We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Mutuals - Am I missing something?

Options
13»

Comments

  • SparklesJD
    Options
    If she likes the concept of a mutual, has she considered a credit union?

    They're not-for-profit, have community financial inclusion goals and deposits are covered by the FSCS.

    The longer-term returns may not be as attractive as an investment product, but I've yet to see one that charges for junior accounts and the interest rates are fairly good - mine is paying 3.5%, for example.

    They only cover specific areas, so if she likes the sound of it, I'd suggest finding which cover her local area and what they offer at https://www.findyourcreditunion.co.uk
    Worker in, and passionate advocate of, the credit union movement. I don't speak for the sector or for any individual CU. My opinions & experiences are my own.

    Search MSE for more info about CUs and find ones that cover your area by searching online for 'find your credit union'.
  • planteria
    planteria Posts: 5,321 Forumite
    First Anniversary Combo Breaker First Post
    Options
    bowlhead99 wrote: »
    I appreciate you're not "most people" and the world would be boring if we all agreed on everything
    :)

    yes, good haha.. but yes, a TESP or RSP does not compound. the annual bonuses are calculated upon the Sum Assured - often c.the value to be paid in over time. it is as I have described above:)
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 344.3K Banking & Borrowing
  • 250.4K Reduce Debt & Boost Income
  • 450.2K Spending & Discounts
  • 236.4K Work, Benefits & Business
  • 609.9K Mortgages, Homes & Bills
  • 173.6K Life & Family
  • 249K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards