Any benefit of having 2 credit union accounts?

jayjay2010

I have 2 credit union accounts. One that I opened years ago, I used them before for loans etc. Great relationship with them.

The second one I opened in more recent years as I moved address and wanted a local credit union. Never borrowed any money from them but I save there regularly (no plan to borrow in near future).

I don't need 2 so I'm thinking of closing my old account as I no longer live anywhere near that area any more and I don't use the account much at all. However, I did have a good relationship with them (loans in the past etc).

Do credit unions differ a lot from district to district or are they pretty much the same thing? I'm happy with my newer one but I've never had to borrow form them.

Nekarsulm

There is a limit as to how much they will allow you save ( or rather, how many "shares" you can hold)
I think it's either €80,00 or €100,000.
Go over that, and they'll hassle you to reduce your account.
Two accounts in different CU's might allow you keep all your savings in the CU family.

JTMan

Nekarsulm wrote: »

There is a limit as to how much they will allow you save ( or rather, how many "shares" you can hold)
I think it's either €80,00 or €100,000.

It varies from CU to CU. Some CU's have a cap as low as 15k.

phormium

Our local has a cap of 30k in savings.

Whether it's a benefit having two or not would kind of depend in are they both similar in their offerings, for example some bigger ones do big loans similar to mortgages etc, smaller ones may have more limited amounts/purposes.

So kind of depends what you might need them for in the future.

Nekarsulm

JTMan wrote: »

It varies from CU to CU. Some CU's have a cap as low as 15k.

Not that it'll ever bother me ! but the Civil Service one has an €80,000 cap and refuse to do house loans...

bobbysands81

I thought you were only allowed be a member of one credit union?

jayjay2010

Thanks for the replies.

The deposit limits don't bother me too much - I also have saving accounts with traditional banks.

I've noticed that different credit unions have different offerings - including different interest rate loans.

I think I'll go ahead and close my old account. I haven't lodged money in there in over a year so there is really no point in having it there.

Thanks again!

phormium

bobbysands81 wrote: »

I thought you were only allowed be a member of one credit union?

Once you fall within the 'common bond' it's ok and lots of people would have one at their home address and access to a work one too.