Encouraging savings is an important part of the Credit Union ethos

The best way to create a stable financial foundation for yourself and your loved ones is to save and borrow within sensible boundaries.

Savings provide you with independence, peace of mind and the strength to withstand unexpected emergencies in your life.

We are implementing two important changes to savings for members of People First Credit Union. With effect from 8th September 2020, we will

  1. Introduce a monthly cap on lodgements of €5,000
  2. Restrict new savings balances to a maximum €30,000 per Member account.

Why a savings cap?

So far in the first 5 months of 2020, members savings have increased by €7.8M in People First Credit Union. And while this is evidence of the loyalty and faith you have in your Credit Union; this level of savings growth is unsustainable.

Members might be surprised to learn that high levels of savings can actually be very challenging for Credit Unions as regulatory rules require us to allocate and hold an additional 10% of the value of all members’ savings in our ‘Regulatory Reserve’ account. Put simply, for every €100,000 our members have saved with us, we must allocate €10,000 from our surplus to this reserve account.

Credit Union surpluses are typically used for paying out dividends and investing in new services for members. However, as a result of increasing our reserves, our surplus reduces and this in turn impacts on our ability to grow and offer new services to our members.

The only way to address this issue, unfortunately, is to limit the amount of money members can have in savings with the Credit Union. This approach is in line with the majority of other Credit Unions.

From the 8th September 2020 we are setting a monthly lodgement cap for all members at €5,000 in any calendar month and we will be implementing a cap on all new savings held in a members account of €30,000. We do not require you to take any action. These changes will only affect all new monies being lodged into People First Credit Union from 8th September 2020, until further notice.

Shares Account

When you save with us, your savings are called shares. Your shares might attract a dividend paid into your account once a year. Dividends are calculated based on the amount of funds generated by all the members in the credit union and may be paid at the end of each year. Eligible members have their shares covered by our Life Savings insurance.

Everyday Account

Our Everyday account is an on-demand account for our members that don't earn interest. You can deposit and withdraw savings from this account whenever you like as these savings are not held against a loan.

Benefits include

  • No fees or charges
  • 24 hour/365 day access to your funds
  • Banking Online account enquiries

At People First Credit Union you can save up to €30,000 in your account (for new members). A minimum of €5 is required in your shares account to keep your account open.


You can save in 4 ways

  1. Electronic Funds Transfer - Contact us for your BIC & IBAN number to save directly into your account on a regular basis. PLEASE NOTE-People First Credit Union is registered for SEPA payments ONLY. -If as a member you wish to transfer funds into your account, then the payment should be made as a SEPA payment only. If you are aware that a third party is making a payment into your account, it is advisable that you inform the financial institution that the payment should be made via SEPA.
  2. Direct Debit - Complete a Direct Debit Mandate Form
  3. Online - Have you registered for our online banking? Make a savings payment using your IBAN for your Credit Union account
  4. Over the Counter - Simply call into any of our four branches

Membership has many benefits...

Flexible & Convenient Loans

Members can take out flexible loans 5 weeks after joining, and repay at tailor-made schedules. All our loans are fully insured (for free), against disability or death.

Quality Service, No Fees

You can be assured of a professional service from Credit Union at all times. And you do not pay a transaction fee for saving with us, or borrowing money.

Pay by Direct Debit

Arrange a Direct Debit payment from your bank and be sure of regular payments to your Credit Union account.