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Savings account: Credit Union Vs Post Office?

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  • 13-09-2010 3:18pm
    #1
    ronanc15
    Registered Users Posts: 1,279 ✭✭✭


    Hi all,

    Basically ill be opening a savings account for my little girl soon (only just over 18months) and just wondering which should I go for, credit union or Post Office. For convenience etc I've more or less ruled out the banks.

    Any pros or cons to each? Can you set up standing orders to post office accounts?

    Regards
    Ronan


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    #2
    eimearcmh
    Closed Accounts Posts: 599 ✭✭✭eimearcmh


    With my own Credit Union...
    Its very easy with lodgements, anyone can lodge money in.
    For withdrawals, the parent/s who opened the a/c can withdraw money without the child being present. When the child turns 7, they need to come in themselves for all withdrawals so they can sign the withdrawal slip.
    A parent can set up a direct debit/standing order from their bank a/c to the child's CU a/c. They also have a quick lodgement facility.
    Usually the secretary posts out a welcome pack when a childs a/c is opened. Rubber, pen etc.:D

    Im not recommending the Credit Union over the Post Office for a childs a/c by the way, im just more familiar with the CU.

    http://www.anpost.ie/AnPost/MainContent/Personal+Customers/Money+Matters/Savings+and+Investments/
    There should be some info about a childs savings/investment a/c here.


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