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Credit union dividents

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  • 09-12-2014 3:49pm
    #1
    Yorker
    Closed Accounts Posts: 164 ✭✭


    Credit union dividends Sorry about spelling error in title

    My friend asked me about here Credit Union dividend which seems very small this year but the amount saved is the same slightly higher.How are these dividends calculated.?

    Would she be better saving elsewhere?


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    #2
    dobsdave
    Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    Yorker wrote: »
    My friend asked me about here Credit Union dividend which seems very small this year but the amount saved is the same slightly higher.How are these dividends calculated.?

    Would she be better saving elsewhere?

    its not a set out %, it depends on how the cu is performing year to year.
    Its communicated in the booklet of results sent out at year end


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    #3
    Yorker
    Closed Accounts Posts: 164 ✭✭Yorker


    dobsdave wrote: »
    its not a set out %, it depends on how the cu is performing year to year.
    Its communicated in the booklet of results sent out at year end
    it must be doing bad. she showed me statements going back a few years when it was 4 times the amount this year


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    #4
    physioman
    Registered Users Posts: 1,239 ✭✭✭physioman


    Yorker wrote: »
    it must be doing bad. she showed me statements going back a few years when it was 4 times the amount this year

    I've never had large amounts of money in cu for the simple reason they always had a dividend of just 1%. They did however pay a rebate if 6% on the amount you paid back through loans you have with them. Not sure how they calculate vthis though and can vary from cu to cu


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    #5
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    the CU movement isn't one for depositing large sums in the hope for a return. If your friend has money on deposit for this reason only then she really needs to look at other savings products on the market.


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    #6
    Yorker
    Closed Accounts Posts: 164 ✭✭Yorker


    D3PO wrote: »
    the CU movement isn't one for depositing large sums in the hope for a return. If your friend has money on deposit for this reason only then she really needs to look at other savings products on the market.
    its not for that but a dividendwhich is one quarter of before is a lot


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    #7
    dobsdave
    Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    Yorker wrote: »
    its not for that but a dividendwhich is one quarter of before is a lot

    what year(s) are you comparing to?


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    #8
    Toulouse
    Registered Users Posts: 2,413 ✭✭✭Toulouse


    They used to be an awful lot better. I think I was getting around 4% about 10 years ago, now I'd be lucky to get 1%

    The Credit Union is not the place to be saving. Your friend should check out http://www.consumerhelp.ie/compare and pick a product that offers her a better interest rate and suits her needs, be that a lump sum deposit or a regular savings account.


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    #9
    Yorker
    Closed Accounts Posts: 164 ✭✭Yorker


    dobsdave wrote: »
    what year(s) are you comparing to?
    2007 /2008


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    #10
    dobsdave
    Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    Yorker wrote: »
    2007 /2008

    I think rates everywhere have changed for the worse for savers since 2007 to be fair.


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