Special Term Accounts
3 Year Medium Term Accounts
Members can lodge a minimum of €5,000 into a 3 Year Medium Term Account and a maximum of €100,000. Money invested in a Medium Term Account must remain in the account for three years. Members can earn interest up to €480 per annum on that money without having to pay any DIRT tax. Any interest earned in excess of €480 will be subject to DIRT tax at 25%. Dundrum Credit Union will deduct this tax for you. We currently pay an interest rate of 2.5% on our Medium Term Account. With the tax free bonus, this is equivalent to 3.25% on deposits up to €19,200.
How much can I save tax free in a 3 Year Medium Term Account?
| Assumed Interest Rate | Save Tax Free up To | Tax Free Interest |
|---|---|---|
| 2.5% | €19,200 | €480 per annum |
5 Year Long Term Accounts
Members can lodge a minimum of €5,000 into a 5 Year Long Term Account and a maximum of €100,000. Money invested in a Long Term Account must remain in the account for five years. Members can earn interest up to €635 per annum on that money without having to pay any DIRT tax. Any interest earned in excess of €635 will be subject to DIRT tax at 25%. Dundrum Credit Union will deduct this tax for you. We currently pay an interest rate of 2.5% on our Long Term Account. With the tax free bonus, this is equivalent to 3.25% on deposits up to €25,400.
How much can I save tax free in a 5 Year Long Term Account?
| Assumed Interest Rate | Save Tax Free up To | Tax Free Interest |
|---|---|---|
| 2.5% | €25,400 | €635 per annum |
If you wish to open a Medium or Long Term Account, you must complete and sign a Revenue Declaration.
Please note, you will need to provide current ID and proof of address when opening a Special Term Account.
Please contact us for further information or to make an appointment to discuss your options in more detail.