Does the credit union offer better intrest rates on current account savings?

skaterdude

Does the credit union offer better intrest rates on current account savings than banks?
also does anyone know what the intrest rates for the credit union is?
thanks

romah

Credit Unions dont call their account "Current Accounts" but have "Share Accounts" which allow you do similar transaction except write cheques and laser .

Each credit union (there are over 500 different credit unions in Ireland) gives a dividend at the end of each year (around December normally) .

A credit union wont be able to tell you an interest rate on this share account. It the way it works !! .
You can ask what the dividend was last year at your own credit union but it can change and does change each year ..

dotsman

romah wrote: »

Credit Unions dont call their account "Current Accounts" but have "Share Accounts" which allow you do similar transaction except write cheques and laser .

Each credit union (there are over 500 different credit unions in Ireland) gives a dividend at the end of each year (around December normally) .

A credit union wont be able to tell you an interest rate on this share account. It the way it works !! .
You can ask what the dividend was last year at your own credit union but it can change and does change each year ..

I agree. It changes between unions. Have a look at previous years dividends to get an idea - however, that is only an idea of what they will pay.

Typically, Bank current accounts pay better for small sums (ie up to 1500 - 4%, depending on the bank). But really, current accounts are not used for generating interest due to the small sums/low rates. If you're interested in savings, now's a good time with many banks offering 7%+ on savings accounts and 5%+ on deposit (lump sum) accounts.

skaterdude

thanks for the advice,
im just looking to put a grand in the bank then followed by a few couple of hundred payments every once in a while, eventually a few thousand by the end of the year
dont want to HAVE to put in a certain amount of money every month just want to put the money in and let it accumalte interest
which is the best bank for me?
i was thinking bout going with tsb?
would that be a good choice?

JTMan

If you want independent advise check out "lump sum" cost comparisons on the Financial Regulators website www.itsyourmoney.ie

If you re looking for instant access then Anglo Irish Banks 5.5% account (up to 100k) is probably the most competitive product on the market with very little T&C.