Special Savings Incentive Accounts

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SSI Accounts are no longer available - information retained for reference only

Who can open an SSIA?
Any member aged 18 years or over who is resident in the State may open an SSIA. A member can have only one SSIA in the State.
Joint Accounts are not permitted

What are the benefits of an SSIA?
Savings in an SSIA will be topped up by a Government bonus of 25% at the end of each month.
This is an addition to the interest which will be paid on the account by the Credit Union.

When can an SSIA be opened?
An SSIA can be opened any time between 1st May 2001 and 30th April 2002

How much do I have to save each month?
For the first year you must save between €12.50 (minimum) and €254.00 (maximum) per month. For the second and subsequent years you may save between €0 and €254.00 per month.

How long must I leave my savings in an SSIA?
In order to get the full tax benefits, savings must be left in an SSIA for 5 years from the date the first lodgment is made.

What happens if I make withdrawals from my SSIA before the 5 years are up?
Tax will be charged at 23% on the full amount of any withdrawal made before the 5 year term expires.

How do I open an SSIA?
The following forms will have to be completed and signed to open an SSIA:
i) Revenue Declaration Form SSIA 2
ii) Inter Account Transfer Form
Members must also produce evidence of their PPS(formerly RSI) Number through an "official document"
Examples of "official documents" are
i) A Pay Slip
ii) A P60/P45
iii) Any correspondence from the Revenue Commisioners or from the Department of Socail, Community & Family Affairs (e.g. a PAYE Tax Credit Certificate) so long as it contains the name and PPS Number of the member.

A member who does not have the "official document" with their PPS Number may call the Deparment of Social, Community & Family Affairs at (01) 874-8444 or contact their local Social, Community and Family Affairs Office.