Which? encourages readers to join their credit union
04 Feb 11
The consumer publication, Which?, has called on people to consider saving with their credit union as a means of giving the banks a wake-up call, supporting the supply of fair financial services in their local community and getting a healthy return on savings at a time of record-low interest rates.
Writing on the Which? website, Mike Saville, Principal Researcher for the magazine’s Money section, said: “banks are paying millions of us pitiful rates on our savings. At the same time they’re refusing to lend to anyone without a near-perfect credit score. A short-term solution? It’s time to give credit unions a look.”
The endorsement comes hot on the heels of Which?’s recent publication of an online guide to saving and borrowing with a credit union. The guide provides full details of how credit unions operate, the advantages of membership and how to go about joining.
Concluding his article, Mike adds: “as part of a balanced savings and investments portfolio, a credit union could be a great way to support your local community, force the big banks to up their game, earn a bit of interest and know that your savings are safe. And every account comes with a free fuzzy glow.”