Savings

Start Saving with Bray Credit Union Ltd.

Whether you are saving for something special or just for a ’rainy day’, regular saving is a good idea. Regular saving with Bray Credit Union Ltd. is an even better idea. With us, you are a member of a successful financial co-operative.

Types of Savings Accounts

Bray Credit Union operates the following types of accounts:

• Special Share Account
• Stamp Account

Savings in the Credit Union are protected under both the Savings Protection Scheme and the Government Deposit Protection Scheme.

The Special Share Account

The Special Share Account is the traditional credit union savings account. This is the account that will operate with your loan account, so if you borrow your shares may be pledged against the loan and you cannot withdraw them. Bray Credit Union will automatically deduct Retention Tax (DIRT) at the prevailing rate from any dividend that you receive on your shares. You have no further liability to tax on this dividend and you are not required to make any declaration to the Revenue. If you are Dirt exempt, you need to provide us with a completed DE1 or DE2 form.

The Stamp Account

The stamp account is a sub account offered by Bray Credit Union. Members retain the same membership number but will see a new line on their receipts showing the Stamp Account.

You will have full access to the funds in your stamp account, they will not get tied up against a loan. There will be no dividend earned on a stamp account.

Savings Protection

Savings are protected in Bray Credit Union under the following schemes:

Life Savings Insurance, this is funded by Bray Credit Union. For more details, see the life savings protection section.

Government Deposit Guarantee Scheme for €100,000 per person.

Download Depositor Information Sheet Final Credit Unions (245.8kb)

Savings Accessibility

Savings can be withdrawn from Bray Credit Union at no charge, provided the savings are not pledged as security on a loan or a loan you have guaranteed.

To make a withdrawal, members should present their passbook and Photo ID.

You can have 24 hour access via online banking once you have registered and received your pin.

For security reasons, cash levels in Bray Credit Union are kept to a minimum, so any cash withdrawals larger than €3000 require 24 hours notice. However withdrawals can also be made in the form of a cheque or by Electronic Fund Transfer (EFT) to a SEPA bank account at no charge (BIC & IBAN required for EFT).