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Credit Union or Bank for Saving?

BlondePrincess · 2011-07-17 20:35:31

Hi, I want to start a joint savings account with my boyfriend. Is it better to go with a bank, or the credit union? We are saving for a deposit, with the intention of getting a mortgage in the next year.

17-07-2011 08:35PM

#1

BlondePrincess

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Join Date: October 2008

Posts: 85

Hi, I want to start a joint savings account with my boyfriend. Is it better to go with a bank, or the credit union? We are saving for a deposit, with the intention of getting a mortgage in the next year.

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Comments

#2 17-07-2011 08:44PM

cookie1977

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Probably best to go with a bank seen as that's where you'll be borrowing the mortgage from. Then save regularly and they'll be more favorable with you as you have a track record with them. In saying that it is very difficult to get a mortgage out there at present due to the economic situation and the banking system problems. The credit union is great for regular saving for holidays/extensions etc... but I think a bank will be better to be seen to be saving in if you're looking for a mortgage. Good luck.

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