Irish Credit Unions to offer current accounts

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 its credit union members.

Credit Union members will be able to open an account online or in the Credit Union Offices. Over the coming weeks, 30 Credit Unions, with 115 Branches nationwide will begin offering the service. This figure is expected to rise further next year.

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. 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.”

currentaccount.ie is the trading name of Payac Services, a shared service 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.

Commenting on the launch of the service, Sonya Geelon, Country Manager for Mastercard in 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.”