Credit Union Account as Current Account?

iniscealtra

I am considering closing my Bank Account and moving my personal banking to the Credit Union. Is this advisable?

My reasons

1. I don’t use a credit card. I can get an internationally accepted Debit Card from the Credit Union.
2. My credit union is non for profit. I pay fees on Bank Account but not on credit Union Account.
3. I live in a rural area and my Bank has close local branches. The credit Union has local branches and are open on Saturdays.

Any thought welcome

Citrus_8

https://www.boards.ie/discussion/2058303639/credit-union-account-as-current-account

What the credit union's current account fees are?

iniscealtra

€4 a year

elperello

I know someone who did this after Ulster Bank decided to leave the market.

They found the process easy to manage and so far have no complaints.

Dodge

Your choice.

Credit Unions are effectively banks now. There’s no downside to having your current account with them over, say, AIB

Just check their fees and terms and conditions. Mine is €4 per month for example if I was to open a current account (I haven’t)

cbreeze

Its actually €4 a month according to the brochure on the Irish League of Credit Unions Website (see link below). Most of their transactions are free except for government stamp duty.

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.progressivecu.ie/images/library/documents/19052022-161803.pdf

iniscealtra

https://www.boards.ie/discussion/comment/120804474#Comment_120804474

Thanks for that

iniscealtra

These are the fees and charges.

https://currentaccount.ie/support/fees-charges/

€4 a month

No charge for taping/ use of card Online etc.

No charge for first 5 withdrawls from ATM a month and the 50c each

Government levy as with any account.

I would have Online banking with Credit Union.

But I would have access to a branch in my area and I work locally. The local credit union branch also opens on Saturday. Would be able to pop in on way home from work sometimes also.

Currently I have Online banking but have to drive hour an hour to access a branch in a large town or 55 minutes in a city. Both are out of my way and neither open at the weekend. I could only go there on my holidays basically.

iniscealtra

sorry not hour an hour - half an hour

iniscealtra

Could you close the thréad please ? I’ve got the info I was looking for.

L1011

There are two credit union current account options - an ILCU backed one and another done by a group of CUs. Each CU will only offer one of these if at all

I use the currentaccount.ie one as it's what my local CU offers. No issues with it. App and web functionality is superior to what I had with BOI.

My specific CU has appalling branch opening hours - if that is important you need to check that in advance!

iniscealtra

@L1011 The opening hours are actually ok for me. I finish at 2 on Friday so that works as they open til 5 on Friday but close at lunch. So I could pop in on the way home. Close to work too. They open a half day Saturday as well which is handy. Impossible Mon, Tues, Wed for me.

Better than the bank as it’s local and open on Saturday.

Boardnashea

The fees and charges are decided by the local CU and may differ from those mentioned above. Monthly charge could be between €4 and €6/m (charged quarterly) and they may charge for individual transactions differently but overall they try to maintain most normal transactions covered in full by the monthly charge alone.

beachhead

https://www.boards.ie/discussion/comment/120804474#Comment_120804474

It is e4.00 per month.Over 66 no fees(or over 65?0

_Puma_

Was in my bank branch this morning to open a new joint account with all the documents. Was told they won't do it in the branch, apply online and it takes 6 weeks.

Walked straight out and to the CU branch that is actually closer to where I live. They have started doing the current account. Had a joint saver and current sorted within an hour (pending the approval in 3 days I was told)

€4 a month and no fees on android pay etc... So it looks better to me all round to the bank offering. Mastercard debit card.

If all goes smoothly I'll be closing my bank current account.

Risoc

https://www.boards.ie/discussion/comment/121086516#Comment_121086516

How has this worked out?

_Puma_

https://www.boards.ie/discussion/comment/122708494#Comment_122708494

Haven't looked back. Everything from Direct debits, online shopping(mfa authentication etc) , Google pay, day to day banking like cash withdrawls has all been a breeze. Have even had queries around certain transactions sorted in a quick phone call. The card services seem to be handled by a call centre in the UK, have had a lost card sorted in about 3 days.

I still have a credit card with the bank so have had to keep that account open unfortunately.