Savings
Save your money today for the life you want tomorrow
Saving regularly with Prison Service Credit Union is a good way to ensure financial security.
Members own our credit union. This means that money saved in PRISCU goes towards improving the services we provide to you, our Members.
Benefits of saving with Prison Service CU
Peace of mind that your savings are secure.
Easy access to savings with withdrawals on demand
No hidden charges or transaction fees
Additional protection under the Deposit Guarantee Scheme
Arrangements in place for payroll deductions
Life Savings Insurance for eligible members
Your savings are being used primarily to make loans to your fellow members
Online banking facility
Savings & Shares
Whether you're saving for something in the future or just for a 'rainy day', regular saving is a good idea.
Regular saving with your credit union is an even better idea. At your credit union, you're not just a customer, you're a member of a successful financial co-operative. Each share you hold in your credit union is equal to €1. Under the rules of your credit union you must have at least ten shares (€10) to be a member. Members enjoy equal voting rights (one member, one vote) and participate equally in the decision making affecting the credit union.
Each year at the annual general meeting (usually in December) the members present decide on a dividend based on the accounts for the year. This is the process whereby the members (owners) distribute the credit union's surplus among themselves. The surplus is the earnings of the credit union less its expenses and the setting aside of reserves. The dividend is calculated on each member's average daily balance over the year. The more you have in shares the greater your dividend.
As a shareholder in the credit union you also have the satisfaction of knowing that your savings are being used primarily to make loans to your fellow members and are your own stake in determining your own ability to borrow from the credit union.
Additional Info
This is the normal share account. DIRT is automatically deduction from your dividend at 41% (PER 2014 BUDGET). DIRT deducted from your dividend is paid directly by the credit union to the Revenue. You do not have to make any further declaration on your tax return.
Applications for these accounts are open to all members until January 2025. You invest up to €50,000 for three years and get 5%, payable at the end of the three year term (DIRT deductible at source)
Your credit union is financially sound. It has probably the highest reserves of any credit union in the country. The credit union has more than ample liquidity held in deposits. It has no risk related investments.
The spread of investments with so many major banks minimises the possibility of any loss being sustained by the credit union in the event of the failure of any of these banks.
The credit union is regulated by the Central Bank of Ireland. Your savings are guaranteed by the State up to €100,000 under the deposit guarantee scheme.
Each share you hold with the credit union is eligible for a dividend when declared. The dividend is declared each year by the members present at the annual general meeting. A dividend is the return on your shares and is paid by the credit union out of surplus. 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
- Last year's dividend (2023/24) was 0.5%
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
- You maintain your credit worthiness and capacity to borrow
Your credit union will be happy to talk to you about suitable alternatives to withdrawing your savings.
Not a Member?
Joining the Credit Union is the best decision you could take for your money. Membership of Prison Service Credit Union is open to all members of the Irish Prison Service.
With advanced biometric facial verification, and the ability to submit proof of ID, we're offering you a safe and reliable way to join online.
SMART Account
Smart Accounts are new and exclusive to PRISCU. The idea behind these accounts is to save for your children's future educational needs.
Terms & Conditions:
This agreement is with Prison Service Credit Union Ltd (PRISCU) for your SMART Account and sets out the terms and conditions attached to this account. These terms and conditions will be made available on our website www.priscu.ie. A PRISCU SMART Account is only available to members of PRISCU and subject to approval. If you have any further questions relating to the Terms and Conditions, please contact us: info@priscu.ie
Definitions
- Where we use the word “Account”, we are referring to the SMART Account
- SMART is an acronym for Saving Money And Reaching For Tomorrow
- PRISCU refers to Prison Service Credit Union Ltd
1. Account Features
1.1 This savings product is available to new and existing members of PRISCU
1.2 Members may hold only one SMART Account
1.3 Amounts can be saved on a weekly, fortnightly or monthly basis subject to a monthly minimum of €100 and a maximum monthly amount of €840 (subject to a maximum balance of €50,000, Please note that the maximum saving for any one member under Central Bank rules is €100,000 i.e. the combined balance of shares, budget, CUCash accounts etc. cannot exceed €100,000)
1.4 The intention of this account is to save for future education expenses.
1.5 Interest/dividends are not paid on a SMART Account.
1.6 Eligible members will be entered into an annual draw for a cash prize which will be lodged directly to your SMART Account. Eligible members will also be entitled to apply for our annual bursary competition to assist with education fees (Terms & Conditions apply).
1.7 Withdrawals are permitted on the SMART Account; however, only two withdrawals per calendar year is permissible on the account and such withdrawals are only available on receipt of an email or in writing of your intention to withdraw. Online withdrawals are not available for this account type. Withdrawals in excess of this will exclude you from the annual draw and opportunity to enter the bursary competition.
1.8 A SMART Account is not covered under our current life savings insurance policy
1.9 Balances on a SMART Account are NOT held as collateral against a loan.
2. Applying for a SMART Account
2.1 An application for a SMART Account may be made online from our website www.priscu.ie. Members can request an application form to be posted to them. Once completed it should be posted to: Prison Service Credit Union Ltd, PO Box 11666, FREEPOST F5145, Dublin 7
2.2 To comply with AML legislation, you may be asked to provide proof of I.D. and/or proof of address, unless we hold this information on file and it is up to date.
2.3 PRISCU reserve the right to decline an application.
2.4 You may close your account at any time. This will automatically exclude you from inclusion in our annual draw and bursary competition.
3. Interest
3.1 As previously stated, NO interest will be payable on a SMART Account.
4. Statements
4.1 Statements of account are available online
5. Fees & Charges
5.1 There are no set up charges, maintenance or transaction fees on your SMART Account.
6. Changes to these Terms & Conditions
6.1 PRISCU may change these terms & conditions from time to time.
6.2 Changes to terms & conditions will be advised to you by any one of the following methods; by post, e-mail, text message and/or on our website www.priscu.ie
7. Complaints
7.1 If you wish to make a complaint, you may do so in writing to the Complaints Officer: complaints@priscu.ie or you can post your complaint to the Complaints Officer, Prison Service Credit Union Ltd, PO Box 11666, Freepost F5145, Dublin 7. Further details of our complaint’s procedure are set out on our website www.priscu.ie
8. Data Protection
8.1 We will at all times comply with our obligations in accordance with applicable data protection legislation and regulations for all data in our possession relating to you. A copy of our Privacy Policy is available on our website www.priscu.ie
9. Governing Law & Jurisdiction
9.1 The SMART Account application form and any non-contractual obligations arising out of or in connection with these forms, are governed by and construed in accordance with Irish law.
10. Termination of Account
10.1 PRISCU have the right to terminate this account at any time and transfer the balance of funds to your share account.
