Around 1.9 million residents of the State are members of credit unions and have the option of opening a Government savings scheme account at their local branch.

Each credit union has a different offering and the rates vary. Some are offering the scheme as a share account where the return is the same as the dividend at the year end.

Last year the average dividend rate was 3.0 to 3.5 per cent. Other credit unions are offering fixed-rate deposit accounts and some are offering both types. All credit unions will set up accounts for the lowest monthly contribution rate.

Credit unions will accept cash lodgements for the first instalment but anyone wishing to pay by direct debit is urged to set up their account soon. Contact your credit union to find out what's on offer.