Dot ComUnity Credit Union - ISA

Ed-1

MRMX9 wrote: »

Just an update but this credit union is also releasing some new longer term fixed rate cash ISAs from 1 July.

The 3% one year fixed rate remains available – but they are also launching a 3.25% 3 year rate (1% higher than the current best buy from the Nationwide) and a 3.5% 5 year rate which is 0.75% higher than the Leeds best buy account (which doesn’t accept transfers).

The 5 year fixed rate has a penalty of one years interest if you withdraw before the end of the term and the 3 year rate 240 days.

http://www.dotcu.org.uk/creditunion/savings/isa.html

The 5 year rate is 3.75%:

http://www.dotcu.org.uk/creditunion/savings/isa.html

MRMX9

Ed-1 wrote: »

The 5 year rate is 3.75%:

http://www.dotcu.org.uk/creditunion/savings/isa.html

Sorry - even better!

SparklesJD

Just to jump in here, I work in (a different) CU (we're all independently run) and DotCUCU are known within the CU community, they are legit

As a previous poster said, CUs struggle to get members as we're not well known and in financial services, knowledge is trust.

Many CUs don't have budgets or resources for marketing and there is often a reliance on volunteers - we are careful with our members' money.

Because we rely on the money saved with us to form the capital for loans and have a general ethos of encouraging saving, we often have very generous rates. If we reduce them, it's usually because loan volumes aren't keeping pace with capital and we lose money unless we get our money 'working', i.e. loaned out, as we can't invest it in the same way as a bank.

Gizmo70

Another note on the new ISAs from the 1st July, I spoke to DotComUnity in the week and you would be able to transfer from the 1 year to either the 3 or 5 year without losing the 90 days interest.

FOREVER21

Opened an account yesterday morning after much deliberation, sent £5 and £12 by bacs, I have checked my account this am and the share £5 does not show.

I have e-mailed and asked for clarification.Fortunately I have not sent my Isa money yet.
I hope this is just a glitch in their system, and yes I know it is fscs protected but I still have my doubts as to wether to trust them with my Isa. If this is typical of their standard of service I might just stay with a tried and tested main stream organisation.

I will update when(if) I get a response.

Archi_Bald

In my experience, their communication is excellent. Their systems seem to require manual intervention, so it can take a couple of days for money to show in your accounts.

If you are desperate and can't wait for an email or until your fiver shows, why not pick up the phone and talk to them?

NB. you haven't sent anything by BACS since BACS hasn't been available to retail customers for several years now. You have used Faster Payment.

FOREVER21

Archi_Bald wrote: »

In my experience, their communication is excellent. Their systems seem to require manual intervention, so it can take a couple of days for money to show in your accounts.

If you are desperate and can't wait for an email or until your fiver shows, why not pick up the phone and talk to them?

NB. you haven't sent anything by BACS since BACS hasn't been available to retail customers for several years now. You have used Faster Payment.

Re your last point a tad pedantic I think! I only quoted. BACS as that is what they called it, so it seems they can not get that correct as well, just what type of financial set up is this?

NB No reply from them yet perhaps I will telephone.

SparklesJD

'BACs' is now just a generic term, Forever, I wouldn't worry about it too much. Everyone I've worked for, and with, still call bank transfers a BACs transfer, although it is technically a 'Faster Payment'

Archi_Bald

BACS isn't just a generic term, nor is it the same as Faster Payments, "technically" or otherwise.

If you care to understand what each of them does and what the differences are, you can read up about it: http://www.bacs.co.uk/BACS/CORPORATE/CORPORATEOVERVIEW/Pages/Overview.aspx

FOREVER21

Archi_Bald wrote: »

BACS isn't just a generic term, nor is it the same as Faster Payments, "technically" or otherwise.

If you care to understand what each of them does and what the differences are, you can read up about it: http://www.bacs.co.uk/BACS/CORPORATE/CORPORATEOVERVIEW/Pages/Overview.aspx

Good grief, life is far too short to go into the far ends of a fxxt Bacs or faster payments as long as the money gets to the correct place who cares. A Rose by any name ----etc.