Save money and support the local economy through Cavan CU Perks

Student current account holders with Cavan Credit Union can now avail of a range of discounts through a partnership with a number of local businesses in Cavan town.

‘CU Perks’ is an exciting new collaboration that encourages young people to use the credit union’s current account service for the benefit of the local economy.

There are currently 13 businesses signed up to the initiative across a number of sectors, including health, technology and beauty. Boyle for Men, Cian’s Tech World and Enhance Skin & Laser Clinic are among participating businesses.

“It was an idea we came up with to try to increase youth and student engagement with the credit union,” says Operations Manager Niamh Guilfoyle.

“We thought it was a good idea to include local businesses to increase their engagement and business with students. That’s why we wanted to come up with a product that would appeal to students, that they’re going to get use out of.”

CU Perks is modelled on the well-known student discount website ‘UNiDays’, with a distinct local twist that is uniquely Cavan. It began on Wednesday, July 1.

Each business can decide the amount of discount they wish to offer, and the credit union will advertise the partner businesses as part of the initiative.

It is hoped the collaboration will help students and parents reduce costs while ensuring that money is kept circulating in the local economy.

“It’s about adding real value to the students, and strengthening local businesses within our community,” explains CEO Eimear Tobin.

Friendly face

The discount scheme is part of a broader plan to appeal to the younger generation, particularly in the face of competitors such as Revolut, who provide a wholly online service.

“We’re trying to increase our student engagement to get rid of the idea that people might still have that the credit union is only there for the communion money, or a savings account that their parents or granny might have opened for them,” says Ms Guilfoyle.

“We have so much more to offer now and we’re trying to move with the times.”

Cavan Credit Union provides a personal service, where members can come into their office and meet a member of staff, which can be particularly beneficial for younger members. “When you’re starting out, it can be intimidating, especially when it comes time for their first loan,” Ms Guilfoyle says.

“It definitely does help that when they come into the office, there’s people there ready to help, a friendly face.”

Cavan Credit Union provides a free current account with no hidden charges for students. Their student current accounts provide the same offering as their standard current accounts. To become a member of Cavan Credit Union, you must live or work within a 20-mile radius from their office in the centre of Cavan town.

Student current account holders receive a VISA debit card that can be used anywhere, anytime. The debit card is compatible with contactless payments, as well as Apple Pay and Google Pay.

Students can also access 24/7 online banking, instant payments and reduced student loan rates.

If you are between the ages of 12 and 18, you are automatically eligible for a student current account, and anyone between the ages of 18 and 25 is eligible provided they are in full-time education.

Services

The introduction of current accounts has revolutionised Cavan Credit Union’s suite of services, which has recently grown to include mortgages, which are available from €75,000 up to a maximum of €500,000.

“It’s exactly the same as what you’re going to get with the banks,” says Ms Guilfoyle of the service.

“There might be the idea that there could be some limitations with a credit union current account, which is not the case.”

While savings and loans will always remain an essential part of the credit union, they can now support members with all of their financial needs.

“Savings and loans will always be there, it’s the backbone of what we do so that’s never going to change,” Ms Guilfoyle assures.

“We’re continuously looking and seeing where we can grow and expand,” adds Ms Tobin.

Community

Through CU Perks, not only are you supporting local enterprise while saving some money, you are also helping the wider community.

Cavan Credit Union has an annual community fund that supports a vast number of community groups and organisations.

As part of this fund, they have previously sponsored Fairgreen Community Garden, the Irish Wheelchair Association Cavan, Teach Oscail Family Resource Centre and SOSAD, along with many local schools, GAA and Foróige clubs.

“We keep our money within the community,” says Ms Tobin.

“By having your current account here, you’re helping fund community initiatives.”

The credit union also regularly works with schools to teach young people how to manage their money through financial literacy programmes, and runs an annual money mules awareness day for schoolchildren in conjunction with An Garda Síochána. From September, they will be visiting schools to speak to students about CU Perks. Cavan Credit Union is encouraging local businesses that may be interested in joining the CU Perks initiative to get in touch.

“It’s very little work involved for the business, all they have to do is sign up and decide what they’re looking to offer. After that, we take care of everything on their behalf,” says Ms Guilfoyle.