Share Accounts
Unless otherwise requested, all accounts are opened as Special Share Accounts.
Regular Share Account
This account is the traditional credit union share account. If you have a regular share account, you must declare the dividend you receive in your annual tax return and are liable to pay tax on it at your marginal tax rate of 0%, 20%, or 41%.
Special Share Account
This account is the very same as the regular share account in every way except that the members tax liability on the dividends earned is discharged by means of DIRT tax at the standard rate of tax. This can represent a saving to some members who would normally be liable for tax at the highest marginal rate.
Junior Accounts
Junior Accounts are available for members’ children under 16 years of age. We actively encourage *younger members to join and to learn positive attitudes to money, saving and borrowing. We run a number of competitions for junior members and encourage participation in the credit union.
*junior member must be a relative of the main member and live at that member’s address in order to satisfy our common bond requirements.