We all like to have some sort of security in our lives that security often comes in the form of money. So if you are saving for next year’s holiday, your next car, your children, a deposit for a house, home improvements or simply for a rainy day, regular saving with Sheephaven Credit Union is a great idea. As a member-owned organisation, there are no external shareholders. As a result, all surpluses (profits) at the end of the financial year, minus any reserve requirements, are shared amongst our members. Your savings account is ‘instant access’ so you can withdraw funds as and when required, after all it’s your money!

Benefits of Credit Union savings

Members enjoy many benefits

Peace of mind that your savings are secure. Online and mobile account access

No hidden charges or transaction fees

Competitive return on savings (dividends)

Easy access to savings with withdrawals on demand, unless savings are pledged against a loan

Additional protection under the Deposit Guarantee Scheme

Arrangements in place with participating employer groups for wage deductions

Regular Share Accounts

  • Accounts with the Credit Union are considered as Share Accounts.
  • Dividend rate (if any) declared at the Annual General Meeting is posted with dirt deducted to members accounts.


Credit union members can rest easy in the assurance that their savings are safe. Credit Unions in Ireland, which are affiliated to the Irish League of Credit Unions, are secured in several ways:

  • Credit unions in the republic of Ireland are covered by the Deposit Guarantee Scheme which is administered by the Financial Regulator. This is a scheme that can provide compensation to depositors if a credit union is forced to go out of business. It covers deposits up to a maximum amount of €100,000
  • All officials of credit unions, whether volunteers or staff, must be fidelity bonded.
  • Member’s savings within certain limits are insured through Life Savings Insurance.
  • All monies received in the credit union are properly recorded and lodged regularly.
  • Full financial statements are prepared and can be examined by members.
  • The Credit Union participates in the Savings Protection Scheme established by the Irish League of Credit Unions. This protects savings, within certain limits.
  • An independent auditor, appointed by the members at the Annual General Meeting, audits the annual accounts.
  • An independent Board Oversight Committee is elected at the Annual General Meeting to act as an internal auditor and also to ensure that the Board of Directors comply with the Credit Union Act, 1997(as amended) at all times.
  • Annual independently audited returns are lodged with the relevant authority, The Irish Financial Regulatory Authority.

Savings FAQs

Dirt Tax Information

From 1st January 2014, all Credit Union share dividend (whether on regular or special share accounts) including children will be paid net of DIRT, with the exception of dividend paid to members who are exempt from DIRT. The current rate of DIRT is 33%.

The only members who can be exempt are:

  • Members aged over 65 whose total income is less that the relevant limit, currently €18,000 for an individual and €36,000 for a married couple. For married couples, only one of the spouses needs to be over 65. To avail of this exception, you must sign a self-declaration form DE1. This is a declaration that you (or your spouse) are aged over 65 and that your total income is less than the relevant limit. The form is available in our office or can be downloaded below.
  • Members who are permanently incapacitated. Such members should either contact their local Revenue Commissioners office directly or contact a service body such as the Irish Wheelchair Association.

Credit unions have no role in approving the exemption in these cases.

If you do not complete the self-declaration form, the credit union will be obliged to deduct DIRT from your dividend or interest. You will then have to apply directly to the Revenue Commissioners for a refund of this DIRT (if you are eligible).

Download DE1 Form 

Deposit Guarantee Scheme (DGS)

The Deposit Guarantee Scheme (DGS) protects depositors in the event of a bank, building society or credit union authorised by the Central Bank of Ireland being unable to repay deposits.

Deposits up to €100,000 per person per institution are protected. The DGS is obliged to issue compensation to depositors duly verified as eligible within 20 working days of a credit institution failing.

The DGS is administered by the Central Bank of Ireland and is funded by the credit institutions covered by the scheme. Each credit institution is required to maintain a Deposit Protection Account (DPA) equivalent to 0.2 percent of their total deposits, in order to fund the DGS. The DGS is part of the Central Bank of Ireland’s strategy to ensure that the best interests of consumers of financial services are protected.

Further information can be found at

You may also download a copy of the Depositor Information Sheet below.

Download DGS Depositor Information Sheet

Payment Services Regulations 2018