Credit Unions are now offering current accounts to members.
Account-holders will be given 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 accounts will be available in over 30 Credit Unions, which have 115 branches throughout the country.
Further Credit Unions are expected to provide the service in 2020.
Seamus Newcombe, Chief Executive of currentaccount.ie said it was a "very important milestone" for the Credit Union sector.
"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."
Michael Ring TD, Minister for Rural and Community Development, has highly commended this announcement saying: “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.”