My Community Credit Union

Burt588

Just for people to be aware, I signed up for the My Community credit union saver - 5%.
Its as follows:

• 5.01% AER for balances from £20,000 and over
• 2.5% AER for balances from £1,000 to £20,000
• 0% AER for balances from £0 to £1,000
  

However, when I logged on to the site, I noticed there is zero additional security measures on there. No Multi-factor authentication, not even a password check, i.e. 1st, 5th, 8th letter kind of check.
Now, i take my security seriously, I have anti-virus suite which scans for keyloggers etc but this makes me nervous, particularly as I'm planning to put some of my life savings in it.
Anyone else have experience of My Community bank?
As a credit union, I appreciate that theyre a small operation and I wanted to give them my business, so Im happy to wait longer for transactions to be processed but security, for me, is non-negotiable.

gt94sss2

Yes, I have used My Community Finance and found them and their security perfectly fine.

You can only deposit/withdraw to a nominated external account and if trying to make a withdrawal, they email you a security code you need to enter.

tunde10

gt94sss2 said:

Yes, I have used My Community Finance and found them and their security perfectly fine.

You can only deposit/withdraw to a nominated external account and if trying to make a withdrawal, they email you a security code you need to enter.

Agreed. There's not much to be worried about if you can only withdraw to your nominated bank account.

PRAISETHESUN

Depends on what other info is visible in the online portal. Even if you can't transact, there could be name/address/security info visible, which could then help a criminal do something naughty...

masonic

I would tend to avoid such operations due to the higher risk of failure and complexity (subcontracting of services). Failure of credit unions is not all that uncommon. The rate does little to compensate for this either.

I was happy to stick a few quid directly into a credit union for the prize saver scheme, but that's about it.