What credit unions offer
Share account (savings account)
Every credit union member has a share account — essentially a savings account. You deposit money (shares), and this builds your membership history and borrowing capacity. Share accounts are straightforward to open and are the starting point for any credit union relationship.
Current account
Many larger credit unions now offer current accounts with IBANs and debit cards — similar to a standard bank current account. Not all credit unions offer this, but the number doing so has increased significantly since 2020. ILCU (Irish League of Credit Unions) maintains a list of credit unions offering current accounts.
Loans
Credit unions are known for being more willing to lend to members who have been refused by commercial banks — particularly if you have been a member and built up savings over time. Credit union loan rates are capped by law at 12.68% APR.
Who can join a credit union
Credit unions operate on a common bond — you can only join a credit union where you share a common bond with other members. This is typically one of:
Common bond types
- Where you live — community credit unions based on a geographical area (county, city area, parish)
- Where you work — workplace credit unions for employees of specific companies or sectors
- Where you worship or study — less common but some credit unions are based on religious community or educational institution
There is no nationality restriction on credit union membership. If you live or work in the common bond area, you can join. Non-EU nationals with valid IRP are accepted at all credit unions.
Why credit unions are more accessible
Credit unions are not-for-profit and are governed by their members. They have a legal obligation to serve their community, which in practice means they take a more flexible, human approach to identity verification and proof of address than commercial banks. Many credit unions will accept a wider range of address evidence — including letters from community organisations, priests, or local officials — particularly for members of their community.
Limitations of credit unions
Not all credit unions offer current accounts with IBANs. Some still only offer share (savings) accounts. Before joining, confirm whether the credit union offers a current account if that is what you need. Credit unions also typically have fewer branches and ATMs than commercial banks, and their digital banking capabilities vary widely between individual credit unions.
More bank account guides
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