Here you can see a list of our most Frequently Asked Questions organised by category. If your question is not listed, please feel free to submit a question via our contact form or call us on: Freephone 1800 272927 or email info@synergycu.ie .

Try our CHATBOT SAMMY, it can answer most of your questions.

Only members are eligible to borrow. You can join the Credit Union as a member and apply for that loan you need at the same time. Members need to be living, working or going to school in our common bond to eligible to join. If a person in your household is a member, all other people in that household can join Synergy Credit Union too regardless of where they live.

Members can apply for a loan online, by email (Link loans@synergycu.ie) by Freephone 1800 272927 or by calling into any of our offices in Fermoy, Watergrasshill or Lwr. Glanmire Rd. in Cork City.

Yes, you can apply for a top up loan at any time; you don’t have to repay one loan before applying for another. If your new loan is based on a different interest rate, our system is enabled to run two or more loans on the same account at the same time.

You can repay your loan by direct debit, wage deduction, electronic funds transfer or by calling into any of our offices. There is also Express Lodgement facilities located in our Fermoy Branch.

Apart from the loan interest, there are no other costs, fees or charges.

Yes, you can switch any Bank Loan or Credit Card Balance to a Synergy Credit Union at a reduced loan interest rate .  See our Switch and Save loan product

Straight away! You can join the Credit Union and apply for that loan you need on the same day. The loans officers generally approve loans on the same day or the following.

You can borrow up to €100,000 unsecured for a maximum term of ten years. The maximum loan amount that you can borrow will be based solely on your ability to repay within the agreed time frame.

Synergy Credit Union maintains an insurance policy called the Life Savings and Loan Protection Policy (LP/PS), which activates on the death of an eligible member to increase the value of their savings which can be returned to the member’s estate or family and to clear outstanding loans.

Contrary to popular belief you do not need to have savings or have been a member for a certain time. Each application is dealt with on its’ own merit. You need to show you have the capacity to make repayments as well as having enough left over to live on

Yes, you can apply for a loan online , upload any required documentation to the credit union electronically and sign for the loan remotely using Docu-Sign. Once the loan agreement is signed electronically, we will send the funds electronically to your nominated account

Credit Unions in the Republic of Ireland are covered up to €100,000 by the Government Deposit Protection Scheme which is administered by the Central Bank of Ireland. This is a scheme that can provide compensation to depositors if a credit institution is forced to go out of business. It covers deposits held with banks, building societies, and credit unions. Please see the Central Bank of Ireland's website for further information.
In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is also available to proactively intervene to protect members' savings by making available financial assistance to help any credit union which may experience difficulties.
Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions). For more details, visit the Insurance section.

Every share you hold with Synergy Credit Union Ltd. for the year is eligible for a dividend when declared. A dividend is the return on your shares, and it is paid by your credit union out of surplus.*

The amount of your dividend will depend on:

  • The amount of shares you have saved (one share is equal to €1)
  • The surplus income available for distribution by your credit union to members.

You can open an account and apply for a loan with as little as €6 in your account.

There is no limit to how much of your funds you can withdraw from either your Share or Service accounts. However, a daily maximum cash withdrawal of €2,000 applies. If your needs exceed the daily maximum cash withdrawal of €2,000, you might consider an EFT (Electronic Funds Transfer). We have access to the Bank Clearing System, which means we can perform an EFT to any Euro-designated bank account across the SEPA payments area.
Savings in the Service account are always available for withdrawal unless you have pledged them against a loan. You will be informed of this when applying for and drawing down a loan.

Under Credit Union Rule 22 (now amended to Rule 19) if your account becomes inactive for 3 years, it will become a dormant account.
Make sure to keep your account active by conducting regular transactions.
The account maybe reactivated by conducting transactions and supporting it with photographic I.D. e.g., passport/drivers licence/birth certificate for children and confirmation of address (not more than 3 months old) e.g., utility bill/revenue documentation.

If you have completed a Nomination Form, your nominee/s will receive your Credit Union Shares and insurance benefits (if any) up to €23,000 when you die.

You can nominate anyone, family or friend or group of people. it is important that you review your Nomination Form regularly. Ask a member of staff if you have a nomination form attached to your account and who the beneficiaries are.

Yes, by filling in a new Nomination Form. A nomination becomes invalid if you get married or the person that has been nominated dies. It is a good idea therefore to review your nomination form from time to time in order to ensure that the person/s nominated is/are the most appropriate. Note, divorce or legal separation will not revoke a nomination.

Yes, a member of staff will be delighted to confirm whether you have completed a nomination and who your nominee is.

If you joined as a child you would not have had a Nomination Form completed. Once you reach the age of 16 you should fill out a Nomination Form.

You can call into any of our branches in Fermoy, Watergrasshill or Cork City and complete a Nomination Form at any time.

Personal account holders in Connect Credit Union are entitled to nominate a person/s to be the beneficiary of their credit union savings following death.

Under credit union rules it is important to note the following:

  1. A nomination must be in writing.
  2. The statutory maximum amount that can pass under a nomination is currently €23,000. Any amount in excess of this will form part of the deceased member’s estate.
  3. For members that elect not to complete a nomination, the proceeds of their account will form part of their estate on death and will be dealt with under the terms of their Will, under the rules of intestacy if there is no Will, or under the small payments provision.*
  4. Members may revoke or vary a nomination at any time by completing a new nomination form.
  5. A nomination is not revocable or variable by the terms of a Will or by a codicil to a Will.
  6. A nomination is automatically revoked when the nominee dies before the account holder. In this case, a new nomination should be completed.
  7. A nomination is automatically revoked by the account holder’s subsequent marriage.
  8. Where personal circumstances change (e.g., marriage, divorce, separation), a member should review their nomination.
  9. The nominated property does not form part of a deceased person’s estate. A person under 16 years of age cannot make a valid nomination.

When you’re shopping online, you will have to confirm that it is you, using your debit card to complete a purchase. You will receive a text message with a one-time passcode which you must input to complete your purchase.

Yes. SCA is already required for members who avail of their Credit Union’s online service and is now being introduced for shopping online with your Current Account debit card.

All financial service providers in Europe must implement these changes for customers.

A one-time passcode is a random generated number. It is an additional security feature used to validate that it is you that is using the card. When you shop online, a passcode may be automatically sent by SMS text message to the mobile phone number you have provided to your Credit Union. You will be asked to input this passcode in order to complete your purchase.

The passcode will only be valid for the online purchase you have received it for. If you do not submit the passcode correctly within 15 minutes , it will expire and you will be unable to complete your online purchase. You will need to authorise the payment again to regenerate a new one-time passcode.

The message will be from CU Card Services and is a ‘No Reply’ message. It will not include your name or card number or ask for your account or PIN numbers, and will not contain links to click.

Sample message; 123456 is your one-time passcode. Use it within the next 15 minutes to complete your purchase for €XX at ‘Retailer’.

Yes, just click the ‘Cancel’ button on the merchant Payment Screen.

You cannot opt out of this service. Under Payment Services Directive regulations SCA must be provided for certain online transactions.

Your mobile number is unique so it can be used as part of the authentication process.

As time goes on, it is unlikely that we will be able to verify if it is you shopping online, without using a mobile phone. While certain transactions might work online for you, many will be subject to SCA. You will need to authenticate SCA transaction by entering a one-time passcode sent to you by SMS text message.

If you get a new phone and your number stays the same, no action is required. If you change your mobile number you will need to contact your Credit Union to update your details.

Turning on push notifications is slightly different on each phone so check you have these turned on. If they are turned on you may not have received the notification due to a network issue. Please try again.
If you are experiencing difficulty completing an authorisation, you can contact CU Card Services available 24/7 on +353 1 693 3333 for further support.

You can learn more about PSD2 from the Banking & Payments Federation Ireland https://www.mypsd2.ie

For more information please visit currentaccount.ie

Members can fill out the form here to register for online banking. A member of staff will contact you on the telephone number provided to verify your identity and complete the registration process. A PIN will be sent to your mobile securely by text.

You can call our office on Freephone 1800 272927 during office opening hours and our team will be happy to re-issue your pin. Alternatively you can fill in the form here and a member of staff will be in touch to finalise your request.

SCA stand for Strong Customer Authentication, and is required for the user to confirm a member's identify before being grated access to their account.

To access your account, members will need their account number and PIN. Once they have entered an SCA will be sent to the members mobile device which they will need to enter to receive access.

Members will not be charged for the service.