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Any benefit in small savings ,at credit unions?

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  • 24-05-2007 11:47pm
    #1
    311
    Closed Accounts Posts: 5,332 ✭✭✭


    I've been meaning to open a credit union account ,I rang my local branch last week. I discovered they are not hardwired to the banking system.

    I was hoping to use the internet to transfer monies etc. But instead I'll have to direct debit an amount.

    Is their much point to having an account ,with a credit union ?
    Is rabo direct the same as a credit union ,i.e seperate from banks??


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    #2
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    No, Rabo is part of the banking system just like any of the other banks.

    Credit Unions vary, as each is technically seperate from the other. Some will let you transfer money into their holding account, with your CU account number as a reference. Maybe ask them if they have a sort code and account number you can use to do that via your internet banking.


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    #3
    311
    Closed Accounts Posts: 5,332 ✭✭✭311


    Hopefully ,thanks for the reply,

    Brian.


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    #4
    pow wow
    Closed Accounts Posts: 5,288 ✭✭✭pow wow


    If you're just looking to deposit money I'd stick to someone like Rabo for a premium return. CU savings are good if you're planning to borrow money from the CU at some point, but other than that probably not....


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    #5
    311
    Closed Accounts Posts: 5,332 ✭✭✭311


    I might join rabo aswell,I went for the aib online savings because it was handy.
    I really need an account I can forget about ,but have a little control over it aswell.


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    #6
    Bottle_of_Smoke
    Registered Users Posts: 9,770 ✭✭✭Bottle_of_Smoke


    unlikely youll forget about it no matter how hard you try - how a bout a term deposit?


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    #7
    Shifty
    Registered Users Posts: 487 ✭✭Shifty


    Just some advantages of being a member of a credit union:

    The “free to member” services currently available are: Loan Protection (Loan is cleared in the event of death of member, in the case of a joint account only the first named on the account is covered.

    With Life Savings insurance, your dependants will recieve a financial sum in the event of your death. The amount they will receive will depend on your age and how much you have saved with your credit union over the years. Life Savings insurance is paid for by your credit union.

    Low interest rate charged on the reducing loan balance

    Some Credit Unions offer DBI - Death Benefit Insurance, a policy whose main purpose is to provide basic life cover to credit union members at an affordable price. The cover is offered as a rider (or endorsement) to the Life Savings insurance policy. During the life of the insured it gives the family added security and reduces worries about the future. either paid for by the credit union or member (depends on what the board of directors decided) paid to whoever settles the funeral bill of the deceased member or directly to the funeral home. The actual amount of insurance benefit may vary from one credit union to the other. The minimum benefit offered is €1,300.


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