News & Insights

A major leap forward for Irish Credit Unions!

Today (Thursday, 17th October) on International Credit Union Day, some of the largest Credit Unions in Ireland have come together under the currentaccount.ie brand, to roll-out a NEW full-service Current Account for Credit Union members.

The new Current Account, fully approved by the Central Bank of Ireland, includes a globally accepted Mastercard Debit Card with contactless payments, standing orders, direct debits, and an overdraft facility. Credit Union members will be able to open an account online or in person at a Credit Union branch. The Current Account offers simple and transparent pricing including a low monthly (standard) fee of €4, which covers unlimited (euro) point of sale and contactless transactions, unlimited mobile and online banking, unlimited standing orders and direct debits, and up to five ATM withdrawals (euro) per month. The roll-out of the new service commences today and will see 30 Credit Unions, with 115 branches throughout the country, offering this new service over the coming weeks. Further Credit Unions are expected to provide the service in 2020. Michael Ring TD, Minister for Rural and Community Development, has highly commended this announcement:  “This is a really significant day for our Irish Credit Union sector, Credit Union members, and communities all across the country. I congratulate all the Credit Unions involved for continuing to work together to find ways to support their members and cement their future development.  “With the increasing depletion of some financial services available to communities, this initiative could not have come at a more opportune time. The Credit Union movement, with its extensive network of branches and its close ties to communities is ideally placed to provide these much needed services. This is excellent news for communities around Ireland.” Seamus Newcombe, Chief Executive of currentaccount.ie said:  “This is a very important milestone in the development of the Credit Union sector in this country. Credit Unions offer something different to the major banks and are considered more friendly and trustworthy – for the last five years they have held the accolade for ‘Best Customer Experience in Ireland’ (CXi Report 2019).  “This is great news for consumers who have limited choice at present. It means Credit Union members with savings and loans will now be able to get a competitive Current Account from their trusted Credit Union, and they will no longer need to go to a bank to get this service. For the first time, Credit Unions will be able to provide their members with a real choice for their day-to-day financial needs. And, this new service, which will be accessible globally and digitally, will enable Credit Unions to become even more relevant to their members in our ever-increasingly digital world.” Commenting on the launch of the new service, Sonya Geelon, Country Manager of Mastercard Ireland said: “We are delighted to be partnering with the Credit Unions, enabling their Current Account holders to have access to their funds 24-hours a day, 7 days a week through their Mastercard Debit Card. This partnership offers Credit Union Current Account holders the flexibility, security and convenience that they require when paying in the physical or digital world.” A list of the Credit Unions offering the new service  over the coming weeks is attached. See full details of standard fees* and charges for the new Current Account are attached. Currentaccount.ie is the trading name of Payac Services, a shared services company established by Credit Unions. It is the only Credit Union Services Organisation (CUSO) of its kind in Ireland that is directly-owned and operated by participating Credit Unions. Member Credit Unions have 1.2 million members and a presence in over 150 locations throughout the country. Today’s announcement is the culmination of three years of development involving several key stakeholders including Credit Unions, the Central Bank of Ireland, Credit Union’s IT service providers, and third-party debit card providers. Details of the Credit Unions offering the new service over the coming weeks, as well as full details of fees and charges for the new Current Account, are available at currentaccount.ie.   *Some Credit Unions may offer concessions for students and over 65s, etc. The standard fee applies to all Credit Unions offering the new Current Account.