Suspected of money laundering?

Zanderman

Ash_Pole said:

Choccyface2021 can you tell us who this CU is? I'm interested if I can get 2%+ on an 85k deposit.

choccyface2021 said:

Certainly, it’s Commsave. 

Commsave, like most CUs, pay dividends not interest, and there are no guarantees on what those dividends will be. 
Their dividend of 2.25% seems high, and I'd be surprised if they can keep that up.
My experience of CUs (I'm a member of three) is that most pay much lower dividends, much less than 0.5% in recent years.

Edited to add:  Though, reviewing Commsaves' recent performance (from their 2020 Annual report here: https://www.commsave.co.uk/assets/public/AGM-Booklet-2020.pdf) it seems they've kept up a 2% dividend or more for several years.  Which is remarkable!

2016  2.25%

2017  2.25%

2018  2.50%

2019  2.25%

2020  2.25%
I'm obviously in the wrong CU!

colsten

Now that this is on MSE, it’s almost guaranteed that Commsave won’t be paying a dividend like this again.

Zanderman

colsten said:

Now that this is on MSE, it’s almost guaranteed that Commsave won’t be paying a dividend like this again.

Just read that their proposed divi for 2021 is only 1.5% so it's already happening anyway!

choccyface2021

Zanderman said:

Ash_Pole said:

Choccyface2021 can you tell us who this CU is? I'm interested if I can get 2%+ on an 85k deposit.

choccyface2021 said:

Certainly, it’s Commsave. 

Commsave, like most CUs, pay dividends not interest, and there are no guarantees on what those dividends will be. 
Their dividend of 2.25% seems high, and I'd be surprised if they can keep that up.
My experience of CUs (I'm a member of three) is that most pay much lower dividends, much less than 0.5% in recent years.

Edited to add:  Though, reviewing Commsaves' recent performance (from their 2020 Annual report here: https://www.commsave.co.uk/assets/public/AGM-Booklet-2020.pdf) it seems they've kept up a 2% dividend or more for several years.  Which is remarkable!

2016  2.25%

2017  2.25%

2018  2.50%

2019  2.25%

2020  2.25%
I'm obviously in the wrong CU!

Exactly! I think you need to get signed up. Also have a look at their Prizesaver account, I won an extra £20 recently and their app is fab. 

colsten

choccyface2021 said:

 Also have a look at their Prizesaver account, I won an extra £20 recently and their app is fab. 

AFAIK, PrizeSaver Pilot has now ended. Have you seen any extension, or any announcement that it's become a permanent feature?

choccyface2021

colsten said:

choccyface2021 said:

 Also have a look at their Prizesaver account, I won an extra £20 recently and their app is fab. 

AFAIK, PrizeSaver Pilot has now ended. Have you seen any extension, or any announcement that it's become a permanent feature?

That’s a shame!

6022tivo

I went to apply, but then saw this....
Bit sad and discriminatory, I have no intention of being a Unite Union member to try and help a credit union. 

You are eligible to become a member of Commsave if:

You live or work in the NN post code area

OR

You work for one of the companies listed below

OR

You are a member of Unite the Union

colsten

6022tivo said:

I went to apply, but then saw this....
Bit sad and discriminatory, I have no intention of being a Unite Union member to try and help a credit union. 

You are eligible to become a member of Commsave if:

You live or work in the NN post code area

OR

You work for one of the companies listed below

OR

You are a member of Unite the Union

This is totally normal for Credit Unions. They serve a local community, or a community with a common bond. You should be able to find a Credit Union which would welcome you.

 If you are red hot on becoming a Commsave member, you could join the Unite Union (for a fee, no doubt) or apply for a job at one of the companies they list, or move to NN.....

Sea_Shell

Are credit union accounts seen in any way detrimental to your credit score/history, if your saving with them, rather than borrowing?

underground99

Sea_Shell said:

Are credit union accounts seen in any way detrimental to your credit score/history, if your saving with them, rather than borrowing?

An account that doesn't allow you to go overdrawn wouldn't be on your credit report. If it does have borrowing facilities, it would be on your report along with other lenders. 

A prospective lender reading your credit information could consider the types of organisations with whom you choose to establish credit facilities. So maybe some would turn their nose up at people who need to resort to using payday lenders for example.

A more paranoid person might worry that a lender being told they had an account with a local credit union may see it as being less prestigious than the likes of Coutts, and fear for their reputation. But probably the lender doesn't care.