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Money in credit union

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  • 17-12-2010 8:42pm
    #1
    billyhead
    Registered Users Posts: 9,849 ✭✭✭


    I have about 22000 euro saved in the credit union and will be getting a 2% dividend on this in January I was wondering should I move this money to an alternative bank somewhere else to avail of a higher annual return. Also I know the credit unoin would be more secure in terms of going out of business then a bank. Should I take this into consideration with a different bank when iopening an account?


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    #2
    billyhead
    Registered Users Posts: 9,849 ✭✭✭billyhead


    Bump


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    #3
    Anomic
    Registered Users Posts: 40 ✭Anomic


    If its safety you're after, you could look at Rabobank, they are the only AAA rated bank operating in Ireland, not covered by a government g'tee, but parent company is considered safe, and rated one of top banks in Europe.

    Also NIB is covered by Danish Gov G'tee up to 100K.

    All Irish owned banks covered by Irish Gov G'tee.

    check out http://www.askaboutmoney.com/showthread.php?t=102329
    for up to date rates.


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    #4
    Truff Puff
    Closed Accounts Posts: 52 ✭✭Truff Puff


    The country is in dire straits&money should be left in institutions like a credit union.If everyone starts to withdraw savings it only makes a bad situation worse. Support your country and leave your money where it is.


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    #5
    billyhead
    Registered Users Posts: 9,849 ✭✭✭billyhead


    Its more about getting the max return on my money where I invest it and also that the money is secure.


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    #6
    Cavehill Red
    Registered Users Posts: 6,109 ✭✭✭Cavehill Red


    Where do you think your credit union keeps its money?
    Many CUs are in real difficulties, by the way.
    I don't think anyone should be offering investment advice here. You might wish to consult an independent financial advisor.
    Personally, my money is largely out of the state, outside the euro and significantly in precious metals.
    You might want to consider any or all of these options when seeking security and return (which are generally rather exclusive, the one being obtained at the expense of the other in normal circumstances.)


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    #7
    pearcider
    Registered Users Posts: 1,036 ✭✭✭pearcider


    Truff Puff wrote: »
    The country is in dire straits&money should be left in institutions like a credit union.If everyone starts to withdraw savings it only makes a bad situation worse. Support your country and leave your money where it is.

    +1

    In fairness, with a balance of 22k, your real return from anything sans risk will be pocket change. May as well jump into the mother of all secular bull markets and buy gold. You could have 100k within 5 years but it ain't without risk.


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