Banking Solutions and Loans From The Credit Union

Banking Solutions and Loans From The Credit Union

09th January 2024

Did you know our Credit Union could cover all your banking needs?

Indeed, it’s more than just a place to save or get an occasional small Credit Union loan.

Recent regulatory changes have transformed Credit Unions, allowing Credit Unions to provide an extensive range of modern financial services. Our services don’t just rival but outmatch traditional banks and fintech firms, and we offer some of the best loan rates around!

Why Consider Your Local Credit Union?

credit-union-services Loans from the Credit Union: We offer market-leading loan rates that could save you hundreds and even thousands per year.

The personal touch: When you bank or borrow from us, you will always get the personal touch and we don’t use computer algorithms.

Expanded Services: From green loans, mortgages, and new car loans to full-service current accounts. We provide a wide spectrum of financial products.

Current Accounts: Access a suite of benefits including an internationally accepted Mastercard debit card, online banking, and a mobile app. We also offer seamless contactless payments via Apple PayGoogle Pay, and Fitbit Pay.

Low Maintenance Fees: Enjoy the perks of a current account for just €4 a month. This includes unlimited transactions, direct debits, and a fair allocation of free ATM withdrawals.

Competitive Mortgages

Our mortgage rates are incredibly competitive, offering a switcher rate as low as 3.75% with no loan-to-value restrictions. Switching your mortgage to us could potentially save you thousands annually compared to leading banks. For comparison, a standard 5-year fixed-term mortgage from Bank of Ireland has an interest rate of 4.75%, with AIB it’s 4.80%, PTSB offers 4.95% and EBS has a rate of 5.10%.

CLCU Switcher @ 3.75% (5-Year Fixed) BOI 5-Year Fixed (80% LTV) @ 4.75% AIB 5-Year Fixed (80% LTV) @ 4.8% PTSB 5-Year Fixed (70% LTV) @ 4.95% EBS 5-Year Fixed (80% LTV) @ 5.1%
Monthly €1,185.00 €1,291.80 €1,297.27 €1,313.74 €1,330.32
Monthly Additional Cost +€106.80 +€112.27 +€128.74 +€145.32
Annual Saving with CLCU €1,281.60 €1,347.24 €1,544.88 €1,743.84
Term Saving with CLCU €6,408.00 €6,736.20 €7,724.40 €8,719.20

[Example of a standard 5-year fixed term mortgage of €200,000 over 20 years with a property value of €300,000 (BER C1 or higher). Source: bonkers.ie 08/01/24]

best-mortgage-rate-kildare

Competitive Personal Loans

We have a range of Credit Union loans to suit every need, and our rates are lower than most traditional banks. For example, our PCP Buster has a rate of just 5.5% (5.64 APR) and our 5-year fixed-term rate is just 6% (6.17% APR). If you had a loan of €15,000, the monthly repayments would be €290 with our 5-year fixed-term loan. When you compare this to other lenders rates, you could save a lot over the term:

  • Bank of Ireland has a rate of 7.5% APR with monthly repayments of €299.15 (€548.74 more over the 5-year term)
  • An Post has a rate of 8.9% APR with monthly repayments of €308.47 (€1,108 more over the 5-year term)
  • AIB has a rate of 8.95% APR with monthly repayments of €308.83 (€1,130 more over the 5-year term)
  • PTSB has a rate of 11.5% APR with monthly repayments of €325.39 (€2,123 more over the 5-year term)

[Examples of the interest rates for standard unsecured personal loans of €15,000 over 5 years. Source: bonkers.ie 08/01/24]

A Better Alternative For Day to Day Banking

Compared to mainstream banks like AIB and Bank of Ireland, our fees are significantly lower. For instance, while AIB charges €4.50 per month with additional fees for various transactions, and Bank of Ireland’s quarterly fee is €18, we charge just €4 per month. Our transparent fee structure ensures cost-effectiveness.

Moreover, our not-for-profit status means that by banking with us, you’re not just gaining financially, but you’re also contributing to the growth of your local community. Over the past seven years, we’ve contributed over €728,000 to local initiatives.

Credit Unions have topped the CX Company’s annual customer experience survey for a record-breaking nine straight years. They have filled a gaping financial hole in many towns and city suburbs following the departure of KBC and Ulster Bank from the Irish market, and the widespread closure of branches by Bank of Ireland and AIB.

Unique Benefits:

  • Nomination of Accounts: Simplify inheritance procedures by nominating beneficiaries, avoiding lengthy probate or intestacy processes.
  • Free Loan Protection Insurance: Avail of complimentary Loan Protection Insurance which will cover the outstanding balance of your loan should you pass away (excludes mortgages).
  • Free Life Benefit Insurance:  When you save with us, our Life Benefit Insurance scheme provides assurance that your nominated contact will have access to your funds in the event of your death, up to a maximum of €10,000.

A Shift in Traditional Banking

Gone are the limitations of old accessing savings secured against loans. We’ve evolved to offer flexible borrowing, assessing each application manually to ensure fair and transparent decision-making, a stark contrast to automated algorithms used by traditional banks.

Join Us Today!

So now that you have the low down on how we have changed and how we can be your primary financial institution, the only question is why not move to us?

Be part of a progressive financial institution that values community and personalised service. Make the switch to your local Credit Union today for comprehensive, cost-effective banking that supports both your financial goals and your community’s growth.

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