Working in the financial industry for over 30 years, Rachel Thrussell is the leading independent expert on UK savings products. Her views are constantly in demand from both the industry and the press.
Are credit unions a safe place to put your money?
Credit unions are licensed deposit-takers, authorised and regulated by the Financial Conduct Authority, and fall under the remit of the Financial Services Compensation Scheme (FSCS). As a result, credit union savings enjoy exactly the same protection as normal savings accounts and are covered up to the standard limit of £85,000 per individual should the credit union fail.
Credit unions are member-run organisations in which members pool their savings and lend to one another. They use a ‘Common Bond’ to outline the requirements needed to join as a member. Credit unions can pay interest on savings balances held, but many continue to pay a dividend instead, sharing with members the profits (if any) made in the year.
|1 Year Fixed Rate Bond||1.43%|
|2 Year Fixed Rate Bond||1.60%|
|3 Year Fixed Rate Bond||1.84%|
|4 Year Fixed Rate Bond||2.19%|
|5 Year Fixed Rate Bond||2.06%|
|17 May 2022|
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