Westport credit union is owned by it’s members who save and borrow.
Whether you are saving for the holiday of a lifetime or your first home, saving with Westport credit union is always a good idea.
Savings Limit
A maximum savings limit of €30,000 applies to each individual member. A limit of €60,000 applies to joint accounts i.e. €30,000 per each individual member.
Like all financial institutions, €100,000 per member is guaranteed under the Government’s Deposit Guarantee Scheme which gives you peace of mind that all your Share balance will be covered under this scheme.
Savings Limits For New Accounts
With immediate effect, a savings limit of €10,000 will be come into effect on all new Savings Accounts opened at Westport Credit Union. This does not affect members with existing Savings Accounts.
Ways to Save
With Westport Credit Union you have a number of ways to lodge funds to Savings:
EFT / Standing Order - To set up an Electronic Funds Transfer / Standing Order, please contact your Bank with your Credit Union IBAN and BIC Code.
IBAN and BIC Transfer - Online through your Bank’s Online Banking facility using your Credit Union IBAN and BIC Code.
Payroll Deduction, Pay path, Social Welfare and/or Pension
Call in to our Westport, Newport or Louisburgh office.
Saving Options
- Individual Member Accounts for Adults
- Joint Member Accounts
- Junior Saver Accounts for children up to 16 years
- Club/Society Accounts
The rate of Dividend is approved by members annually at our Annual General Meeting.
A lot of clubs and societies open accounts with us. Some use it for fundraising, others use it for the club’s/society’s administration. Under normal circumstances two persons would be authorised signatories. We also require a letter on the Club/Society’s official headed paper or a signed resolution form (available on request) confirming the persons authorised to open the account.
- The name of the club/society is to be the name on the Account.
- The Account must be opened by at least 2 signatories of the club/society.
- Each signatory must produce Photographic ID for opening and operating the Account.
- Each signatory must provide Proof of PPS number.
- The beneficial owners/controllers of the account (chairperson, secretary, treasurer) will also need to provided I.D & address verification.
The Dividend that you earn on your Shares (savings) is subject to a tax called DIRT (Deposit Interest Retention Tax). The recent Government Budget made the following changes to DIRT:
- The current DIRT rate is 33% this means that every €1 you earn in Dividend is subject to 33c DIRT.
- Now an automatic deduction, all financial institutions are to deduct this DIRT at source. Please note if you are exempt from paying DIRT, you are exempt from paying the 33% DIRT rate. If you are exempt from paying tax, please fill in a DE1 Form in Westport Credit Union. Ordinary Share Account (no longer available to set up)
Westport Credit Union like all financial institutions must report to the Revenue Commissioners any Dividend in excess of €300. For New Accounts Westport Credit Union must report the initial Dividend payment regardless of the €300 threshold. Westport Credit Union is required to request a Personal Public Service Number or Tax References from all new account members. For further information on Revenue Reporting, please phone Westport Credit Union 098 25614 or email us at info@westportcu.ie.
