Sarsfield Credit Union Limited

Sarsfield Credit Union Limited is a member-owned, community credit union serving Limerick city and surrounding areas, operating under the Credit Union Act 1997 and regulated by the Central Bank of Ireland. Membership is based on a common bond (typically residence, employment, or association within its field of membership). Core services include savings (held as “shares”) and personal lending for purposes such as car purchase, home improvement, and education; savings may attract a dividend or interest but distributions are not guaranteed and depend on annual performance and board approval. Loan pricing varies by product and borrower profile, with early repayment generally permitted; by law, Irish credit unions cannot charge more than 1% per month on the reducing balance (12.68% APR) for standard loans. Eligible deposits are protected up to €100,000 per person under the Irish Deposit Guarantee Scheme. Digital access is available for account management and payments, with electronic lodgements and transfers supported; some payment services may carry fees. Many Irish credit unions also offer a current account with a debit card via a shared platform, but availability, charges, and features should be confirmed directly. Standard credit union insurance benefits (such as loan protection and life savings cover) may apply subject to terms, age limits, and eligibility, and optional death benefit insurance may be offered. Governance is via a board elected by members at the AGM, with audited financial statements published annually; credit unions must maintain at least a 10% regulatory reserve and monitor arrears and liquidity under Central Bank supervision. Scope of services is local and product breadth is narrower than a commercial bank, and facilities such as large mortgages, complex business banking, or extensive cash/ATM access may be limited. Prospective members should verify current rates, fees, documentation requirements (photo ID, proof of address, PPSN), and the complaints process; unresolved complaints can be referred to the Financial Services and Pensions Ombudsman.