First South Credit Union

What First South Credit Union does

First South Credit Union is a member-owned financial cooperative founded in 1960, operating as the first credit union in Cork, Ireland. It serves over 40,000 members across five physical branches (Ballyphehane HQ, South Mall, Kinsale, Dillons Cross, Ballinlough) plus digital channels, restricted to individuals living, working, or studying within a defined Cork common-bond geography. The institution is regulated by the Central Bank of Ireland (Registration No. 89CU) with deposits protected up to €100,000 under the Irish Deposit Guarantee Scheme.

The product portfolio spans eight lending categories (Personal, Home Improvement, Car, Home Energy Upgrade, Student, Agri, First Time Borrower, Debt Consolidation, Secured loans ranging from €1k to €100k at 4.90%–10.74% APRC), fixed and variable mortgages up to €500k, and a full-service Current Account with Visa Debit Card, Apple Pay/Google Pay integration, and overdraft facilities up to €5,000. Digital infrastructure is delivered through Wellington IT's CU Online+ platform and CU Mobile app (with biometric authentication), while card issuance is handled by Transact Payments Malta Limited under Visa licence. Recent additions include SEPA Instant payments and Verification of Payee (October 2025) in compliance with EU regulation, and a Visa debit card migration completed in 2026.

The revenue model is a hybrid of net interest income from the lending book and recurring fee income from Full Service Membership (€4/month) and per-transaction fees (€1) for General Members. Government-subsidized lending via the SBCI/SEAI Home Energy Upgrade Loan Scheme at 3.90% APRC diversifies the portfolio into green finance. Go-to-market is community-led and direct-to-consumer: branch presence, local sponsorships, digital onboarding, and word-of-mouth within the Cork catchment, with no external equity or venture funding as the institution operates as a member-owned cooperative.

Name

First South Credit Union

Legal name

First South Credit Union Limited

Website

https://1cu.ie

Company type

Private

Founded year

1960

Operating status

Operating

Headcount range

11–50 employees

Short description

First South Credit Union is a member-owned financial cooperative founded in 1960 in Cork, Ireland, serving over 40,000 members across five branches with loans, mortgages, current accounts, and digital banking under Central Bank of Ireland regulation.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Depository Credit Intermediation (5221)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Retail banking services
• Consumer lending
• Mortgage lending
• Community banking
• Savings accounts

Headquarters

HQ city

Cork

HQ country

Ireland

HQ region

Europe

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Loan Interest Income: Interest income from personal loans, car loans, home improvement loans, student loans, agri loans, first time borrower loans, debt consolidation loans, and secured loans. Loans range from €1,000 to €100,000 with variable APR rates from 4.90% to 10.74%
2. Mortgage Lending: Fixed and variable rate mortgage products generating interest income. Fixed rate 3.90%, variable rate 3.25%, maximum mortgage €500,000
3. Membership Fees: Monthly membership fees: €4 per month for ages 26-65 (Full Service Membership), €1 per transaction for General Membership (for those doing less than 4 transactions/month)
4. Current Account Fees: Monthly fee of €4 for Current Account (€19-65), with free accounts for under 19s, over 66s, and full-time students. Overdraft facility fee of €25 per annum
5. Government-Subsidized Energy Loans: Home Energy Upgrade Loan Scheme in partnership with SBCI offering reduced rates (3.90%) backed by government interest rate subsidy of 2% through NMCU

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

First South Credit Union is a member-owned financial cooperative serving the Cork common-bond area, offering deposit accounts (current accounts, youth accounts, savings), a broad consumer lending portfolio (personal, home improvement, car, student, agri, debt consolidation, secured, first-time borrower, and government-subsidised Home Energy Upgrade loans), residential mortgages (fixed and variable rate), debit card services, overdraft facilities, and digital banking delivered via online and mobile channels.

Product overview

First South Credit Union offers a comprehensive suite of member-owned financial services through five Cork branches and digital channels. The product portfolio centers on lending products (Personal Loan, Home Improvement Loan, Car Loan, Student Loan, Agri Loan, First Time Borrower Loan, Debt Consolidation Loan, Secured Loan, and the government-backed Home Energy Upgrade Loan Scheme), mortgage products (Fixed Rate and Variable Rate Mortgages up to €500,000), and deposit services (Current Account with Visa Debit Card, Youth Current Account, and overdraft facilities). Digital banking is delivered through Online Banking and Mobile App platforms. Membership tiers include Full Service Membership (unlimited transactions, digital banking) and General Membership (pay-per-transaction), with SEPA Instant payments enabling real-time euro transfers. All services are backed by the Deposit Guarantee Scheme and regulated by the Central Bank of Ireland.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Loan Unsecured personal loan allowing members to borrow up to €100,000 at 10.74% APRC for various purposes including home improvements, holidays, and car repairs, with flexible weekly, fortnightly or monthly repayments and no early repayment penalties.
• Home Improvement Loan Unsecured loan for home upgrades such as kitchen updates, attic conversions, or extensions, with borrowing from €5,000 up to €100,000 at 7.97% APRC and flexible repayments.
• Car Loan Financing for new and used vehicles with no deposit required, no balloon payments, and no mileage restrictions, borrowing from €5,000 to €100,000 at 7.69% variable rate.
• Home Energy Upgrade Loan Scheme (HEULS) Government-subsidised unsecured loan in partnership with SBCI for energy efficiency upgrades (insulation, heat pumps) requiring SEAI grant eligibility. Loans from €5,000 to €75,000 per property at 3.90% (3.98% APRC) with terms up to 10 years.
• Student Loan Education financing for school leavers and mature students with no savings requirement, borrowing from €1,000 up to €100,000 at 7.97% APRC.
• Agri Loan Agricultural financing for farm infrastructure, equipment purchases, working capital, and stock expansion with unsecured borrowing up to €75,000 at 6.76% variable rate (6.98% APR) over maximum 7 years.
• First Time Borrower Loan Special low-rate unsecured loan for members borrowing from FSCU for the first time, up to €100,000 at 7.69% APRC with no hidden fees or early repayment penalties.
• Debt Consolidation Loan Consolidation financing to combine multiple debts into a single payment, borrowing from €5,000 to €50,000 at 7.97% APRC with direct settlement of existing debts.
• Secured Loan Low-rate loan secured against member's savings with rapid approval, borrowing €5,000 to €100,000 at 4.90% (4.97% APRC) while keeping savings intact and growing.
• Fixed Rate Mortgage Mortgage with fixed interest rate of 3.90% (3.97% APRC) for 3 or 5 year terms, with borrowing up to €500,000 (90% LTV) and maximum 4x gross salary for first-time buyers.
• Variable Rate Mortgage Flexible mortgage with variable interest rate of 3.25% (3.30% APRC) and no penalties for early payments, borrowing up to €500,000.
• Current Account Full-service current account with globally accepted Visa Debit Card, contactless payments, Apple Pay/Google Pay integration, overdraft facility up to €5,000, and 24/7 online and mobile banking access.
• Youth Current Account Banking account with debit card available for young people aged 12 and older, featuring free banking for anyone in full-time education and globally accepted Visa debit card.
• Overdraft Facility Flexible short-term credit facility on current accounts providing financial cushion up to €5,000, charging 12% interest only on used amount with automatic 12-month renewal.
• SEPA Instant Payments Instant euro payment service enabling transfers within 10 seconds, 24 hours a day, 365 days a year including weekends and bank holidays, with no additional fees beyond standard SEPA pricing.
• Full Service Membership Premium membership tier offering unlimited branch and online transactions, online banking, mobile app, standing orders, direct debits, two separate IBAN accounts, additional savings account, and joint account options for €4 per month (free for under 19, aged 66+, and full-time students).
• General Membership Basic membership with pay-per-transaction model at €1 per chargeable transaction (no fee for counter transactions under €50), view-only online access, and counter transactions only.

Quantifiable outcome

• 98% Approval Rate on Loans
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration6 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Strategic Banking Corporation of Ireland (SBCI)coreStrategic or Co-development PartnerPartnership to offer the Home Energy Upgrade Loan Scheme (HEULS). SBCI provides government-backed financing that enables lower interest rates (3.90%) through a 2% interest rate subsidy. The scheme supports energy efficiency and renewable energy upgrades grant-aided by SEAI.
• Sustainable Energy Authority of Ireland (SEAI)coreStrategic or Co-development PartnerPartnership for Home Energy Upgrade Loan Scheme. SEAI registers One Stop Shops and Community Project Co-ordinators who assess energy upgrades and issue Home Energy Summary Reports required for loan applications. Grants from SEAI must be availed of for scheme eligibility.
• National Mortgage Union (NMCU)minorStrategic or Co-development PartnerNMCU administers the 2% government-funded interest rate subsidy that allows for lower overall interest rates on the Home Energy Upgrade Loan Scheme.
• Wellington IT LimitedcoreTechnology or IntegrationTechnology partner providing and hosting the CU Online+ online banking platform and CU Mobile application. Acts as data controller for personal data processed through these platforms.
• Transact Payments Malta LimitedcoreTechnology or IntegrationLicensed e-money institution that issues the First South Credit Union Visa Debit Card. Card is issued pursuant to license by Visa Europe Limited and Transact Payments Malta Limited is regulated by Malta Financial Services Authority.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Synergy Credit Union: Formed from the merger of several Cork-area credit unions (including Haven Credit Union). Operates an overlapping common bond in the Cork region with the same member-owned lending and deposit model, making it the closest direct comparable for First South.

Broad incumbents

• AIB (Allied Irish Banks): Ireland's largest retail bank with a full Cork branch network and broad mortgage, current account, and SME lending offerings. Competes with First South for the same household banking and mortgage relationships but at national scale and with deposit-funded balance sheet capacity First South lacks.
• Bank of Ireland: Largest Irish bank by branches and the dominant mortgage provider nationally. Targets the same Cork consumer and SME lending customers as First South with a much wider product suite (wealth, business, corporate) and a deeper digital platform.
• Permanent TSB: Irish retail and mortgage bank with a strong Cork presence. Direct overlap with First South on mortgage and personal loan products, with comparable brand trust positioning but a national franchise and deposit base.

Regional players

• An Post (An Post Money): State-backed Irish financial services provider operating current accounts and money services through the post office network. Comparable as an alternative community-accessible retail banking channel in Ireland, though structurally a state agency rather than a member co-operative.

Emerging players

• Revolut Ireland: Pan-European digital bank with a large Irish user base, particularly among younger consumers. Competes for the deposit and payment relationships of First South's youth and student segments with zero-fee, app-first accounts.
• N26: European mobile-first bank serving Irish retail consumers with current accounts and payments. Represents the neobank competitive threat that is eroding community-bank member acquisition, particularly among under-35 cohorts in Ireland.

Others

• Irish League of Credit Unions (ILCU): Representative body for credit unions in Ireland, including First South. Not a direct competitor but a structural peer and ecosystem stakeholder that shapes policy, regulatory engagement, and shared services relevant to First South's operating model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/FSCUcork
• Facebookfacebook.com/FSCUcork
• Instagraminstagram.com/fscucork
• LinkedInlinkedin.com/company/first-south-cu

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about First South Credit Union