Problems with Fire Savers Credit Union!

flaneurs_lobster

I've got a few quid in my local credit union and it's certainly not there in the expectation of it making a profit or declaring a dividend (in fact it has done both for the last two out of three years). CU's are not really savings vehicles.

There must be a good reason for the OP to have 25K in this CU rather than a more orthodox savings account earning 3-5% pa.

xylophone

That refers to a dividend, not interest. Has a dividend been declared? The OP has confused things by using the terms dividend and interest interchangeably when they shouldn't be. If the standard account has paid a DIVIDEND in the period in question then yes, I'd definitely query it.

https://firesavers.org.uk/savings.php

We don’t pay interest on savings, instead as a not-for-profit business we can return a dividend to the members from any surplus we make. Dividends on savings accounts are calculated retrospectively and are declared and awarded annually at the Annual General Meeting.

eskbanker

flaneurs_lobster said:

I've got a few quid in my local credit union and it's certainly not there in the expectation of it making a profit or declaring a dividend (in fact it has done both for the last two out of three years). CU's are not really savings vehicles.

There must be a good reason for the OP to have 25K in this CU rather than a more orthodox savings account earning 3-5% pa.

They may not necessarily pay particularly competitive rates, but they're no less savings vehicles than banks and building societies are?  Without deposits they obviously wouldn't be able to offer loans and so on, so they do need to attract money, even if they do so more via their ethos than their returns....