Savings Accounts | BluPeak Credit Union (2024)

FAQs

Is it good to put your savings in a credit union? ›

Statistically, personal savings accounts from Credit Unions fare better than accounts in major banks. Grow your money faster with a Value+ Money Market account, or a share certificate.

You can usually withdraw money at any time. If your savings account is a 'Notice' account, you'll have to give the credit union a set amount of notice to make a withdrawal. Some credit unions will give you a debit card that you can use at a normal high street cash machine.

Credit unions say the limit on savings is a direct result of the impact of increased savings on regulatory reserve requirements for the sector. Progressive Credit Union in north Dublin has tightened its savings restrictions on members to just €15,000, after reporting a “significant increase” in deposits.

Limited accessibility. Credit unions tend to have fewer branches than traditional banks. A credit union may not be close to where you live or work, which could be a problem unless your credit union is part of a shared branch network and/or a large ATM network such as Allpoint or MoneyPass.

Credit unions are insured by the National Credit Union Administration (NCUA). Just like the FDIC insures up to $250,000 for individuals' accounts of a bank, the NCUA insures up to $250,000 for individuals' accounts of a credit union. Beyond that amount, the bank or credit union takes an uninsured risk.

With your money saved in a credit union, you and other members pool your savings together to lend to each other; it is run for the benefit of members, rather than as a money-maker. Each individual credit union sees its members united by a common bond.

Federally insured credit unions and banks are both safe places to keep your money. The National Credit Union Administration protects deposits (within certain limits) at insured credit unions and the Federal Deposit Insurance Corp. protects deposits (within certain limits) at insured banks.

Generally, credit unions are viewed as safer than banks, although deposits at both types of financial institutions are usually insured at the same dollar amounts. The FDIC insures deposits at most banks, and the NCUA insures deposits at most credit unions.

Typically, yes — your money is yours. But a savings account is designed to discourage frequent transactional use and may carry monthly withdrawal limits. Exceeding these limits can incur fees, have your account re-classified or have it closed altogether.

What is the most you should have in savings? ›

Rule of thumb? Aim to have three to six months' worth of expenses set aside. To figure out how much you should have saved for emergencies, simply multiply the amount of money you spend each month on expenses by either three or six months to get your target goal amount.

Higher Savings Rates

Credit unions tend to offer a higher interest rate on savings. This is because they are not focused on making profits, but only covering their operating costs.

You can have multiple savings accounts with one bank or spread them across several institutions. When opening more than one savings account, be mindful of Federal Deposit Insurance Corp. (FDIC) limit rules, interest rates, fees, and minimum balance requirements.

Savings. Credit unions in Ireland are covered by the Deposit Guarantee Scheme which is administered by the Central Bank of Ireland.

Lower fees: Because credit unions are not-for-profit, they typically charge lower fees than banks. Higher savings rates: On average, you'll find better interest rates at credit unions than banks, though some high-yield accounts at banks rank at the top of the industry.

Like banks, which are federally insured by the FDIC, credit unions are insured by the NCUA, making them just as safe as banks. The National Credit Union Administration is a US government agency that regulates and supervises credit unions.

Credit unions are financial co-operatives where members can save and lend to each other at fair rates of interest. They are non-profit organisations that have a volunteer ethos and community focus. You can become a member of a credit union if you have a common bond with other members.

The main benefits of a credit union compared to a bank are that credit unions tend to offer better rates, better customer service, and lower fees. However, banks may offer more branches and products than credit unions.