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Saving with Credit Unions

1 reply

BackforGood · 08/12/2018 18:24

Does anyone know much about how Crdit Unions work ?
I understand the concept that they will offer loans to people that might struggle to get credit elsewhere.
I understand that they encourage people to save, alongside their loan repayments.
What I want to know is, do they want people (who aren't looking for a loan) to save with them ?
How do you find out what level of interest they'd pay ?

OP posts:
DoctorTwo · 08/12/2018 21:16

AFAIK Credit Unions are more community based than conventional banks and they welcome those who want to save and those who want to borrow. The main difference seems to be they look at you, your position and your ability to repay and don't necessarily judge you on your past. If I could afford to save I'd certainly look at putting my money in a credit union.

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