FAQs
As the amount of shares builds up, the common fund of money grows. This is then available for providing loans to members. All members are encouraged to save regularly, even when repaying a loan. This gives the member several direct benefits, and ensures that there are funds for the credit union for use by all members.
Every €1 saved is equivalent of one share in a credit union. A minimum saving of €6.35 is needed to keep the account open. You should save regularly to build up a savings history. Each share is eligible for a dividend at the end of the year. The more savings held by the Credit Union, the more funds are available for loans to members.
Your credit union can help you achieve financial independence through regular savings and fair and affordable access to loans.
The common bond is that factor which unites all members of a credit union. It defines the area within which the credit union can operate. In Ireland, the most usual common bond are Community bond (where all members live in defined village, town or locality); Occupational Bond ( where all members are in the same occupation or work for the same employer); Associational Bond ( where all members are in the same society or association).
A financial cooperative, owned, and controlled by its members for its members
We work hard to process loan applications as quickly as possible. In many cases, you can expect to receive a decision within 24 to 48 hours after submitting your application.
Several factors can impact the processing time of your loan application, including the completeness of your application, the complexity of your application, and the volume of applications being processed at the time. By applying online, emailing all your documents, you make the process of loan assessment much quicker. We contact you for any additional information and with a decision as quickly as possible.
Yes, you can apply for a Top-Up to an existing loan once you can show clear repayment history on the original loan over a period of time. Factors that we consider include the balance remaining on the loan and the loan term left, your affordability to repay should the loan repayment amount increase and finally the purpose of the new loan. What we advise, if you have a question, we are here to help: info@taracreditunion.ie
You can apply for a loan immediately after you activate your share account
The security for a loan is based on the loan amount and an individual member circumstance. The loan officers will discuss the security required with the member as part of the loan underwriting process.
For Secured Loans the member is required to hold the full amount of the loan value in your share account until your loan is repaid.
There is no penalty for repaying loans early, no hidden charges.
Yes, your Money is safe with us, Credit Unions in the Republic of Ireland are covered up to €100,000 by the Government Deposit Protection Scheme which is administered by the Central Bank of Ireland. This is a scheme that can provide compensation to depositors if a credit institution is forced to go out of business. It covers deposits held with banks, building societies, and credit unions.
In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to proactively intervene to protect members' savings by making available financial assistance to help any credit union which may experience difficulties.
Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions). For more details, visit the Insurance section.
The Savings Cap is the maximum level of savings you can hold as a member in your Share Account with us. The share cap is currently €30,000.
Every share you hold with Tara & District Credit Union Limited for the year is eligible for a dividend when declared. A dividend is the return on your shares, and it is paid by your credit union out of surplus. *
*Past performance is not a reliable guide to future returns.
The amount of your dividend will depend on:
- The amount of shares you have saved (one share is equal to €1)
- The surplus income available for distribution by your credit union to members.
You can withdraw your savings provided they are not pledged as security on a loan. However, you are encouraged to keep your savings intact, so that:
- They continue to earn a dividend
- They continue to benefit from the Life Savings Insurance protection. (Terms & Conditions apply)
From 1st January 2021 all Credit Union accounts are subject to DIRT at the prevailing rate of 33%. However, members over 65 years of age with eligible income thresholds can avail of exemption by signing an annual self-declaration application form. Members who are permanently incapacitated can contact Revenue to self-exemption approval
Under Credit Union Rule 22 (now amended to Rule 19) if your account becomes inactive for 3 years and we are unable to contact you within that period it may become a dormant account. It is in your own interest to keep it active by conducting regular transaction.
The account maybe reactivated by conducting transactions and supporting it with photographic I.D. e.g. passport/drivers licence/birth certificate for children and confirmation of address (not more than 3 months old) e.g. utility bill/revenue documentation.
Yes, you can set up a reoccurring standing order to lodge funds from your bank account directly to your shares account or to repay a loan.
For our BIC & IBAN details to facilitate this transfer please email info@taracreditunion.ie
From members over the age of 16 there is no lodgement limit, all members have a savings limit of €30,000 per member. For juvenile accounts we do have a lodgement limit of €400 per month.
We have two ways of opening your Tara & District Credit Union Account, Simply Register Online for membership or call into our office and our Friendly staff will we delighted to get your account opened, please see what is required to open an account here. Membership
Unfortunately, it must be a parent/ Guardian who opens the child’s account, but once the account is opened there is no problem for a grandparent to lodge into the Child’s account.
Unfortunately, this is an important question to ask, Once you have a valid Nomination on your account Your money goes straight to the Nominee, up to €27,000, Please find more information on making a nomination here
