Dozens of credit unions around the country are offering customers a new full-service current account.
From Thursday, 30 credit unions with 115 branches will roll-out the service over the coming weeks under the currentaccount.ie brand.
While further branches are expected to provide the service next year.
The new current account has been fully approved by the Central Bank of Ireland.
It includes a globally accepted Mastercard debit card with contactless payments, standing orders, direct debits and an overdraft facility.
Credit union members will be able to open an account online or in person at a branch.
The account includes a standard monthly fee of €4.
This covers unlimited point of sale and contactless transactions in Euro, unlimited mobile and online banking, unlimited standing orders and direct debits, and up to five free ATM withdrawals per month.
A charge of 50c per transaction applies in excess of five per month.
Minister for Rural and Community Development Michael Ring has welcomed the announcement.
"This is a really significant day for our Irish credit union sector, credit union members, and communities all across the country.
"I congratulate all the credit unions involved for continuing to work together to find ways to support their members and cement their future development.
"With the increasing depletion of some financial services available to communities, this initiative could not have come at a more opportune time."
Seamus Newcombe, chief executive of currentaccount.ie, added: "This is a very important milestone in the development of the credit union sector in this country.
"Credit unions offer something different to the major banks and are considered more friendly and trustworthy.
"This is great news for consumers who have limited choice at present.
"It means credit union members with savings and loans will now be able to get a competitive current account from their trusted credit union, and they will no longer need to go to a bank to get this service."
A full list of participating branches can be found here