Term Deposit Account (3 Years)
Save your money today for the life you want tomorrow
We are offering members the chance to lodge between €10,000 to €50,000 in our three year Term Deposit Account and earn 5% at the end of your three year terms.
Closing date for applications is 25th September 2024. Download an application form today and get it into us.
Key Features
• Minimum amount: €10,000
• Maximum amount: €50,000
• No withdrawals permitted during the term of the account.
• One lump sum deposit permitted only. Lodgements to this account are
not permitted once the account is opened.
• The fixed term period will commence early 2024 and will end on the
maturity date applicable.
• All interest earned will be subject to DIRT will be deducted at source
at the applicable rate.
• The deposit account is not eligible for Life Savings Insurance cover.
Any funds that are withdrawn from a share account in order to fund
this account could impact the amount of Life Savings Insurance that
may be received in the event of death.
• Please refer to Terms & Conditions for more information.
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.
Special tax exemptions were given to "Special Term Accounts", however the Budget of 2013 abolished the opening or renewal of such accounts. As these accounts mature they automatically revert to Special Share Accounts and as such are subject to DIRT at 41%.
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 (2016) 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.
