Saving with Credit Unions

[mish1953]

Hi,

Has anyone got any experience of saving with credit unions ?

If all goes to plan I will have some money left at the end of the month, you know the stuff laid aside for things like car tax, car repairs, clothing .. longer term stuff from the I & E list .

I've been thinking of the best way to lay the money aside , maybe coop savings account etc , and have been reading about Credit Unions , turns out that there is one based in Ipswich .
I dont intend to use credit again but I do like the idea of a locally based savings account where the money gains some interest and can be used ethically.

I have been reading up a bit on the web but dont know anyone who is a member of one .

Are they safe ?

Slainge
Mish [:D]

[Skippy]

I don't know a lot about them Mish, but what I have heard has been good. It all sounds like a good idea to me - I might see if there is one around here.

Just out of interest - have you already got a Co-op savings account? I tried to open one a couple of weeks ago and they refused me as I'd failed their credit scoring!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[mish1953]

Nope - just got my basic current account.

Thats weird - you would think that they would be happy to let you have a savings account !

Its not like you can run up a debt with a savings account ..

The credit union thing sort of appeals to me as the money is used to help people and educate them about money.

Thay also seem to do sensible loans which would help protect my savings .

[Skippy]

I can't believe they actually credit scored me for a savings account!

I've been looking on the Credit Union website and I'm quite interested - I've just got to try an find one around here. Being lazy I hoped you could search by postcode, but no!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Keepingmyheadabovewater]

hi skippy how come now if you want a savings account
eg cash isa you have to go though a credit check i transfered by from a building society to a bank but i got the credit score to do it

JOHN

[Skippy]

No idea John. I didn't think they would credit score me for that. I have a Nationwide account that I can use to keep the money in, but it would have been nice to have it alongside my current account!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Keepingmyheadabovewater]

i have a gold bank account at natwest and opened a cash isa up with them had to go though credit checks and it came up ok filled in forms and the account opened and its linked to my gold account can i say something skippy can you let all people in the forum know if you have a savings account and close it down for some reason you have to hand that money as part of your iva

JOHN

[MelanieGiles]

Credit Unions provide a very safe and reliable method of saving, just don't be tempted by the credit facility which is also likely to be offered to you.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Skippy]

Sorry John, I don't know the answer to that one. I suppose it would depend on why you were closing the account.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[mish1953]

Thanks Melanie,
Im only looking at the savings side, no intentions of ever using credit again unless the sky falls down ...

slainge
Mish

[hallway]

Hi Mish my husbands in credit union at work has been for years, has £15 week taken out of his wages (iva mine only)he doesnt even miss money now and every xmas we have about £800 for all kids presents its great.

[Oliver]

Sounds like a good idea, just make sure that you can access the money easily enough in the case of an emergency.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[lenalena]

Hi Mish

Credit Unions offer secure savings and they also have to be registered with the FSA.

Not had any dealings with Ipswich and Suffolk Credit Union but they are registered with Abcul and their FSA Number is 213756 and have 1142 members (quite large in Credit Union terms)


Kind Regards, Lenelena

[Adam Davies]

Hi
Great info Lenalena,thanks
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[mish1953]

Thanks Lena
I have had a wee look at their web site and will make some enquires with them

thanks for info all

slainge
Mish