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Credit Union Vs. Saving account

  • 21-06-2007 1:00pm
    #1
    johny28
    Closed Accounts Posts: 90 ✭✭


    I wonder why I keep putting money to my CU account which it offers 2.X interest while my saving account with my bank offers 4.X interest?

    I wonder if anyone knows what other benefits are there in investing in a CU account with a low rate interest?

    Cheers


Comments

  • #2
    Colonel Sanders
    Closed Accounts Posts: 7,669 ✭✭✭Colonel Sanders


    I think credit unions are very handy for a quick, pretty much no questions asked loan for small to medium amounts (from what I hear they're very flexible with repayments etc too and dividend payments usually include some rebate of interest) and not much else (no good to me as I've neverf had a loan and paid them interest to be rebated!!!). When my SSIA matured I took it out, put it into a northern rock account and just left a few hundred in the CU if i ever need a loan for a holiday or anything.


  • #3
    johny28
    Closed Accounts Posts: 90 ✭✭johny28


    Colonel Sanders wrote:
    I think credit unions are very handy for a quick, pretty much no questions asked loan for small to medium amounts (from what I hear they're very flexible with repayments etc too and dividend payments usually include some rebate of interest) and not much else (no good to me as I've neverf had a loan and paid them interest to be rebated!!!). When my SSIA matured I took it out, put it into a northern rock account and just left a few hundred in the CU if i ever need a loan for a holiday or anything.


    Hi Colonel Sanders,

    Good point, someone mentioned something else which is they are very involved in the communties and he more money they have the more laons they can give and the more events and activites they are able to arrange...

    Thanks


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