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Credit Union Or Bank

  • 03-01-2011 8:45pm
    #1
    jeffk
    Registered Users, Registered Users 2 Posts: 5,917 ✭✭✭


    Ive been with/am with my local credit union years. But the amount of dividends you get and being told for the last three weeks that they are coming next week, has me questioning staying with them. As we speak I have a Current Account with bank of Ireland, which I use for general banking/credit card.


    I am wonder what step to take next. I don’t work and I am a mature student still living with the parents. But I save as much as I can and would like to see some return on these saving’s.


    Thanks for any help!


Comments

  • #2
    JTMan
    Registered Users, Registered Users 2 Posts: 5,562 ✭✭✭JTMan


    Full list of lump sum deposit account options:
    http://www.askaboutmoney.com/showthread.php?t=102329

    You will get a better return in a bank than in a CU.


  • #3
    jeffk
    Registered Users, Registered Users 2 Posts: 5,917 ✭✭✭jeffk


    Thanks, time to break out my old business study knowledge from school.

    Hopefully the margins aren't to different and I can stick with the BOI and save moving direct debts etc.


  • #4
    flutered
    Registered Users, Registered Users 2 Posts: 6,713 ✭✭✭flutered


    stay with who you know, admitadly you are not getting great dividends, but the cost of banking will reduce the interest difference, most importantly who has cost the country the most, the banks or the credit union, actually it is a no brainer.


  • #5
    jeffk
    Registered Users, Registered Users 2 Posts: 5,917 ✭✭✭jeffk


    flutered wrote: »
    stay with who you know, admitadly you are not getting great dividends, but the cost of banking will reduce the interest difference, most importantly who has cost the country the most, the banks or the credit union, actually it is a no brainer.

    See its on one hand your lucky to get around 1% from the cu. Then as you say what happened/is happening with the banks. Then there's the dirt tax on both. All in all there isnt many clear cut options. I know everyone says the cu is great for loans, but then I don't get loans.

    Its enough to make you start thinking, time to make mattress filler out of my money and leave some in the bank for bills etc.


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