Re: Deposit Protection -
There is a trade body, the Irish League of Credit Unions (ILCU), which runs a stabilisation fund to provide discretionary support to troubled credit unions. It might, at its discretion, compensate savers up to €12,500.
The scheme, which is called Savings Protection, is unregulated and only open to participation of its member credit unions. Some credit unions aren’t members and do not participate in the scheme.
Deposit rates can be quite good in some credit unions, just ask in you local cu
Can they not tell you the deposit rate up front but cannot tell you the dividend rate until the end of year AGM?You can ask all you like, but they can't tell you the deposit rate until the end of the year - right?
Can they not tell you the deposit rate up front but cannot tell you the dividend rate until the end of year AGM?
So the deposit rate will be known now for another 10 months but the dividend is only declared at (financial or calendar?) year end?
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