A group of Ireland's largest credit unions will soon offer direct competition to banks as they launch debit card services.

It means that the 11 large credit unions will essentially be offering 350,000 members full current accounts with all the facilities that entails.

Customers can avail of ATMs, contactless payments, online access and transaction facilities, and a mobile app for managing their finances on the go. 

The participating credit unions are Health Service Staff's credit union; St Canice's in Kilkenny; Waterford; Ballyphehane, Gurranabraher and Mitchelstown in Cork; Tipperary; Mullingar, Co Westmeath; Navan, Co Meath; and Tralee in Kerry; and Tullamore in Offaly.

The roll-out begins in mid-June, with the MasterCard debit card accepted anywhere worldwide with the MasterCard logo and expected to cost upwards of €36 annually.

The move follows a recent REBO (Credit Union Restructuring Board) survey which found that 84% of credit union members wanted a debit card.