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Saving in First South Credit Union couldn’t be easier!

One of the first things people think about when they hear Credit Union is savings
At First South Credit Union we offer an excellent saving service for all our members that allows you the freedom you deserve.

Single Account

From 01 June 2020 all new members have a limit of €30,000 on savings. 

From 01 December 2020 this rule will apply to all members with the exception of pre-existing members over 70 years. 

Only you can withdraw from your account unless you have signed a Withdrawal Authorisation form giving another member consent to do so. 

  • Proof of ID
    (Passport / Drivers Licence / ML10)
  • Proof of Address – last 6 months
    (Utility Bill / Bank Statement)
  • Proof of PPS
    (Payslip / P60 / Medical Card)
  • €5 cash

Click here to open an account online today or alternatively, pop into any branch. You can find your nearest branch here. 

Joint Account

From 01 June 2020 all new joint accounts will have a limit of €60,000 on savings providing neither have an existing single account. 

From 01 December 2020 this rule will apply to all  members with the exception of pre-existing members over 70 years. 

You can choose whether both of you are needed to sign for withdrawals or that either one of you can withdraw without the other.

You may also wish to give another member withdrawal authority by filling out a withdrawal authority form in one of our offices. 

For all parties to the account we will require:

  • Proof of ID
    (Passport / Drivers Licence / ML10)
  • Proof of Address – last 6 months
    (Utility Bill / Bank Statement)
  • Proof of PPS
    (Payslip / P60 / Medical Card)
You will also need to lodge €10 in to the account to activate it. 

Click here to open an account online today or alternatively, pop into any branch. You can find your nearest branch here.

Current Account

All members over 16 can opt to open a Current Account
which will give you access to greater benefits and services including:

  • Access to our full online banking service
  • Bill Payments facilities
  • Standing Orders and Direct Debits
  • Receive wages or social welfare benefits directly into your account
  • Globally accepted Debit Card

Here are a number of ways to grow your savings with our Credit Union:

  • Call in to one of our Four offices and pay at the counter
  • Payroll deduction*
  • Transfer funds online with your IBAN and BIC
  • Direct Debit from your bank* 
  • Standing order from your bank*
  • Have all your wages paid in directly to your account*
  • Your benefits such as Child Benefit paid in directly to your account
  • Have social welfare payments paid in directly to your account*
 
*Current Account required

Credit Union members can rest easy in the assurance that their savings are safe. Credit Unions in Ireland are secured in several ways:

  • All officials of Credit Unions whether volunteers or staff must be Fidelity Bonded. This protects your deposits from any act of fraud carried out by one of these individuals. 
  • First South Credit Union is a member of the Savings Protection Scheme (SPS) of the Irish League of Credit Unions. This scheme confers no legal right upon a member Credit Union to receive financial assistance from the SPS. The scheme is designed to stabilise a Credit Union in the event that it (the Credit Union) gets into trading difficulties.
  • Your Savings are GUARANTEED by the Government Deposit Guarantee Scheme up to a maximum of €100,000.  This protects you in the unlikely event that we are unable to repay deposits.
  • All monies received in the Credit union are properly recorded and lodged regularly.
  • Full financial statements are prepared and can be examined by members.
  • Annual independently audited returns are lodged with the relevant regulatory authority.

Dividends* (return on savings) are determined by the performance of our Credit Union each year.  At the Annual General Meeting, the Board of Directors may recommend the approval of a dividend to members to be distributed from any available surplus earned in the previous year.

If approved, dividends are paid directly to the members’ accounts.

*Dividends may be subject to deduction of DIRT tax.