Credit Union Dividends

Sunrise_Sunset

What % dividends did your CU pay out in 2022?

I recently opened a credit union account and am hoping to move my emergency fund to this account. No clue what they are paying out in recent years but am hoping it's better than the 0.01% it's currently "earning". Obviously needs to be kept liquid and accessible, due to the nature of an emergency fund.

gipi

Mine paid 0.1% in 2022, the first dividend in about 4 years or so. For borrowers, there was a 2.5% interest rebate paid too.

beachhead

Most credit Unions have not paid a dividend for more than 4 years.That might change with the increase in interest rates and if more people take out loans

Sunrise_Sunset

https://www.boards.ie/discussion/comment/120816272#Comment_120816272

Ok, thank you. Good to know. I thought it might be better than 0.01% but maybe not.

We have another savings account at our bank (PTSB) that recently raised their rate to 1%, but we can only save a max of 1,000 per month, so we are transferring in as much as possible to that each month too.

Mickeroo

Worth keeping in mind a credit union account maxes out at 20 thousand euro (or at least they do in my local one!)

Sunrise_Sunset

https://www.boards.ie/discussion/comment/120816893#Comment_120816893

Yes, mine too! A big drop from 100,000.

Our idea was really just to use it for our emergency fund. Out of sight, out of mind, but accessible if we need it. And also they have 13,000 life insurance on savings of same, which is good.

Not easy to get savings accounts jointly, so will probably aim to open another account in my husband's name and do the same, aim to get it to 13,000 as well. Also, it's no good having our EF in an account in just my name, as my husband wouldn't be able to access it immediately if something were to happen to me.

cython

https://www.boards.ie/discussion/comment/120816893#Comment_120816893

This varies from CU to CU, presumably depending on their ratio of savings to loads at any point in time.

I've an account with an occupational one who recently stated that they've lifted their savings limit back to €100k, having had a cap of €40k for some time. I've a separate account with a local one and while they've been less explicit, the reference to a limit on savings that used to be on their website has disappeared, so I'd say they could have gone back to the €100k mark too. Not that I have the funds on deposit with either to need to check!