Encouraging thrift is an important part of the Credit Union’s message. Regular saving and sensible borrowing are key elements to remember when it comes to managing your money. Saving regularly gives you financial security, independence, peace of mind and an attractive return. The maximum amount of shares that a member can have at TUI Credit Union with effect from April 1st 2021 is €30,000.
Members’ shares in the Credit Union form the pool from which loans can be granted. As shares act as a security against your loan, you are advised to continue to save while repaying a loan to ensure that you are well placed if you need to borrow a higher amount on the next occasion.
A dividend is usually paid every year on your shares. The amount of dividend depends on the number of shares you hold and the performance of the Credit Union.
Members can be assured that savings at the Credit Union are secure.
All officials, whether they are volunteers or staff, must be fidelity bonded.
An independent auditor, appointed by the members at the Annual General Meeting, audits the annual accounts.
The Credit Union participates in the Savings Protection Scheme established by the Irish League of Credit Unions. This protects savings, within certain limits.
All credit unions are covered by the government guarantee scheme which guarantees savings of up to €100,000 per member. See more details on the government guarantee scheme here.
One of the attractions of saving with the Credit Union is that shares can be paid to a nominated person or persons on death (to a value of €23,000). This avoids probate delays. Members complete a nomination form when they first join and are advised to update the form if their family or personal circumstances change.
For more information please see here.
DIRT (Deposit Interest Retention Tax)
Do I pay DIRT on my dividend and interest?
From the 1st January 2014 all share and deposit accounts are subject to DIRT. This means that the credit union must deduct DIRT from any dividend or interest paid and forward this on to revenue on your behalf.
The DIRT rate for 2021 is 33%
Members over 65 or members who are permanently incapacitated may be entitled to a refund of DIRT paid or an exemption from DIRT if your taxable income is below the annual exemption limits.
See DIRT Repayments for more details.
Start where you are. Use what you have. Do what you can.