemption from D.I.R.T) can be downloaded by clicking on the link below or can be obtained from the Credit Union office.