Return on Savings from Gort Credit Union
Each share you hold in your Credit Union is equal to €1.
When a Credit Union declares a dividend at the end of its financial year, each share you hold for that year is eligible for a dividend. The more shares you have, the greater the dividend you will receive.
Only members of Gort Credit Union Ltd receive a dividend from the Credit Union. The amount paid to members is dependent on the Credit Unions surplus or profit from the year’s activities. The dividend can vary from year to year.
Benefits of Credit Union savings
Savings are protected under the Government’s Deposit Guarantee Scheme and the Savings Protection Scheme of the Irish League of
Easy access to your savings if you wish to make a withdrawal (once your savings are not secured against a loan).
Savings of eligible members are insured through FREE Life Savings Insurance up to a maximum of € 3,000 (Terms & Conditions Apply)
Regular saving maintains your credit worthiness and capacity to borrow.
Can I have easy access to my savings?
You can withdraw your savings provided they are not pledged as security on a loan.
However, you are encouraged to keep your savings intact, so that:
They continue to earn a dividend
They continue to benefit from the Life Savings Insurance protection
You maintain your credit worthiness and capacity to borrow
Gort Credit Union Ltd will be happy to talk to you about suitable alternatives to withdrawing your savings.
Types of Share Accounts
Regular Share Accounts
The standard Credit Union account is a Regular Share Account. These accounts are suitable for those who are not liable for income tax.
The onus is on the member to declare their dividend to the Revenue Commissioners.
The rate of dividend is approved at our A.G.M. and is credited gross to member’s accounts.
Special Share Accounts
Member must request in writing that their account be changed to a special share account.
Dividend paid to member net of DIRT.
Member can hold either a regular or special share account but not both
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 minimum of €5.00 must be left in your account at all times
A member can have a maximum of € 34,000 in Shares.