credit union for savings...

[didds]

any thoughts on saving with a credit union - the same 85K protection as a savings account and _maybe_ a couple of % dividend ?

didds

[Loup321]

I've got a credit union account, and have held them for quite a few years. Yes, there is a chance of up to 8% dividend, but in my experience it's always been a lot lower. I think my last dividend was 0.5%, but the children's accounts get higher (1%). As an ethical place to put your money (it's used to help local people avoid loan sharks), it's fine. To get a decent return, it's probably at the lower end of average, but the catch is you don't know what the rate will be until after you have had the money with them for the 6 months or year that the rate applies to. The exception is sometimes children's accounts, when they get a published rate.

There are other little things, like a Prize Draw Saver (like Premium Bonds), and some life insurance, but it's little enough that I won't be counting on it, so didn't read the full details.