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Savings - Credit Union VS AIB

  • 08-06-2018 3:41am
    #1
    niva*sis
    Registered Users Posts: 309 ✭✭


    Hi All, 
    I am saving towards buying my first home. I have some savings but want to save for another year. I am living abroad at present and want to transfer the funds back to Ireland. (will continue to save abroad for another year) Reason i am wanting to send some back now is because the rate is really starting to decline and looks like it will get worse. 

    My question is where is the best place for my savings back in Ireland, is it the bank (AIB) or the credit union?  When i do go for my mortgage it will be through the bank but i want my savings where they are out of reach and not to dip in and out.  (i am disciplined with savings) but just find that online banking might be too easy for me where as i rarely go on my credit union online account. 

    Just wondering what others might do with their savings.. Ive had a credit union account for years.  Also if i do put the savings in the credit union will that make any difference if i try get a mortgage from the bank? 

    Thanks. :)


Comments

  • #2
    NIMAN
    Registered Users, Registered Users 2 Posts: 33,777 ✭✭✭✭NIMAN


    You'll get next to no interest on savings no matter where you have them, so from that point of view its more or less irrelevant, unless you are talking about saving huge sums of money.

    If you are able to show savings and that you can save well, I don't think it will matter where your money is, be it a CU or a bank account. Although if I was going to go to a bank next year and look for a mortgage, I'd probably be more inclined to put it in a bank.

    You say you might be tempted .... then don't get an ATM card account, and don't set it up online.

    If you are saving for a mortgage and are serious about it, then you will have to be disciplined and leave it alone.


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