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Credit Unions

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Strangely, MoneySavingExpert is quiet on this topic and I want to share with everyone the benefits. I found one but I'm not allowed to post a link to a MSE page >_> it was a newsletter back in January.

With lloydstsb on my current account, I get a savings interest rate of 2.2%.
With my credit union account, I can get up to 8% (although it often works out between 3 and 5%).

With my highstreet bank account I can't get a loan even if I gave them all the money up front in advance ¬_¬
With my credit union I can get or loan small amounts quite quickly and easily, often beating payday loans. I recently asked for £50 for two weeks, they said: "Fine...we'll charge you uh...25p...would you mind doing it online so we can actually make some money?" Now for a payday loan...how much are you looking at?

Don't be mislead that Credit Unions aren't protected. They are protected AND they can even provide debit cards, online and telephone banking, I know mine does.

Now. How do you find them.

Step 1: Google.co.uk
Step 2: Type in your location plus the words "Credit Union"
Step 3: Sign up and do your local community some good!
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When judging if ATOS were fit for work, it looks like they self-assessed. //Rant-Disclaimer End.

Comments

  • Your post prompted me to go looking. Not sure I found anything useful.

    My local credit union is United Savings & Loans Hampshire Credit Union.

    Their interest rates for savings were ...

    Cash 1.25%
    All other savings accounts 0.25%

    Their interest rate for a £5000 loan (went for maximum they would allow) was 24% - which is very high indeed.

    From the content of the website, I kind of got the impression that savers were expected to view their low returns as a sort of charity donation - I already view the interest rates of ~3.1% when reported RPI is raging ahead at ~5% and actual RPI on the street is closer to 8%, as more than enough charity donation - the charity being the banksters.

    Have I missed something here ?
  • Mikeyorks
    Mikeyorks Posts: 10,377 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Ravenshade wrote: »
    Strangely, MoneySavingExpert is quiet on this topic

    Not if you look in the right place. The main site is where you look for such articles :

    http://www.moneysavingexpert.com/banking/credit-unions
    If you want to test the depth of the water .........don't use both feet !
  • joerugby
    joerugby Posts: 1,180 Forumite
    Part of the Furniture Combo Breaker
    Our local credit union charges interest at 1% per month on loans of over £2,000
  • Milarky
    Milarky Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    beamer007 wrote: »
    Your post prompted me to go looking. Not sure I found anything useful.

    My local credit union is United Savings & Loans Hampshire Credit Union.
    Snap! We were merged into that last month!
    Their interest rates for savings were ...

    Cash 1.25%
    All other savings accounts 0.25%

    Their interest rate for a £5000 loan (went for maximum they would allow) was 24% - which is very high indeed.

    From the content of the website, I kind of got the impression that savers were expected to view their low returns as a sort of charity donation - I already view the interest rates of ~3.1% when reported RPI is raging ahead at ~5% and actual RPI on the street is closer to 8%, as more than enough charity donation - the charity being the banksters.

    Have I missed something here ?
    I think you missed were they informed existing US&L members they would be charged 44p on every deposit they make from January on. It just so happens IWCU [which has been merged into US&L] were already charged that on all their deposits but US&L members weren't being for amounts up to £50 [apparently] prior to this.

    But even @44p per deposit via PayPoint card you can still pay in £200 [maximum at terminal] using a credit card as method of payment at [I should say certain] co-op food stores with terminals. This can turn (say) your 0% purchases card into a low-fee [<0.25%] 0% balance transfer card. Just contact the CU a few days after making the deposits and withdraw the amount deposited less fees.
    .....under construction.... COVID is a [discontinued] scam
  • thenudeone
    thenudeone Posts: 4,462 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    beamer007 wrote: »
    Their interest rate for a £5000 loan (went for maximum they would allow) was 24% - which is very high indeed.
    Have I missed something here ?

    24% pa may be high to you but it is still much much lower than other finance available to people with low incomes and poor credit records.

    Wonga's representative APR is an absolutely unbelievable 4214%. No - that is not a misprint. it's four thousand percent.
    https://www.wonga.com/

    So - in perspective, Credit unions provide a good service to some people.
    We need the earth for food, water, and shelter.
    The earth needs us for nothing.
    The earth does not belong to us.
    We belong to the Earth
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