07-02-14, 12:49 AM
pretty simple really mate. mines is basically a normal type of savings account (I can get the money out any time I need/want to). Its run/owned by its members as opposed to an actual bank, and so instead of profits from the investments being passed onto shareholders, they members get paid a slightly better APR as payment.
I have a standing order setup so a small amount each week comes off my wage and goes into it which builds up over time.
your best bet is to contact your local credit union (credit unions have strange acceptance criteria - usually the type of job you are in, or your locality) and they can answer any of your questions as the way they operate can vary slightly between unions in terms of both how they operate, and what financial products they offer.
...or you could just google it :lol
-Mick
I have a standing order setup so a small amount each week comes off my wage and goes into it which builds up over time.
your best bet is to contact your local credit union (credit unions have strange acceptance criteria - usually the type of job you are in, or your locality) and they can answer any of your questions as the way they operate can vary slightly between unions in terms of both how they operate, and what financial products they offer.
...or you could just google it :lol
-Mick