Whether you’re saving for something in the future or just for a ‘rainy day’, regular saving is a good idea. Regular saving with Member First Credit Union is an even better idea.
At Member First Credit Union, you’re not just a customer; you’re a member-owner 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.
Our Saving Accounts
Basic Share Account
The Share Account is the most common type of saving account that Member First Credit Union offer. Each member of Member First Credit Union holds shares, making them part owner of the Credit Union. Every share earns a dividend, which is the return you earn on your savings, paid out of the surplus income of Member First Credit Union every year.
All dividends earned are subject to DIRT at the prevailing rate. The dividend is posted net to the account every year which means you will have no further tax liability on this income and there are no Revenue reporting requirements or member declarations attached to this account. This can represent a saving to some members who would normally be liable for tax at the highest marginal rate.
Please be advised that the maximum amount an individual member can have in their shares is €60,000 or a total overall amount of €60,000 combined between all accounts held in the credit union.
Deposit Guarantee Scheme
All of the savings of our members are guaranteed up to a maximum of €100,000 under the Government Deposit Guarantee Scheme. Information on the scheme is available at depositguarantee.ie.
Start Saving today – It’s simple and convenient with Member First Credit Union.
You can save using any of the following methods:
- Electronic Funds Transfer.
- Direct debit – simply complete a direct debit mandate form available in branch or online.
- Get your wages paid directly into the Credit Union using Electronic Fund Transfer (EFT).
- Put a small sum away directly from your wages every month using the Salary deduction.
- Over the phone using a VISA/Debit Card.
- Simply call into any branch and pay over the counter.
Some additional information – Tax and your savings
Those subject to tax and not qualifying for exemptions will be required to pay DIRT on their credit union dividend and interest payments. The rate of tax will be the prevailing rate announced in the Finance Act each year.
CU Cash Account
The CU Cash account is an on demand non-interest earning account. The maximum amount that can be held in this account is €100,000. There is no minimum amount that members have to save. Members can lodge and withdraw savings from this account at any time, as they are not held against a loan. There are No Penalties and No Charges.
Xmas Savings Account
Christmas can be an expensive time, but with our Xmas Saving Account you have a whole year to save! Watch your savings grow and start planning for Christmas today by saving every week for 12 months. Our Xmas Savings Account is an on demand non interest earning account.
- It’s easy to set up & there are no fees (You may be asked to provide proof of your PPSN and Photo ID).
- Make lodgements directly to this account by visa debit, payroll deduction, direct debit, cash payments or use your children’s allowance payments
- This account will be separate from all your other credit union accounts
- Access your money from the 1st November to 31st January
- Your Xmas Saving Account will not close following the payout date and you can continue to save for the following Christmas
For just €5.00 per week you could save €260 for Christmas
For just €10.00 per week you could save €520 for Christmas
How do I open one of these deposit accounts?
If you already have a share account with Member First Credit Union you can simply call into your local Credit Union branch and open any of the above accounts, subject to certain terms and conditions. You may be asked to provide proof of your PPSN and Photo ID.