What can I do with my Savings?

Members often ask, what can I do with my savings? In today's environment, that's a very difficult question! Obviously, there is no substitute for proper financial advice. Talking to a professional helps identify your specific needs and questions. The professional will determine what really matters to you and advise you specifically based on how much risk you want to take with your money.

However, there are lots of options for your extra savings in general. The first place to check is the consumer protections website CCPC link here. Their site provides lots of information and all of the different savings’ options out there. This website is handy because it shows you the rate comparisons for regular or lump-sum savers. This comparison shows the key features and benefits of each savings option.

Another really useful website is bonkers.ie. A recent blog post over on bonkers.ie provides a broader overview of your savings options, from investing in managed funds to using the State Savings products. The blog also explores higher risk options and includes information on European providers with products available to Irish savers.

Recently, people have been examining investing their savings into sustainable energy upgrades or retrofitting their homes. With energy costs rising and savings rates so low, now might be the perfect time to put your money to work and create savings for the future. The SEAI provides fantastic information on all of the grants and schemes available.

Before finally making up your mind on your options, maybe you should consider topping up your pension. Pension contributions are one of the most efficient ways to save for the future. Again, your Financial Advisor will be able to help. In addition, INTO and the RTAI run some great seminars on Pensions questions for teachers.

Of course, the credit union is a good place for some of your money. We can help with short term savings, saving for a mortgage, planning for your kid's college, or just somewhere to keep your emergency funds. In the credit union, we recommend that you keep over three times your monthly salary in savings.

We would love to be able to say, "put all your money with Comhar Linn", but that is just not feasible. The credit union is coming under increasing pressure where members hold large balances over the long term. The credit union is charged negative interest, whereas a member would not be on those longer-term savings.

We have seen a lot of change in the last year with KBC and Ulster Bank closing accounts, AIB and Bank of Ireland closing branches. So now is the perfect time for switching your current account to a credit union. We are here to look after your day-to-day banking, make your household finances as easy to manage as possible and be here to support you if you need a loan.

Comhar Linn is here for our members. With our current accounts, personal loans, some  personal savings and budget accounts, we try to make sure that our members' financial needs are looked after.

We always try to explain to our members in a simple, straightforward way and hope you find this post helpful. If you have any more questions, don't hesitate to get in touch with me at smurray@intocreditunion.ie or call me in the office on 01 873 1101.

Séan Murray

CEO, Comhar Linn INTO Credit Union