ISA savings at 3% and do some good

beachsylv

Hi

While the credit union has been highlighted by moneysavingexpert for providing low cost and ethical loans, they are also a good place for savings. They currently have a rate-beating ISA available at 3% interest.

I registered with the london mutual credit union last year but really just wanted to deposit my savings with them so the money could be used to save people from being fleeced by the big banks. Admittedly, they don't make it that easy for you to transfer your ISA (I had to email them to post the forms out to me) but I feel it's a win-win way to support ethical banking.

(I would have provided a link but as a new user i am not allowed to - google search comes up with LMCU)

Arthurian

Thanks, Beachsylv.
http://www.creditunion.co.uk/ is the link for London Mutual Credit Union.

They are registered with the Financial Services Register, so money is protected. Unfortunately, London Mutual Credit Union will only accept your money if you live, work or volunteer in Lambeth, Southwark or Westminster. Maybe worth searching what credit unions offer in MSE'ers local areas, though.

Reaper

Here is the MSE article on Credit Unions which inlcudes links to find ones near by.
http://www.moneysavingexpert.com/banking/credit-unions

innovate

http://forums.moneysavingexpert.com/showpost.php?p=60647159&postcount=3333

thesaver79

I've registered with Credit Union today and now I need to send a proof of identity and address.

I wonder how long it'll take them to confirm my membership number so that I can transfer my ISA with them.

beachsylv

Apparently all accounts take 10 working days to open.

If you open the account in branch, you can complete an ISA opening/ transfer form at the same time.

But if you opened your account online, you need to email to request the ISA transfer and ISA opening forms to be posted out to you. It takes a further 10 days from when they receive these forms to get the account open so you can transfer in the money.

*sigh*

beachsylv

Wow, thanks MSE -I have now applied for a cash ISA from North London Credit Union which pays 4% on savings up to £15,000 for those that live and work in North London.

*can't wait to tell friends and family* :rotfl:

ladylouise62

I never though to look at credit unions. Unfortunatley my local one doesn't do ISAs. My OH lives in North London, so I've told him about his local one ... 4% is fantastic !!!!

beachsylv

The 4% rate account with North London credit union appears to have been withdrawn

DragonQ

Heh, my local credit union only has one savings account, which "aims" to pay 1.5%, with no guarantee. :rotfl:

Goldenyears

I have considered my local credit union in the past, but savings are limited to £10,000 and interest (or dividend as they call it) is not published on-line. It's announced annually at the AGM, presumably only open to members. However I may reconsider joining as a saver because they do a good job in the community.