Connect Credit Union keeping rates consistent for members

This year’s budget will be analysed in detail by mortgage holders and homeowners, hoping to find some savings. With the rising cost of living continuing to have a real impact on people’s pockets, changes to USC, electricity credits and any additional income will be a welcoming boost.

However, we all know that any little extras won’t stretch too far when everywhere we turn costs are going up. It is for this reason that Connect Credit Union are committed to keeping interest rates and banking charges low for its members.   

With other financial institutions passing on the increased ECB interest rate hikes to customers for a 10th consecutive time, Connect Credit Union aim to give money back to members with their competitive Mortgage Rates starting from 2.95%. Providing stability, Connect Credit Union ensure their rates won’t change with three-year rate guarantees on their Green and standard Mortgages rates.

In an additional cost saving incentive, where applicable, Connect Credit Union provide free loan protection insurance in replacement for mortgage protection. On average, this puts €30.00 per month back into the pocket of their Mortgage lending members. 

Not forgetting about young students who are feeling the pinch, Connect CU aim to alleviate financial stresses by reducing their Education Loan rate to just 5.99% whilst also providing concession banking for students aged 12 years and up. 

Connect CU are also introducing additional offerings for their business members. Most recently as the first week in October 2023, Connect CU confirmed their participation in the Ukraine Credit Guarantee Scheme (UCGS) designed to help Irish businesses impacted by the rising cost of inputs from their supply chain.

Members looking to reduce their cost of energy can make the necessary improvements with Connect CU’s Eco Loan at 6.5%. This allows homeowners to retrofit their homes and begin saving on energy costs without jumping through hoops! No BER ratings or prior grant approval will be required, just simple and effective lending, locally!

An expenditure that is often overlooked is day to day current account costs. Gradual savings on bank charges can accumulate overtime and have a big impact on your pocket. Once again, Connect CU have implemented their community approach by providing low-cost current accounts at only €4 per month, with over 66’s and students receiving free banking. 

Norman McDonnell, CEO of Connect Credit Union stated, “We often get asked what is the difference between banks and Connect Credit Union, and for me it’s the member first approach.

"It’s our Board of Directors and staff sitting down to see where we can reduce the cost of credit for our members. As a community bank, we are empowered by our members to work for them and reduce costs.

"We are proud to offer the complete banking suite at just €4 per month and we are committed to keeping those costs low for members for the foreseeable future. When things get tough, like they are now, that is when community means something special and real”.

We may not control how the budget affects our pockets, but we each have the power to shop around to get the best rates available on borrowings and banking! Shop local and shop around!