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Credit Union - Explain to me as if I was a 5 year old

  • 16-04-2018 2:20pm
    #1
    PresidentMike
    Registered Users Posts: 41 ✭


    Hi,
    I'm not familiar with the "Credit Union" concept. I understand they provide small loans and they operate somehow like a club...
    But can you open a savings account as you do with any bank?
    I need to move my kids' savings from RaboDirect and I'm considering the available options but unsure what return I get from Credit Union...


Comments

  • #2
    draiochtanois
    Registered Users, Registered Users 2 Posts: 2,655 ✭✭✭draiochtanois


    This post has been deleted.


  • #3
    Wheety
    Registered Users, Registered Users 2 Posts: 5,512 ✭✭✭Wheety


    I got 0.5% on my savings last year. And then paid 39% DIRT on that.

    But if you have a loan, my CU gave back 10% of the interest you paid.

    All CUs are different but I wouldn't imagine there'd be a huge difference.


  • #4
    PresidentMike
    Registered Users Posts: 41 ✭PresidentMike


    Wheety wrote: »
    I got 0.5% on my savings last year.
    Will this be the same in all CUs?


  • #5
    Wheety
    Registered Users, Registered Users 2 Posts: 5,512 ✭✭✭Wheety


    PresidentMike wrote: »
    Will this be the same in all CUs?

    No. You should be able to find your local one or one through your job and on their website they have probably published their annual report for 2017. You'll find the details there.


  • #6
    c6ysaphjvqw41k
    Closed Accounts Posts: 466 ✭✭c6ysaphjvqw41k


    This post has been deleted.


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  • #7
    MouseTail
    Registered Users, Registered Users 2 Posts: 1,663 ✭✭✭MouseTail


    Yes, you can open a savings account like with a bank. You must be part of the 'common bond', ie live or work in a particular area. Most have online banking, and some have ATM cards.

    The interest on savings tends to be low, but there are advantages such as easier availability of loans (subject to keeping some money on deposit), loan and savings insurance, no penalty for paying off loans early etc.

    I save with them as I like the idea of co-operative banking.


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