Share Accounts

In Larkhill & District Credit Union each €1 saved is the equivalent of a single share. A share makes you a part owner of Larkhill & District Credit Union. Each share is eligible for a dividend at the end of the year. Savings held by a Credit Union make funds available for loans to members.

Maximum shareholding allowed by an individual member of Larkhill & District Credit Union is €12,700.

Types of Share Accounts

A number of Share Account options are now available to members. These include:

• Regular Share Accounts
• Special Share Accounts

Regular Share Account
With a Regular Share account Larkhill & District Credit Union will deduct DIRT at 41% (currently) from any dividend you receive. You will have no further tax liability on this dividend income.

Special Share Account
With a special share account Larkhill & District Credit Union will deduct DIRT at 41% (currently) from any dividend you receive. You will have no further tax liability on this dividend income.

NOTE: Your shares are not liable to tax, it is the dividend that your shares recieve that is taxable.

Deposits

A Deposit in Larkhill & District Credit Union is any amounts held in the Credit Union by a member in excess of their €12,700 shareholding.

Maximum deposit level in Larkhill & District Credit Union is €40,000.

Deposits do not attract a dividend in the way shares do. A deposit interest rate is paid. See Below for current rate, or consult any staff member.

The Credit Union must deduct DIRT at 41% (currently) on any Deposit Interest paid.

Members also have the option of opening a deposit account provided they have a minimum of €63.50 in their share account.

CURRENT RATE OF DEPOSIT INTEREST

FOR PERIOD 1st SEPTEMBER 2016 to 31st MARCH 2017 is 0.15%(gross)

Withdrawal Policy

Shares and Deposits can be withdrawn on demand provided they are not held as security against a loan.

Shares and Deposit withdrawals can be made during office hours. Please bring photo identification and passbook when making a withdrawal.