Granard Credit Union

What Granard Credit Union does

Granard Credit Union is a member-owned cooperative financial institution founded in 1980 and regulated by the Central Bank of Ireland (Reg No. 490CU) under the Credit Union Act 1997. It serves individuals living or working within an 8-mile radius of Granard, Co. Longford, operating from two physical branches (Granard and Gowna) with between 11 and 50 employees. The credit union's core offerings are savings accounts (capped at €20,000 per member) and a diversified loan portfolio spanning personal, promotional car, secured/wedding, student (6% APR), health and wellbeing, Go Eco 8, and €20K+ loan products at interest rates between approximately 6% and 8% APR. Following Bank of Ireland's departure from Granard, the credit union became the only remaining local financial institution with premises capable of housing ATM services, reinforced by a 2021 Euronet partnership that installed a 24-hour street-facing cash machine.

Name

Granard Credit Union

Legal name

Granard Credit Union Ltd

Website

https://granardcu.ie

Company type

Private

Founded year

1980

Operating status

Operating

Headcount range

11–50 employees

Short description

Granard Credit Union is a member-owned cooperative credit union founded in 1980 in Granard, Co. Longford, Ireland, regulated by the Central Bank of Ireland. It serves local residents within an 8-mile radius with savings accounts, a diversified loan portfolio, mobile and online banking, and ATM services.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

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

akta.pro secondary industries

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL), Federations/Centrals & Cooperative Banking Networks (2nd-Tier Co-ops) (FSABAEAL)

Keywords

• Retail banking services
• Community lending
• Savings accounts
• Personal loans
• Credit union membership

Headquarters

HQ city

Granard

HQ country

Ireland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Loan Interest: Primary revenue stream generated from interest charged on various loan products including personal loans, car loans, student loans, wedding loans, home improvement loans, and larger €20,000+ loans. Interest rates vary by loan type and promotional offers.
2. Membership Fees: Annual deduction of €10 applied to all accounts (age over 16) as a contribution towards the Irish League of Credit Union (ILCU) affiliation fee and credit union maintenance fee. Also includes a one-off charge of €1.27 for new account openings.
3. Member Prize Draw Entry Fees: Entry fee of €24.00 per year, deducted in two €12 payments (June and December). The draw is non-profit making with all entry fees used for prize provision. Not funded from general credit union funds.
4. Transaction Fees: Fees charged for specific transactions including €1.50 for additional daily cheque withdrawals beyond the first free withdrawal, and €4.44 charge for cheques returned unpaid (bank charge passed on).

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

Granard Credit Union is a community-owned cooperative financial institution serving people living or working within an 8-mile radius of Granard, Co. Longford. It provides savings accounts, a suite of loan products (personal, car, student, secured/wedding, health and wellbeing, Go Eco 8, and €20K+), insurance offerings, and 24/7 digital banking via online and mobile channels. The credit union operates on a not-for-profit basis under Central Bank of Ireland regulation (Reg No. 490CU) and reinvests surpluses for member benefit.

Product overview

Granard Credit Union operates as a community-based financial institution offering a comprehensive suite of financial products and services. The core offerings include Savings accounts and Loans (including Personal, Car, Student, Secured/Wedding, Health & Wellbeing, Go Eco 8, and €20K+ Loans). The credit union provides digital banking services through Online Banking and a Mobile Banking App for Android and iOS, with 24/7 account access. Insurance products include Loan Protection, Life Savings, Death Benefit, and CoverU insurance. Additional services include a Member Prize Draw, Loan Calculator tool, and community initiatives like the Maurice Fitzgibbon Memorial Bursary for third-level students.

Differentiator

Problem solved

Functional benefit

Products and services

• Savings Accounts

Quantifiable outcome

• Loan approval decisions made with consideration to member circumstances, not solely credit scoring
• +1 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• Irish League of Credit Unions (ILCU)coreStrategic or Co-development PartnerILCU is the primary trade body for credit unions in Ireland. Granard Credit Union pays annual affiliation fees and operates under ILCU guidelines and standard rules. ILCU provides operational frameworks, training resources, and advocacy for credit union members. The partnership enables participation in community initiatives like the Schools Quiz.
• ECCU Assurance DACcoreStrategic or Co-development PartnerECCU Assurance DAC provides Loan Protection and Life Savings Insurance to credit unions. Granard Credit Union shares member data with ECCU to administer insurance claims and underwriting. This partnership enables the credit union to offer free loan protection insurance on eligible loans.
• Central Bank of IrelandcoreOthersRegulatory oversight body. Granard Credit Union Ltd is Regulated by the Central Bank of Ireland (Reg No. 490CU). The Central Bank enforces reporting, compliance, and auditing requirements on credit unions.

Scale indicators3 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Permanent TSB: Irish retail bank offering current accounts, savings, mortgages, and personal loans with mainstream digital banking. While a broader incumbent, it competes for the same Granard-area members and serves as a benchmark for the incumbent banking experience Granard CU differentiates against.
• Bank of Ireland: Major Irish retail bank whose withdrawal from Granard created the opportunity Granard Credit Union is now exploiting. Remains a broader incumbent competitor for remaining accounts and loans in the surrounding region.

Others

• An Post Money: State-owned postal service that offers basic current accounts, savings, and foreign exchange through Ireland's largest retail branch network. Functions as an alternative financial services provider in rural Irish towns, including Granard, and competes on convenience and scale.

Emerging players

• Revolut Ireland: Digital challenger bank operating across Ireland offering fee-free accounts, instant payments, and consumer lending. Represents the app-led, digital-first competitive threat that small community credit unions must defend against for younger members.

Regional players

• Ballinasloe Credit Union: Irish community credit union operating a comparable savings, loans, online banking, and member services model within the ILCU network. Comparable in size and rural community focus, relevant as a benchmark for similar small Irish credit unions.
• Longford Credit Union: Direct comparison Irish credit union serving County Longford with a similar community-based savings and loans model, member-owned structure, and ILCU affiliation. Geographic adjacency makes it the closest local functional peer, though it serves a larger population base.
• Credit Union Plus: Irish credit union operating a similar community-based savings and loans model under ILCU frameworks. Comparable in operational structure and target member demographic.

Direct peers

• Coosan Credit Union: Irish community credit union with similar size, member-owned structure, savings and loan products, and digital banking infrastructure. Comparable value proposition to Granard CU in serving a defined local community.
• St. Colman's Credit Union: Small Irish credit union offering a comparable suite of personal loans, savings, online banking, and community-based services under ILCU affiliation. Closely comparable product offering and target member profile.
• Cabra Credit Union: Dublin-based credit union offering similar personal loans, savings, and member services under ILCU affiliation. Provides a useful comparison for product pricing and digital banking deployment in a slightly larger urban community.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/GranardCU
• Facebookfacebook.com/granard.cu
• Instagraminstagram.com/granardcreditunion
• LinkedInlinkedin.com/company/granard-credit-union

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

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 Granard Credit Union