Saving Monthly with Credit Union

CIP4

I want to start saving in my credit union account monthly along with my bank account. I know I can set up standing orders online with my bank but will this work with the credit union as I don't think a credit union account has a BIC or IBAN or is it needed ?

Ideally if I could get the money to transfer automatically on a monthly basis after I get paid rather than having to go into the credit union and manually lodge money ever month. But will this work as credit union uses the paper savings booklet so if I transfer money does there system just update and whenever I go in, in person to do a transaction they will update the book based on the new balance ?

My plan is to save into my two bank savings accounts (1 instant access 1 regular saver) and then save into the credit union too as having regular savings with them would come in useful if I ever needed a loan plus I'm less lightly to spend whats saved in my credit union account as you have to physically go in and take it out.

Spocker

Certain Credit Unions are using a facility called CUSOP, which does give credit union account the ability to receive EFTs.

If you CU doesn't offer that facility, most have an alternative in place, whereby the CU operate a regular Current Account in one of the major banks, and you can make electronic payments to that account. You'll be putting in your CU account number as the reference, and when the CU receive the payment, they will credit your CU account accordingly. This service is (usually) fee, and you can drop in anytime to get an updated balance.

It's an excellent to split your savings that way, although I suspect the dividend you'll receive (if any) from the CU will be small. You'll find they are much more flexible regarding loans though, once you have a savings history with them

Stheno

My CU has the BIC and IBAN which they gave when I requested it.

As they deal with direct debits they have to.

CIP4

Thanks for the advice. I'll drop into my credit union and see what system they have. I got 1% interest last year so not so bad there was a small account charge but still. I think it's a good approach if I can sort it kind of keep the money going in there and forget about it. And use the instant access account if I'm stuck for money for whatever.

flutered

i am with them for more years than i can remember, they have never left me without money thankfully

CIP4

flutered wrote: »

i am with them for more years than i can remember, they have never left me without money thankfully

Alot of people say that they seem quite fair in general. I've never taken a loan out with them. But if I was saving regularly the same amount monthly then if I ever do need a loan with them I figure I'd be in a good position to get it with a regular history.

Plus whatever money I have in the credit union I tend to forget about and as it takes abit more effort to take it out. Whereas when it's sitting in the bank account easy to get at you tend to spend it more readily. I suppose it's about getting a balance.