South warks credit union

elliesmemory1

Is anyone a member of south warks credit union? if so how do you find them? After a phone conversation they seem a bit vague and disorganised to me. Any onehave any expeience of them?

DCFC79

What were they vague about ?

Could have been the person you spoke to was disorganised.

elliesmemory1

Well yes, that was the problem. Was ringing up about joining etc and it just seemed quite complicated. just wondered if anyone else a member.

AlexMac

Don't know about the Southwark one, but the CU in the neighbouring borough of Greenwich seemed very organised when we invested a few hundred quid with them a few years back. And as they are a co-operative, they're a good alternative to Banks (and less inclined to rob you blind!). And covered by the Financial Services Compensation Scheme, so bombproof. Don't know what their inrterst rates are like which is waht really matters

jonesMUFCforever

OP - you might get a better response from the Savings board - this is for loans.
If you are looking for a loan from a credit union where you have no savings I don't think you will get very far.

SnowTiger

AlexMac wrote: »

Don't know about the Southwark one, but the CU in the neighbouring borough of Greenwich seemed very organised when we invested a few hundred quid with them a few years back. And as they are a co-operative, they're a good alternative to Banks (and less inclined to rob you blind!). And covered by the Financial Services Compensation Scheme, so bombproof. Don't know what their inrterst rates are like which is waht really matters

My main gripe with credit unions is that they seem to be entirely geared up to lending and show very little interest in, and pay very little interest to, savers.

The South Warwichshire Credit Union hardly mentions savers, but borrowers are catered for with a special link on their main menu.

And even when savers are acknowledged, they're generally let down by poor interest rates.

Greenwich Credit Union paid a paltry 1.25% on savings last year and even that isn't guaranteed:

By law we cannot pay a guaranteed interest rate on savings. Instead we pay an annual dividend which is agreed by members at the Annual General Meeting. Last year we paid 1.25% on adult savings and 5% on junior savings.

The 5% I've received from the robbing folk at Santander was far more attractive. Unfortunately that deal comes to and end this month for me, but I don't have to look too hard—or far—to beat 1.25%.

bigadaj

Snow tiger I don't think you are their target audience. They aren't a commercial organisation and the concept is to show that if people are disciplined enough to save for a period they will then benefit from access to loans, and have learnt the disciple to repay those loans.

elliesmemory1

Just found out they have gone in to liquidation.

antrobus

bigadaj wrote: »

Snow tiger I don't think you are their target audience. They aren't a commercial organisation and the concept is to show that if people are disciplined enough to save for a period they will then benefit from access to loans, and have learnt the disciple to repay those loans.

Yes, that would the problem with a lot of credit unions; they fail to realise that they are commercial organisations and act accordingly.

Hardupandfedup wrote: »

Just found out they have gone in to liquidation.

And that's what happens.

http://southwarwickshirecreditunion.wordpress.com/