Credit Unions vs Bank Building Societies Saving Accounts

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Cause I've got like a windfall to bank.

― Rumpie (lil drummer girl parumpumpumpu), Monday, 5 December 2005 12:37 (nineteen years ago)

UK or US?

― Ed (dali), Monday, 5 December 2005 12:40 (nineteen years ago)

I'll look after it for you if you like...

― Kv_nol (Kv_nol), Monday, 5 December 2005 12:40 (nineteen years ago)

― Rumpie (lil drummer girl parumpumpumpu), Monday, 5 December 2005 12:40 (nineteen years ago)

Stick some in a cash ISA for quick access and tax free savings. Stick some in premium bonds, they are tax free and the average rate of return is not bad (but not guaranteed and you do get the chance to win a million). May be stick a little in something a little more long term and high risk, an equities or bonds based ISA.

Get a tax free savings plan from a friendly society (this is not a lump sump investment, a gradual month by month thing, but tax free).

― Ed (dali), Monday, 5 December 2005 12:44 (nineteen years ago)

Yeah, I'm pretty sold on the ISA thing but a friend thinks I'm crazy for not taking on the idea of a credit union.

― Rumpie (lil drummer girl parumpumpumpu), Monday, 5 December 2005 13:02 (nineteen years ago)

I'd say Credit Unions as they're only as strong as the size of their deposits; every time the common bond (total deposits) is increased, the more they can lend, the more attractive they can be, and thus the stronger they become. Virtuous circle innit. Secondly, most CUs allow you to borrow a sum based on a multiple of your savings - I can borrow 5 times my savings plus 500 quid.

― Dave B (daveb), Monday, 5 December 2005 15:08 (nineteen years ago)

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