Union savings or gmb savings ?

[Deleted User]

Recently been looking into savings and ways to actually save.

Have been told about ‘union’ savings and a Gmb union?

What’s the difference, what do they offer separately? And what would be the best to go with ?

Thankyou

Zanderman

I think you need to give a few more details. What 'union' savings have you been told about?

GMB is a big trade union, and they do run a credit union for members with fairly good interest rates for savers - e.g see https://www.gmbcreditunion.com/Easy-Access-Member-Savings

But you need to be a GMB member first.

Re 'ways to save' in general have you read the guidance on this site? it's at https://www.moneysavingexpert.com/savings/

Zanderman

Just realised, further to my earlier reply, that you are probably generally taking about Credit Unions, not Unions as such. Some Unions do run Credit Unions, as i posted above.

But most Credit Unions are allied to areas or other links - a 'common bond' that you need to be part of to be able to join them.

Try here for a guide to most of them: https://www.findyourcreditunion.co.uk/about-credit-unions/

And here for the MSE guide: https://www.moneysavingexpert.com/loans/credit-unions/

[Deleted User]

Yes sorry, credit unions, should of elaborated a bit further into that.

Zanderman

You'll find Credit Unions vary a lot. Some local ones offer only a nominal 'dividend' to savers but some offer competitive fixed rate savers.

So, for example, my local geographic one offers an annual divi of less than 0.5% (usually much much less). I'm a saver member of that but only put a nominal amount now and then to be supportive to those borrowing, not because it's good savings.

But, in contrast, I have several £1000 in Retail Credit Union on a 2 years 3% fixed rate, as that is really a good savings rate. Sadly that 2 year rate is now closed to new money. And you need to prove you work in retail to be a member, so it's of no interest anyway if you don't.

GMB Credit Union's easy saver 2.1% looks competitive, and they aren't too fussy about who can join - but you do need to pay your monthly union membership (£13.70 per month!) too, so it's probably only competitive if you're already a GMB member.

Another fairly competitive one is My Community Bank who have a fairly broad common bond. https://www.communitybanknetwork.co.uk/savings

Bear in mind they do go bust now and then, though savings to £85000 are protected under FSCS. The Welsh version of My Community Bank went bust fairly recently I think.