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Saving in credit union

  • 23-05-2012 11:34pm
    #1
    RobitTV
    Registered Users, Registered Users 2 Posts: 4,517 ✭✭✭


    What are the benefits of saving in a credit union?

    Does the dividend pay good?

    And also it is easy to put money in and withdraw?


Comments

  • #2
    wmpdd3
    Registered Users, Registered Users 2 Posts: 9,625 ✭✭✭wmpdd3


    Easy in and out, most have a cash card or online transfers or open saturday. Mine has had no dividend since 2009. The main reason is i was able to call for a loan at lunch time and pick it up at 5.30.


  • #3
    JTMan
    Registered Users, Registered Users 2 Posts: 5,557 ✭✭✭JTMan


    RobitTV wrote: »
    What are the benefits of saving in a credit union?

    Does the dividend pay good?

    And also it is easy to put money in and withdraw?

    Dividend is normally zero or close to zero.


  • #4
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    Dividend in most CUs are miserly at the moment. The benefits of saving are really the availability of credit.

    There are better savings rates out there, and cheaper loans. But CUs can't be beat for small loans, for quick loans, or for loans that Banks make you jump through hoops for.


  • #5
    Anyone
    Registered Users, Registered Users 2 Posts: 3,376 ✭✭✭Anyone


    • There's no account charges in the credit union.
    • Your money is deposit on demand as long as you don't have a loan out.
    • Flexible opening hours, most CU's are open on Saturdays.
    • Your savings earn a life insurance, which may be important depending on your ages. Your Credit Union may also run a Death Benefit Insurance, which again may beneficial to you depending on age.
    • A lot of Credit Unions have been paying dividends, while they may not be as high as the banks are paying, its still a return for deposit on demand.
    Thats a few I can think of that may not have been mentioned.


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