Demand accounts give you full access to your savings at any time. With fixed term accounts your savings are locked away for the set period. Fixed term accounts usually offer better interest rates than demand accounts.

There are two options available.

1 Year Fixed Rate Term Deposit 2% (AER 2%)

2 Year Fixed Rate Term Deposit 3.7% (AER 1.85%)

You must be over 18 and be a member of Heritage Credit Union in order to set up a Fixed Term Deposit Account. In addition, you must hold a minimum amount in your shares of €10. in order to hold a Fixed Term Deposit Account. A copy of the application form and the Terms and Conditions can be found on our website or at the counter. Alternatively, if you have any questions, please call our Member Service Team on 01 4900162 or email us at info@heritagecu.ie to discuss this further. 

If you are not already a member and you wish to join Heritage Credit Union, you will be required to provide:

• Proof of ID, e.g., driving license or passport 

• Proof of address, e.g., utility bill or bank statement issued within the last six months.

• Proof of PPS number, e.g., payslip, P60, revenue documentation.

Additional lodgements are not permitted to the Fixed Term Deposit. Lump sum lodgements are only allowed when the Fixed Term Deposit has been set up.

It is not possible to withdraw a portion of your funds throughout the term of the investment. Early encashment of the fixed term deposit is the only available option at which point the account will then be closed and no interest will be earned should this occur. 

If you feel that you may need full or partial access to your funds during the Term, then this Account is not appropriate for you. However, please contact us and the team will be happy to advise you on the most suitable savings product to match your requirements.

In the event that your circumstances change, or you change your mind, after you have completed the application form; you can withdraw some or all of your account balance up to 14 calendar days from the date of account set up, without charge. In the event that the 14 days have passed access to the funds in advance of the maturity date will mean forfeiting all accumulated interest.

There is a minimum balance that can be lodged of €2,500. The maximum balance that can be lodged between all Term Deposit accounts is €40,000.

All your Credit Union savings including any Fixed Term Deposits are covered up to limit of €100,000 in line with the Deposit Guarantee Scheme. Further information on the scheme is available on www.depositguarantee.ie.

All interest is applied to the account on the maturity date and the funds are automatically transferred back to your shares account. The Fixed Term Deposit Account will subsequently be closed. You then have the option to withdraw the funds; retain your funds in shares or alternatively you can reinvest in a further Fixed Term Deposit Account if available.

Your Fixed Term Deposit Account can be viewed online after it has been set up. However, you will not be able to set up a fixed term deposit account online. We require you to call in to our branch and complete an application form. A copy of the application form can be viewed online or at the counter.

Yes, you can set up more than one Fixed Term Deposit Account up to a cumulative maximum limit of €40,000. A separate application form will, however, be required for each Fixed Term Deposit Account.

Yes, the overall balance that one member is entitled to hold in savings is €100,000. This balance of €100,000 is made up of the total amount of savings held by one member i.e., shares, deposits, and fixed term deposits.

Your interest will be calculated at the end of the term in line with the fixed term deposit rate and will be lodged to your account at the end of the term. The interest will be lodged to your Fixed Term Deposit Account on maturity date. DIRT will also be deducted at source at the current applicable rate. See example interest calculation below based on the current Fixed Term Deposit Rates and DIRT rates.

From the 1st of January 2014, all Credit Union share dividend and deposit interest paid to members will be subject to Deposit Interest Retention Tax (DIRT) at the applicable rate. Certain members may be exempt from DIRT.

Members exempt from DIRT include:

• Members aged over 65 whose total income is less than the relevant limit of €18,000 for an individual.

• To avail of this exemption, you must sign a self-declaration DE1 form and return to any Heritage Credit Union branch. 

• This form is also available in your Credit Union and is a declaration that you, or your spouse, are aged over 65 and that your total income is less than the relevant limit.

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

The Fixed Term Deposit Account does not carry any Life Savings Insurance cover. The amount of Life Savings Insurance benefit payable to your Nominee / Estate in the event of your death is based on the amount of funds held in your savings account at the time of your passing. When you transfer funds from your share account in order to open a Fixed Term Deposit Account, it could impact the benefit payable in the event of your death. 

In the event of your death during the term of the fixed term deposits account, any balances held in a Fixed Term Deposit Account will not be included in the calculation of the minimum savings balances for the purpose of a Life Savings Insurance claim payable to your Nominee or Estate. For further details on how the Life Savings Insurance Cover Works – see our website.

Annual statements will be issued.

There are no fees and charges associated with the opening, maturity, or early closure of the fixed term deposit.

Please call into branch, email us at info@heritagecu.ie or contact our Member Services Team on 01 4900162 and we will be happy to help you. 

No, Fixed Term Deposit Accounts can only be opened by individuals who meet the age and membership requirements. However, you can assist them in the application process if they are eligible.

Interest rates for Fixed Term Deposit Accounts are fixed for the chosen term. Current rates are 2% for 1 year and 3.7% for 2 years.

Yes, you can transfer funds from another financial institution to your Heritage Credit Union shares or current account, which can then be used to open a Fixed Term Deposit Account. Please ensure that the transfer meets the minimum deposit requirement.