SSIs - Aren't they over?
Although the date for starting SSIAs is now over, members with accounts in other institutions may transfer to Roscommon Credit Union Ltd. Here's why you should consider it:
1. FLEXIBILITY - make as many lodgements during the month as YOU want.
2. Lodgements may be as low as €12.50 per month or as high as €254 - whatever YOU can afford.
3. Great interest rate - currently 2% per annum.
4. Standing Order is not required.
5. NO fees.
Below is a description of how the new Special Savings Incentive Accounts (SSI Accounts) will work. This information should be considered in addition to the booklet on the accounts available at the Credit Union.
1. The interest rate on the account will be 3.0% per annum (gross) until further notice.
2. For the moment, Roscommon Credit Union Limited will include savings in the SSIA in the Irish League of Credit Union's Life Assurance Scheme. There will be no charge to the member for this. SSIA holders will be informed in advance of any change to this policy.
3. Members must subscribe in each of the twelve months in the first year of your SSIA. The amount in this first year can vary between €12.50 and £254. If you fail to subscribe in any of these months, your SSIA may cease.
4. From Year Two to the end of Year Five, monthly subscriptions can vary between €0 and €254.
5. Members must comply with the terms of the the scheme as laid down by the Revenue Comissioners.
6. Members can make lodgements to the SSIA by:
It will be the member's responsibility to ensure that there are sufficient funds in his/her Bank Account, Building Society Account, Credit Union Deposit Account or in the case of Credit Union Share Accounts sufficient unpledged funds in his/her Account to meet the required monthly instalment.
In the case of standing orders from the Credit Union Deposit and Share Accounts, if the total instalment is not available for transfer, the amount which is available (if any) will be transferred. N.B. If a member does not ensure that a minimum of €12.50 per month is lodged during Year One, then the Account may cease.
7. Members who get deductions from their Pay paid directly to the Credit Union, please note that Roscommon Credit Union Limited will not be responsible for any loss or for the cessation of the SSIA due to the late receipt of these "Payroll" payments from Employers. It will be the member's responsibility to ensure that sufficient funds are available to meet the required monthly instalment.
8. The following terms and conditions also apply:
Roscommon Credit Union is obliged to refer any breaches of the above to the Revenue Commissioners.
9. To open an SSIA, you must provide your credit union with your Personal Public Service (PPS) number, together with an official document as evidence of this number. If you do not have a PPS, you can get one from your local Social Welfare office.
10. You must complete a Declaration on Commencement (SSIA2) when you open your SSIA.
11. You must complete a Declaration on Maturity (SSIA4) when your SSIA matures (after five years).
12. If you hold your SSIA to maturity, the interest or dividend that you receive will be taxed at 23% at the end of the five years.
13. If your SSIA ceases, the full balance in the account will be taxed at 23%.
14. You may make a partial withdrawal at any time. However, the withdrawal will be taxed at 23%.
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