Why save with Tullamore Credit Union?
Whether you’re saving for something in the future or just for a ‘rainy day’, regular saving is a good idea.
Regular saving with your credit union is an even better idea. At Tullamore Credit Union, you’re not just a customer, you’re a member of a successful financial cooperative.
You have the added bonus of knowing that your savings are being used to make loans to other members. Members just like you. As a member, you can participate directly in the management of the credit union through the Annual General Meeting, where the Board of Directors are elected from among the membership.
Key Benefits of Savings
- Savings are insured at no direct cost to the member (Terms and conditions apply) Click here for details of Insurance on Savings & Loans
- No hidden fees or transaction charges.
- Regular savings are a form of collateral and enhance your power to borrow
- Savings up to €100,000 are covered by deposit protection scheme guarantee. See www.revenue.ie for more information
- The more shares you have, the greater the dividend you will receive.
- You can nominate a person of your choice to receive up to €23,000 of your savings in the event of your death. Click here for more information
What do I need to open an account?
Please click on the relevant account type for details
Is there a minimum amount I need to keep my account active?
To be a member of Tullamore Credit Union we ask that you lodge €5 to your account which you will maintain as your minimum to keep your account active.
Is my money insured?
Yes, Life Savings Insurance is a Life Insurance Cover that Tullamore Credit Union provides to all eligible members as a way of encouraging you to keep your savings in the credit union and save on a regular basis. This insurance is provided at no additional cost to you, it is paid for out of credit union funds. The cover is for a maximum of €8,000 and relates to savings lodged up to your 70th birthday. There are additional restrictions so please discuss with staff. Click here for more information.
How do I save with the CU?
Electronic payments – A variety of options are offered:
- Electronic Funds Transfer EFT – Pay monies in to your account electronically. Please contact the office for set up details and discussion of your personal requirements.
- Direct Debit -Download a Direct Debit Bank Authority or Direct Debit Amendment Form
- Payroll Deduction – You need to speak to your employer if you wish to arrange this. If your employer is already set up please click here to download a payroll amendment form.
Manual payments – A variety of options are offered:
- Counter payment – face to face transaction with cash, cheque or draft.
- Express Lodgement -just inside the door
- Post – Preferably with cheque or draft (Send to Tullamore Credit Union, Patrick St, Tullamore, Co Offaly. Don’t forget to include your account number!)
Savings are subject to DIRT Deposit Interest Retention Tax. Click here for more information. Some members may be exempt from DIRT tax. if you are unsure, please contact your local tax office.
Special Term Share Accounts
We also offer tax effective Special Term Share Accounts where savers can set aside a lump sum for 3 or 5 years.
Medium Term Share Accounts are for a three year term. The first €480 dividend is DIRT free. Any dividend earned in excess of this is taxed at the current DIRT rate of 30%
Long Term Share Accounts are for a five year term. The first €635 dividend is DIRT free. Any dividend earned in excess of this is taxed at the current DIRT rate of 30%
If you wish to set up one of these accounts, call to the office and bring proof of your PPSN as it is required on the form.
