Credit Union reducing savings/deposit limit

andrew1977

Hi
My local credit union has wrote to me advising that from August they are limiting the amount of savings/deposit held on account.

I now have to look at options to move a decent chunk of savings to another institution for safekeeping .

It would be a large amount to transfer into my regular banking amount, what other options would people recommend i look into and would not cost me a lot in maintenance fees/charges etc ?

Thank you

GerardKeating

Have you considerd State Savings.

Not sexy, but certainly better return than the Credit Union.

andrew1977

GerardKeating wrote: »

Have you considerd State Savings.

Not sexy, but certainly better return than the Credit Union.

Thank you , i will certainly check that out , i am not one for risking money/savings on investments, this could be a very good safe secure place to keep it for the next few years, no charges also a big plus.

Spocker

Stave Savings are guaranteed, theres no investment risk. If you fancy checking every Friday, there is also Prize Bonds

andrew1977

Spocker wrote: »

Stave Savings are guaranteed, theres no investment risk. If you fancy checking every Friday, there is also Prize Bonds

Thank you . Might throw a few quid into that as there’s no risk to it .

newuser99999

If you have a family member that’s a member of a credit union nearby I’ve found typically you can join that one too. Or if you have a family member who works for HSE you can join their credit union.

Jim_Hodge

newuser99999 wrote: »

If you have a family member that’s a member of a credit union nearby I’ve found typically you can join that one too. Or if you have a family member who works for HSE you can join their credit union.

Not much addition as all Credit Unions are trying to reduce deposits. They're also paying little or no dividends. It's not worth moving money to another CU. If you want safe and risk & tax free throw a lump in to State Savings

Mongfinder General

Spocker wrote: »

Stave Savings are guaranteed, theres no investment risk. If you fancy checking every Friday, there is also Prize Bonds

Guaranteed by who?

jimmycrackcorm

Mongfinder General wrote:

Guaranteed by who?

By the state...

Spocker

jimmycrackcorm wrote: »

By the state...

And heres the link to back that up: https://www.statesavings.ie/about-state-savings

1874

If you have any debts you could pay them off, subject to their Ts&Cs, that could save money.
I wouldn't use up the entirety of liquid savings, just the most expensive ones, so possibly not even mortgage, just personal loans or unsecured debts.