MFCU
savings account
for smarter savings.
The best way to create a stable financial foundation for yourself and your loved ones is to save and borrow within sensible boundaries. Whether you’re saving for something in the future or for a ‘rainy day’, regular saving with MFCU is a good idea. There’s also the added bonus of knowing that your savings are being used to make loans to other members. Members just like you.
Benefits of Saving with MFCU
- You are an active member of a community organisation, helping us to grow our MFCU Community Fund
- Savings are insured by Life Savings Insurance up to €5,000* (full details here)
- No transaction charges or fees
- Savings balances are available on demand
- Deposit easily with the MFCU Mobile App
- Your savings are safe and secured by the Deposit Guarantee Scheme, and may earn a dividend
How to join
application form
Fill in an application form and hand in to staff member in any of our North Dublin branches.
provide required documents
Provide the required documents (proof of address, photo ID and PPS numbers). It only costs €1 to join, and you have to
lodge €5 to activate your account.
wait for approval
Your application will be sent for approval. You’ll get your account details via phone and email.
TYPES OF DEPOSIT ACCOUNTS
Share Account
The Share Account is the most popular of the saving accounts we offer. Each member of Member First Credit Union holds shares, making them part-owner of the credit union. Once you join and open a share account you may be eligible to open one of our deposit accounts below, subject to terms and conditions.
Contact your local branch for more information.
Fixed Term Deposit Account
This is a fixed term deposit account; separate to all other savings and are not held against a loan. Members can save by lump sum up to the limit on each account. Further lodgements will not be permitted. Savings are subject to the maximum €30,000 savings limit. You must be over 18 in order to set up one of these accounts.
| Term | Detail | Min. | Max. | AER Rate | Gross Return | Interest Payment Frequency |
| 12 months | MFCU 1-year deposit | €5,000 | €25,000 | 1.75% | 1.75% | Annually |
| 24 months | MFCU 2-year deposit | €5,000 | €25,000 | 2.0% | 4.0% | Annually |
You can only access the funds held in the account upon maturity, thereby offering you peace of mind that your funds are invested in a low-risk investment option with an assured return at the end of the period.
CU Cash Account
This is an on demand account separate to your other Member First Credit Union Accounts it is easy to set up and there are no fees. You can lodge and withdraw from this account at any time with no penalties. Please see details below:
| Term | Detail | Min. | Max. | AER Rate | Gross Return | Interest Payment Frequency |
| On demand | CU Cash Balance | – | €25,000 | 0.10% | 0.10% | Monthly |
How do I open one of these accounts?
You need to have a share account with MFCU before being eligible to open a CU Cash Account. Call in or contact us on the details below and we’ll talk you through all of the details and terms & conditions. Please note though, you may be asked to provide proof of your PPSN and photo ID.
Christmas Savings Account
This is an on demand account. There is no minimum amount that members have to save.
- Make lodgements directly by visa debit, payroll deduction, direct debit or cash payments.
- Access your money all year round.
- Your Xmas Saving Account will not close following the payout date and you can continue to save for the following Christmas
| Term | Detail | Min. | Max. | AER Rate | Gross Return | Interest Payment Frequency |
| On demand | CU Cash Balance | – | €25,000 | 0.10% | 0.10% | Monthly |
How do I open one of these accounts?
You need to have a share account with MFCU before being eligible to open a Christmas Savings Account. Call in or contact us on the details below and we’ll talk you through all of the details and terms & conditions. Please note though, you may be asked to provide proof of your PPSN and photo ID. But do it soon, because Christmas is coming!
Should I save with a credit union?
Enjoy our FREE Savings Accounts.
MFCU has a savings account for every type of saver. So whether you are saving for something in particular, have a lump sum to put away, or just want to build an ‘emergency fund’ to give yourself a little peace of mind, we can help. We’ll put together a savings plan that’s easily managed and that works for you. Start saving today.
WAYS TO SAVE
ELECTRONIC FUNDS TRANSFER
Using your Credit Union account IBAN & BIC you can easily transfer funds into your MFCU account.
direct debit
Complete a direct debit mandate form available in-branch or online under our downloads section.
DEBIT CARD Payment
Make a payment over the phone or in the MFCU Mobile App using a Debit Card. Our dedicated Member Service Centre is ready to take your call on (01) 851 3400.
OVER THE COUNTER
Call into any branch and pay over the counter. We have a number of branches across North Dublin.
free savings accounts
Of Course You’ll Want To Join!
With us, you’re not just a customer, you’re a member.
Important Information About Our Saving Accounts
Savings Limit
The maximum amount of savings for all other members is €30,000. The maximum amount of savings for all minor members (under the age of 16) is €5,000. These amounts are inclusive of all balances in Savings Accounts, Special Savings Account, CU Cash, Fixed Term Deposit or Xmas Deposit Account.
For more information on the savings cap please click here. If you would like to request a funds transfer to comply with our savings limits please click here.
Deposit Accounts
Please note that members must leave at least €63.50 in shares to be eligible for these accounts. Up to date ID and PPSN, as well as Proof of Address is also required to open these accounts.
Deposit Guarantee Scheme
All of the savings of our members are guaranteed up to a maximum of €100,000 under the Government Deposit Guarantee Scheme. Information on the scheme is available at www.depositguarantee.ie.
SEPA Payments
Our BIC is registered for SEPA payments only. This means that our members can send and receive SEPA payments only. If a member wishes to transfer funds into their account, then the payment must be made as a SEPA payment only.
If a member is aware that a third party is making a payment into their account, it is advisable that they tell their financial institution that the payment needs to be made via SEPA. If a payment is sent in any other way, for example by SWIFT/International Transfer, the payment will be rejected by our processing Bank and the Payer may incur a rejection charge that he/she may be liable for.
D.I.R.T. NOTICE
From the 1st of January 2014, all Credit Union share dividend and deposit interest paid to members will be subject to Deposit Interest Retention Tax (DIRT), with the exception of certain members.
Members exempt from DIRT include:
- Members aged over 65 whose total income is less than the relevant limit of €18,000 for an individual and €36,000 for a married couple. For married couples, only one spouse needs to be over 65.
To avail of this exemption, you must sign a self-declaration form DE1 – download the form here.
This form is also available in your Credit Union and is a declaration that you, or your spouse, are aged over 65 and that your total income is less than the relevant limit.
- Members who are permanently incapacitated. Such members should either contact their local Revenue Commissioner directly or a relevant service body such as the Irish Wheelchair Association. Credit unions have no role in approving exemption in these cases.
Applicable to all members who are exempt:
If you do not complete the self-declaration form, the Credit Union will be obliged to deduct DIRT from your interest or dividend. You will then have to apply directly to Revenue for a refund of this DIRT (if you are eligible).
If you require any clarification or assistance please contact your local revenue office.
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