Warning that some Credit Unions won't be paying dividends

Where did you get 4 out of 24? Cannot find on the link you have posted above. Am I misreading something? In fact the link is misleading as a guide to where best interest available. Cannot see National (UK) who are offering the second best rate at the moment (3.55%). Regarding interest in credit unions, each individual credit union will be different. Some undoubtedly will pay no interest, but some will pay dividend of up to 2%. Cannot see any go above that but will have to wait until November/December for confirmation. Until them nobody can say what any individual credit union will pay.
 
9 out of 18 banks are paying 1% or less on demand deposit accounts. The bigger ones, where most people have their ordinary deposit accounts are paying 0.01%. EBS is paying 0.03% Yippee.

3 of them don't do demand deposit accounts and lots of them have special terms and conditions.

But anyway, we'll see in November/December, how the credit unions stack up against the above. Until then, it's only speculation or rumour mongering to state otherwise.
 
oldtimer said:
Where did you get 4 out of 24? Cannot find on the link you have posted above. Am I misreading something?
Click to expand...

Ooops, that should be 5 out of 24. Read the Demand (A.E.R.) column; 5 are listed as 0.01%.

mac2 said:
9 out of 18 banks are paying 1% or less on demand deposit accounts. The bigger ones, where most people have their ordinary deposit accounts are paying 0.01%. EBS is paying 0.03% Yippee.

3 of them don't do demand deposit accounts and lots of them have special terms and conditions.
Click to expand...

True, but these rates are available to the public - If they're happy to accept with 0.01% that's their own choice. Credit Union Dividends are a case of "Past performance isn't an indication of future performance". As you say, we'll know in a few months!
 
The financial regulators annual report is chilling reading. It is quite clearly worried sick about the credit union sector having provided details of what 2008 was like it is warning 2009 will be just as "challenging". Meanwhile 80 credit unionists including the entire board of the ILCU and some CUDA luminaries jetted off to Barcelona for their annual junket to the world conference of credit unions. Many have fond memories of similar junkets to Calgary, Rome, Hong Kong and the Carribbean -and are no doubt looking forward to next years jaunt to Las vegas. The cumulative cost of these junkets is well over €1m with absolutely nothing to show for what is allegedly a development opportunity - instead credit union members are told that the trip is some form of compensation for hard working unremunerated voluntary directors.
 
So, given that Irish nationwide are currently offering 3.75% on deposits up to 20,000, do I take that 'bird in the hand' rather than the 'two in the bush' of taking a chance on my credit union paying more than that rate?
 
dobrien64 said:
So, given that Irish nationwide are currently offering 3.75% on deposits up to 20,000, do I take that 'bird in the hand' rather than the 'two in the bush' of taking a chance on my credit union paying more than that rate?
Click to expand...

IMHO - very few CUs will pay anything approaching 3.75%. However, I also believe that the 3.75% is a short term offer and will fade away very soon, i.e. when the NAMA bonds are issued. If return is your only goal, the answer is obvious.


Slim
 
Last edited:
You must log in or register to reply here.
Back
Top