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Credit Union dividends

  • 16-01-2006 10:51am
    #1
    kc66
    Registered Users, Registered Users 2 Posts: 2,267 ✭✭✭


    What sort of return would you get on money saved in a credit union compared to a savings account in a bank. This is what AIB are offering:

    "With an Online Personal Savings Plan you can avail of a great rate of 3.25% per annum variable on your savings (A.E.R. 3.25% - 4.875%)"


Comments

  • #2
    D'Peoples Voice
    Registered Users, Registered Users 2 Posts: 1,698 ✭✭✭D'Peoples Voice


    kc66 wrote:
    What sort of return would you get on money saved in a credit union compared to a savings account in a bank. This is what AIB are offering:

    "With an Online Personal Savings Plan you can avail of a great rate of 3.25% per annum variable on your savings (A.E.R. 3.25% - 4.875%)"

    Yes but what sort of interest would you pay on a loan from the credit union compared to a bank?
    Although I'm not in a credit union because their return is so much less than Northern Rock (3.25%pa) and Rabodirect(3.2%),An Post(no DIRT), and as you say AIB(3.25% albeit with certain terms and conditions), many people argue that their reason for being in the credit union is purely to get cheap loans.

    Incidentally the problems I have with credit unions are
      their dividends differ across braches
      you don't know what their dividends are until the END of the year
      their dividends rates are not very explicit, that is, you need to calculate it form your annual statement


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