PrizeSaver anyone?

johnathan43

silly question - what are credit unions? Are they kinda like a building society?

masonic

johnathan43 wrote: »

silly question - what are credit unions? Are they kinda like a building society?

Yes, there are similarities with a building society. See https://www.findyourcreditunion.co.uk/about-credit-unions/

wmb194

"London Capital Credit Union = residents of some north London boroughs plus employees of various organisations
https://www.credit-union.coop/content.asp?section=250 "

This one actually has quite a wide net in the south east, covering quite a number of counties, and to join you simply need to be a member of the Co-op Group: see section two in the link. Apparently it costs one pound to become a member of the Co-op.

colsten

PrizeSaver now available at London Capital Credit Union https://www.credit-union.coop/content.asp?section=272

I can't figure out whether they'll pay any interest on that account.

masonic

colsten wrote: »

I can't figure out whether they'll pay any interest on that account.

It's not clear to me either, though in the general T&Cs of my CU it suggests they just make a distribution of any profits to savers based on the overall savings held, which historically has been a little over 0.5%.

I'm all set up now. As mentioned before, online access was instant, I was able to apply for the Prize Saver account straight away, account opened the following morning, and funded the day after.

quirkydeptless

I am joining Commsave Credit Union. I was expecting no interest, I was just after the prize entries, but here it says...

https://www.commsave.co.uk/savings/prize-saver

" Will I earn a dividend on my PrizeSaver account?
Yes, your PrizeSaver account will earn the same dividend rates as your other Commsave savings accounts."

And here it says

https://www.commsave.co.uk/savings/regular-savings

"Do I get a return on my savings? Our dividend for 2017 was 2.5% and over the past 3 years has been a fantastic 2%, much higher than instant access savings accounts at a bank!
Members receive a dividend based on their average weekly or monthly savings during the financial year. Following the preparation of the financial year end accounts for 30th September, the Board of Directors ask the members to approve a dividend. All surpluses after the deduction of operating costs and transfers to reserves, in line with legislative requirements, are returned to the members. This is added to your savings account with no income tax deducted at source."

Wow, really? :money:

colsten

quirkydeptless wrote: »

Wow, really?

That sounds really generous in the current climate! To the savers, that is. I wonder how much they charge for loans.

Brewer20

I'm in a credit union received a 2.5% dividend last January although that's not a gimme like actual fixed interest.
One thing that concerns me, maybe needlessly, having read the T&C's and the privacy statement from my CU re setting up this Prizesaver account, the HM treasury has view of any accounts you hold with the CU.


Thinking of setting one up alongside my other saver but now not sure.

masonic

Brewer20 wrote: »

One thing that concerns me, maybe needlessly, having read the T&C's and the privacy statement from my CU re setting up this Prizesaver account, the HM treasury has view of any accounts you hold with the CU.

HMRC already knows about all of the interest-bearing accounts you hold with financial institutions, so I don't really understand the concern with another Government department knowing about this specific account.

quirkydeptless

colsten wrote: »

That sounds really generous in the current climate! To the savers, that is. I wonder how much they charge for loans.

"Commsave charge just 1% each month (APR12.7%) on the reducing balance of your loan"

https://www.commsave.co.uk/loans/personal-loans