Saving - CU vs State Savings

WrongWay

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Hi All,

First time poster. I am in the process of moving €10,000 to a long term deposit account. Want to put it away for around 4 years. Essentially narrowed it to two options -

State Savings (4 Year Term) - 4% return at end of 4 years.

Civil Service Credit Union - Uncertain return however dividend for past few years has been 1.5% (2011), 2% (2012), 1.5% (2013), 1.5% (2014).

Any advice on which to take?

Thanks.
 
Hi All,

First time poster. I am in the process of moving €10,000 to a long term deposit account. Want to put it away for around 4 years. Essentially narrowed it to two options -

State Savings (4 Year Term) - 4% return at end of 4 years.

Civil Service Credit Union - Uncertain return however dividend for past few years has been 1.5% (2011), 2% (2012), 1.5% (2013), 1.5% (2014).

Any advice on which to take?

Thanks.
Depending on your age, it might be worth maxing up your credit union savings to ensure max death insurance benefit. Morbid, l know. Other than that, not much in it unless you are DIRT exempt, taking the tax into account.
 
A Rabodirect 90 day notice account pays 1.7%, falling to 1.45% from 5th August. For me Rabo is more secure than either a CU or the Irish State and a fraction of a percent more interest from either wouldn't come close to tempting me.
 
Between our wonderful Goverment taking the dirt off the saver and other tax as well it doesn't make sense to put it in Banks.
 
I agree, it's just that under the mattress is not very safe. If the bank is going to be just for safe-keeping, I want it to be the safest one around, although there are no guarantees in the event of a bail-in. It could be that losses get socialised across all the institutions instead of just the bad ones -- I wouldn't put anything past a panicked/crazy government.
 
Have all credit unions got the same death benefit. As customers do we pay for this benefit. Any further information regarding benefits from credit union would be appreciated.
 
Have all credit unions got the same death benefit. As customers do we pay for this benefit. Any further information regarding benefits from credit union would be appreciated.
It is available to all credit unions which are affiliated to the Irish League of Credit Unions. The cost of the cover is charged to the expenses of the credit union so, yes, the membership pays for this. Death Benefit is usually a lump sum, €1,300+, while Loan Protection & Life Insurance depends on the amount of the loan and the level of savings, at various ages in respect of savings insurance, respectively. There may be some variance among credit unions in the level of cover in each category. You will usually find details in your CU's annual report posted to all members before AGM, or call the office.
 
It is available to all credit unions which are affiliated to the Irish League of Credit Unions. The cost of the cover is charged to the expenses of the credit union so, yes, the membership pays for this. Death Benefit is usually a lump sum, €1,300+, while Loan Protection & Life Insurance depends on the amount of the loan and the level of savings, at various ages in respect of savings insurance, respectively. There may be some variance among credit unions in the level of cover in each category. You will usually find details in your CU's annual report posted to all members before AGM, or call the office.


Thanks Slim. will check that out.
 
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