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Credit Unions
jrm
Posts: 150 Forumite
Can someone advise, in general terms, what sort of dividend or interest rate Credit Unions pay on deposits ? Are these deposits covered by the FSA ?
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Comments
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It varies from CU to CU. Generally their savings rates are pants.
Deposits aren't covered by the FSA, not least because the FSA no longer exists. What you are looking for is FSCS protection, and it will specify on the website of the relevant CU whether they are part of the FSCS.0 -
...but not always. Some of them make it into the MSE Top Savings Rates. More info here:It varies from CU to CU. Generally their savings rates are pants..
http://www.moneysavingexpert.com/banking/credit-unions
They often have a limited catchment area though.0 -
Last year's (covering 2012) 'divi' (interest on balance) was just 0.5%. The year before it was 1.5%, the year before 2%, the year before 4%. From this it appears that rates have therefore generally been 1 or 2% below what you could have got from a bank.
[HTH].....under construction.... COVID is a [discontinued] scam0
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