Credit Unions: Official MoneySavingExpert.com Discussion

asdavies · 14 December 2018 at 2:03PM

I have joined the "My Community Bank" Credit union - currently offering 2.05% for a fixed year (was 2.2% when I applied!) But am worried about whether money is really safe - especially if I put a largish sum there (not more than FSCS limit). Is it really as safe as a bank?

antrobus · 14 December 2018 at 2:14PM

asdavies wrote: »

I have joined the "My Community Bank" Credit union - currently offering 2.05% for a fixed year (was 2.2% when I applied!) But am worried about whether money is really safe - especially if I put a largish sum there (not more than FSCS limit). Is it really as safe as a bank?

Yes. FSCS protection apples. And has applied, since there has been a steady stream of credit unions failing over the past few years.

shelp0380 · 20 May 2019 at 12:16AM

I would like to know if I have the right to complain about my old account with clockwise credit union after they just shut my old current account for owing just £15 with no real help that I did pay but wasn't til after they shut it i rang them and and went into the bank to try asking them for help as I was and still am on benefits and in financial difficulties they basically told me there was nothing they could do to help me and that the account have been shut down I havetried since then to go onto my account online and also by phone unfortunately I've forgotten my password but I get as far as as password which is indicating to me that my account is still active
I have recently been giving credit unions details from Leicester city council as they have advised me to try and get an account through them I have tried to explain to them what the situation is and they seem to think that I may have some form of income complaints to put forward as they could have help me prevent a situation that work as worsened in my financial status