What are the options?

At present New Ross Credit Union offer share accounts to members. Every member is required to pay tax at their marginal tax rate on dividends they receive on their accounts. You, the members, can now choose the option(s) that suit you best, which are as follows:

Regular Share Accounts

If you have a Regular Share Account, you are currently required to declare the dividend you receive to the Revenue Commissioners and are liable to pay tax on it at your marginal tax rate of either 0%, 20% or 42%. Under the new proposals you can continue to save in this way.

Special Share Accounts

You can also opt to have a Special Share Account. In this case New Ross Credit Union will automatically deduct DIRT at 25% from any dividend that you receive on your shares in your Special Share Account. You have no further liability to tax on this dividend and are not required to make any declaration to the Revenue Commissioners.

and/or

Medium and Long Term Share Accounts

In addition, you can opt to put some of your savings into a Medium or Long Term Share Account. These accounts have different levels below which any dividend is tax-free. But each member can only have one Medium or Long Term Share Account and you are penalised if you withdraw your savings early.

Medium Term Share Accounts

Money invested in a Medium Term Share Account must remain in the account for three years . You can earn an annual dividend on that money of up to €480 without having to pay any tax. Any dividend you earn above €480 will be taxed at 25%. New Ross Credit Union will deduct the tax for you.

Long Term Share Accounts

Money invested in a Long Term Share Account must remain in the account for five years. You can earn an annual dividend on that money of up to €635 without having to pay any tax. Any dividend you earn above €635 will be taxed at 25%. New Ross Credit Union will deduct the tax for you.

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