Saving at St. Paul's Garda Credit Union

Whether you’re saving for something in the future or just for a ‘rainy day’, regular saving is a good idea.

Regular saving with St. Paul’s Garda Credit Union is an even better idea. At St. Paul’s, you’re not just a customer, you have a dual role of owner and member of a successful financial co-operative.

Each share you hold in your credit union is equal to €1. You will need to hold a minimum 10 shares (€10) in St. Paul’s to retain membership. Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting the credit union.

Why save at a St. Paul's?

Saving always makes sense but with St. Paul’s Garda Credit Union it’s even better because as a member you’re an owner with your say in how the credit union is run. Any surplus the credit union makes is invested in services or returned to you the member.

What’s more, by saving in your credit union you know that your money is being retained to grant loans to other members – people like you.

How safe are my savings?

Credit unions are regulated by the Central Bank of Ireland- the same body that monitors banks and building societies. Credit unions are also bound by acts of the Oireachtas and are fully insured against theft and fraud so you can be confident that your savings are secure.

Your Savings are covered by the Irish League of Credit Unions Savings Protection Scheme and also by the Government Deposit Guarantee Scheme up to a maximum of €100,000 per person per institution.

Can I have easy access to my savings?

You can withdraw your savings whenever you want provided that they are not pledged as security on a loan.

Every member is however encouraged to continue saving as this means they will continue to benefit from life savings insurance and will carry on earning a dividend.

Nominate your Savings

If you are over the age of 16 you can nominate a person or persons to become entitled, on your death, to any shares (up to €23,000 max) that you may have in the Credit Union.

We advise all members to make a nomination and to regularly review your nomination. Under law, a nomination is treated separately from a person’s will (or their estate), up to a limit of €23,000.

You should complete a new nomination form

  • when you get married, divorced, separated or re-married, or if the person(s) you have nominated pre-decease you
  • if your Joint account reverts to a Single account

For more go to Nominate Your Savings Page

Savings Limit of €70,000

From 4th May 2021 the savings limit is €70,000 per existing member.
The total figure includes all funds in your name and 50% of any funds in a Joint Account where you are a tenant.

Therefore St. Paul’s cannot accept funds from existing members:

  • Which would increase their funds above the €70,000 limit, or
  • If already over €70,000 limit, which would further increase their funds above the balance on 4th May 2021

New Members Savings Limit

New Members Account Balance is limited to a maximum of €12,000 for the first 12 months, this includes funds in your Share, Current and Budget Accounts.

Life Savings Insurance

Life Savings insurance pays a benefit, to a maximum of €12,700, on your Shares at the time of your death.

  • There is 100% cover on Shares lodged before age 55 for amounts up to €12,700.
  • The cover is on a reducing scale on Shares lodged between ages 55 and 69.
  • The maximum insurance benefit of €12,700 can only be gained by having at least €12,700 in Shares before age 55 and maintaining a balance of at least €12,700 in Shares until death.
  • If you are 55 years of age or over, withdrawal of your Shares below €12,700 could have a negative impact on this cover.
  • Joint Accounts – The Life Savings Insurance only applies to the first name on the account


St Paul’s Garda Credit Union Limited offer above cover (subject to terms & conditions as laid down by our insurer) at no direct charge to our members and it is paid as an operational expense by the Credit Union.


Your shares/savings in St Paul’s are treated as being a Special Share Account which means DIRT is applied and deducted at the prevailing rate (currently 35%). This satisfies your liability to Revenue in respect of any Dividend paid to your account in St Paul’s Garda Credit Union Limited.

Budget 2014 contains the following provisions regarding Deposit Interest Retention Tax (DIRT):

From 1st January 2014 all Credit Union share dividend and deposit interest paid to members will be subject to DIRT, with the exception of dividend or interest paid to members who are exempt from DIRT.

Can I be exempt from DIRT?

You can claim an exemption from the deduction of DIRT:


  • Members aged over 65 whose total income is less than 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 exemption, you must sign a self-declaration form DE1. This form is a declaration that you (or your spouse) are aged over 65 and that your total income is less than the relevant limit. For further information and to obtain application form DE1 go to
  • 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. St Paul’s Garda Credit Union has no role in approving the exemption in these cases.


If you do not complete the self-declaration form, St Paul’s Garda 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).