Can you open more than one Credit Union account???

rox5

I wanted to open a savings account in Bank of Ireland because I want to start saving for a car, but some people have told me you would better off opening an account in the Credit Union. But I already have an account in there, and it has a good bit of money from my grandfather's inheritence in there already that I would rather use for a rainy day, if i am stuck for some cash and so on. So I would rather open a second one and lodge some of my money now and again, I was just wondering though if the Credit Union allows more than one account or not.

Thank you.

naughtysmurf

As far as I know you can only have one main account per credit union that you are allowed to borrow on based on your loan to share ratio

You may well be allowed to have a sub account related to your main account that you can save money in only and not borrow against, my credit union has this option

The last time I applied for a credit union loan, I was asked if I was a member of any other credit union, I wasn't but for the purpose of getting a loan I was told I was allowed to be a member of up to three different credit unions

Cerulean Chicken

I would do it the other way around, I wouldn't keep a lump sum in the credit union unless you are getting a particularly good rate which I doubt. I would be inclined to take that out and invest in a good rate product in some other institution and then start saving regularly with Credit Union which will give you the best chance of getting a loan there. The Credit Union are a better bet for a car loan than most banks at the moment for ease of approval. Depends on your own situation of course, maybe you are a good candidate from bank point of view but so few are these days.

Jake2012

Like someone else said, just open a sub account, I have 2 sub accounts on my account in my local cu, I tried opening a second one joint with my husband when we got married so we could try save there but was told only one account per name, but I was welcome to open a sub coconut on my own account, so this is what I did.
I have accounts in 3 different cu's, 2 local towns and one near my work, never had any problems wit it so maybe thi might be an option for you if there is another local one

juan.kerr

Check you Credit Union Annual Report and see what interest rate it pays. Some haven't paid any in recent years, others are paying 1 percent depending on the condition of their loan book and writeoffs.

Generally Credit Unions seem to favour borrowers over savers (which in effect is part of their remit). For example mine recently gave borrowers an interest rebate of 10% while paying 2 or 3% interest on share accounts.

Pottler

Jake2012 wrote: »

Like someone else said, just open a sub account, I have 2 sub accounts on my account in my local cu, I tried opening a second one joint with my husband when we got married so we could try save there but was told only one account per name, but I was welcome to open a sub coconut on my own account, so this is what I did.
I have accounts in 3 different cu's, 2 local towns and one near my work, never had any problems wit it so maybe thi might be an option for you if there is another local one

And did you?:) I've two accounts at our credit union, both full accounts and in my own name, so different CUs might have different rules?

eriko411

Yes , you can open another but normally not within the same union.

If this is to get loans note alot of credit unions are now with ICB & the less known NCU.

BostonB

Do they check with ICB & NCU to see if people have loans out with other CU's, banks, Credit cards etc.

eriko411

Yes, go to icb.ie to see which credit unions do.

both are normally written into the membership form/ loan app


note under the new rules for credit unions they have been advised they all should join ICB

chillywilly

Jake2012 wrote: »

Like someone else said, just open a sub account, I have 2 sub accounts on my account in my local cu, I tried opening a second one joint with my husband when we got married so we could try save there but was told only one account per name, but I was welcome to open a sub coconut on my own account, so this is what I did.
I have accounts in 3 different cu's, 2 local towns and one near my work, never had any problems wit it so maybe thi might be an option for you if there is another local one

What is this sub coconut that you speak of?