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The savings of its members are the life blood of the Credit Union. B.H.K. Credit Union does not hoard the savings of its members. It puts them to work productively in the hands of other members who may wish to borrow.
Credit Union ensures that the financial resources of the community are put to work within the community. Members who save today may wish to borrow tomorrow. Savings may be made through Share Accounts.
Regular Share Accounts
- Each €1 a member saves represents a member's share.
- Shares earn a dividend payable at the end of each year.
- The dividend represents an attractive return on money saved.
- A share holder becomes a part owner of the Credit Union.
- Credit Union savings carry a Life Insurance cover.
- Regular saving entitles a member to apply for a loan.
- No notice is required for share withdrawals
- Savers can avail of Tax payment options.
- Dividend is posted gross to the account every year.
- It is the account holder's responsibility to inform the Revenue Commissioners of any dividend posted to the account in the annual income tax returns. Tax is payable at the account holder's marginal rate.
Following negotiations between the Credit Union movement and the Government, the 2001 Finance Act provides the Credit Union saver with another option.
Members may now allocate their savings to a Special Share Account. The terms of this account provide that:
- Dividend is posted NET to the account annually after deduction of Retention Tax (DIRT). The DIRT rate currently stands at 25%.
- All Retention Tax is forwarded by Credit Union to the Revenue Commissioners on behalf of the members.
- There is no Disclosure of names and members have no further liability to Tax in respect of dividend earned on Special Share Accounts.
- A Special Savings Account Mandate form is available from the office.
DIRT Exemption
Savings held by a member who is 65 years or over, or whose spouse is 65 or over may claim an exemption from DIRT. Further info. DE1 form.
Savings and young people
B.H.K. Credit Union is proud of its record in encouraging the habit of thrift among the young people in the community. The Credit Union has a unique relationship with the primary schools within its Common Bond - Blackrock, Haggardstown, Knockbridge and Kilkerley. With the co-operation of the teachers in the schools the Credit Union has encouraged generations of children to save regularly and many have progressed to become valued adult members and supporters of B.H.K.
Nominating a beneficiary to your Credit Union Account.
A Credit Union member who is over 16 years of age may nominate, by completing a Nomination Form, a person or persons to receive his/her assets held in the Credit Union on his/her death. At present a maximum of €23,000 may pass to a nominee without being considered as part of the deceased’s estate provided the official Nomination Form has been duly completed.