Become a Member
Promoting the financial well being of our members
We are a financial co-operative that provides savings and loan facilities for the benefit of our members. As a co-operative, we are owned and controlled by our members, each of whom has one vote (once aged 16 or over) - regardless of how much or how little they have saved.
Our Common Bond
Each credit union serves members drawn from particular area or group - this is known as a common bond. For many credit unions that common bond is the area they live in. For others the common bond might be the occupation members work in, the employer they work for or, perhaps, members are drawn from a society or association. This common bond is what enables members and to join the credit union whether resident or working in our area. Our common bond is the parishes of Blackrock and Mahon.
The Credit Union exists only to serve its members. When you save with the credit union you contribute to your credit unions loan fund – in effect by saving you are helping other members – members like you.
The Credit Union is an organisation run for people, not for profit. Any surplus income generated is either returned to members by way of a dividend on your savings or a rebate of interest paid on your loan, and / or is directed to improved or additional services required by the members.
Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union and they elect their board of directors in a democratic one person-one vote system regardless of the amount of money invested in the credit union. A credit union’s policies governing interest rates and other matters are set by a volunteer Board of Directors elected by and from the membership itself.
Many credit unions help to further community development and we are no exception, developing strong links with the local community and participating in a number of local initiatives as well as making a wide range of donations annually.
Our mission is to meet members’ financial needs through quality service at the best value while maintaining financial stability. In doing so, we aim to provide the highest level of personal financial services in a friendly and professional manner.
Members of a credit union enjoy many benefits, including:
No fees - Free Services - Convenience - Community Benefits
- There are no account fees, maintenance costs or charges
- Online Banking facilities (planning on establishing)
- Our main office in Skehard Road, Blackrock, Cork, Ireland
- We offer a wide range of financial services with a variety of discounts for members - Car/Home & Holiday Insurance through CoverU.ie and group member discount for private health cover
- Competitive loan interest rates
- Encouragement and advice on a regular savings programme and budget accounts
- Pay into your savings or pay off your loan by direct debit, salary deduction or Debit Card
- Loan Protection and Life Savings Insurance at no direct cost to eligible members
- You own the credit union, one vote (equal say) per member at AGMs regardless of how much you have in shares.
- Financial Advice available
- Loan availability at competitive rates of interest
- Nomination of your accounts - See the Savings Section for more detailed information.
Joining is Easy! To be eligible for membership of St. Michael's Credit Union Limited you must be living or working within our common bond area.
The common bond is the factor which unites all the members of St. Michael's Credit Union Limited — it is what all members have in common i.e. where they live/work. Because of the common bond, all members have the good of their credit union at heart; they know and trust each other.
To open a savings account you’ll need the following; You need to present 3 forms of identification to join and a minimum of €7 is needed to open an account and keep it activated.
Three forms of identification. One form of ID from each of the sections below is required:
1. Evidence of Identification: (must show proof of date of birth & recent photo), For example a current valid Passport, Drivers Licence or official ID card issued by the Revenue Commissioners or Department of Social Protection.
2. Evidence of Address: (must show address where you currently live) dated within the last three months), For example, a recent Utility Bill, Local Authority Document, Official Document from a Government Body or Bank/Building Society statement.
3. Evidence of PPS Number: For example document from the Department of Social Protection or the Revenue Commissioners.
If you have difficulty in acquiring any of the above please contact the office directly. We look forward to seeing you
Contact us today to join
The following membership application forms are PDF documents and Adobe Acrobat Reader is required to the view them. Adobe Acrobat Reader can be downloaded for free by clicking here.