When you become a member of Letterkenny Credit Union you open a savings account which is known as a share account. Every €1 deposited is equal to 1 share, making you part owner of the Credit Union.
Members subject to tax and not qualifying for exemptions will be required to pay DIRT on any credit union dividend and interest payments. The rate of tax will be the prevailing rate announced in the Finance Act each year. DIRT is automatically deducted each year with the balance of your dividend being posted to your share account. This means you will have no further tax liability on this income.
If you are exempt please fill in a DE1 form (available from our Downloads section) and return to us at High Road, Letterkenny, Co. Donegal.
From March 2015, the Credit Union is legally obliged to report to the Revenue Commissioners details of any interest or dividend greater than €300 is paid.
Deposit Guarantee Scheme
All Savings are covered by the Deposit Guarantee Scheme.
Download Deposit Guarantee Scheme information sheet from our Downloads section.
Limit On Savings
The maximum savings (including ATM account) for any one member is €30,000.
If you are affected by this, please speak to a member of staff.