Switching banks may seem like a lot of work, but with Skibbereen Credit Union's guide to Switching your Bank Account, you only need to worry about which bank has the lowest fees. Our guide has all the steps you need to follow to ensure a hassle-free transfer of your savings to a new bank with lower fees and better savings rates.

Step 1: Pick a new bank

Research the different current account options available to you. There are several websites available which give advice on how to choose an account and compare the fees and charges of various financial institutions(bonkers.ie, consumerhelp.ie).

Once you have decided on a bank, you can contact them directly, either online or in person.  Your new bank may provide you with a switching pack, which is available in the branch or on their website. A switching pack contains information on the current accounts that the bank offers and a guide on how to switch accounts. 

Step 2: Pick a switching date

Your new bank will help you to decide on a date to begin the switching process. It is important to pick a date during the month with the least activity on your account. Try to avoid dates where money is automatically paid in or out of your account.

At this point, you will also need to decide if you want to keep your old account open or to close it. You can keep your old account open if you are not sure that all payment details have been changed to your new account. However, if you keep your old account open, you will be liable for any charges or interest rates that apply.

Step 3: Complete an account transfer form

You will need to complete an account transfer form for your new bank. This involves providing the details of your old bank account and your new bank account, and gives authorisation for your old bank to supply your new bank with details of your direct debits and standing orders, to help make the switching process smoother. The balance on your old account will be also transferred to your new account. 

Your old bank will provide you and your new bank with a copy of your direct debit and standing order details. You can use this to ensure that all payments from your account have been transferred correctly.

You must give your new account details to anyone that pays money into your bank account, e.g. wages. Your new bank cannot do this for you, but may give you information on what details you need to provide.

Step 4: Switch!

Your new account will be up and running within 10 working days of the switching date you selected. If you left your old account open, keep an eye on it for the next 30 days. If there has been no activity on it during this time, i.e. automated payments, then you can have the remaining balance transferred to your new account before closing the old one.

When you do close your old account, avoid using your old cheque books and bank cards after you receive your new ones. Cut your old bank cards in half and return them along with your old cheque books to your old bank. You will receive a refund of Government Duty on any unused cheques.

Remember that banks aren't the only financial institutions around. Skibbereen Credit Union already offers most of the services that a bank does, (including direct debits and online banking) and we are committed to providing a friendly and professional service to all our members. You can visit our website for more information on membership or call into one of our offices in Skibbereen, Schull or Drimoleague to talk about becoming a member.

Saving money is one of the best ways to teach children to make decisions and act responsibly. Here are our children savings guideline:

Give your child a savings goal

Let your child pick out a toy or game, and work out how long it will take to save for it. That way, they will have a reward to look forward to when they reach their goal, and will be encouraged to continue saving.

Give saving advice to children

but let it up to them to decide how to spend their money

Encourage children to recognise impulse buying

Children do not have the same level of foresight as adults, so explain that a purchase now means they won’t have as much money later.

Link their pocket money to household chores 

Pocket money should be earned, the same way as Mum or Dad earn their money by going to work. By associating money with work, children will be able to put a value on their savings and it might even encourage them to help out around the house more often!

There are many options available to you to help your child save with Skibbereen Credit Union. You can open an account for your child in the same way you opened your own account, or set up a sub-account within your own account. Your child can also use our School Savings Stamps to begin developing their habit. Saving Stamps are available in schools throughout our common bond and cost €1 each. A full book can be exchanged in any of our offices in Skibbereen, Schull and Drimoleague.

The biggest cost any parent will face each year is the school uniform. We all know that there is a lot or wear and tear when it comes to our children’s clothes, especially with their uniform that they wear 5 days a week. Reducing the cost involved in a uniform can end up saving you a lot of money.

Most school jumpers have a crest on them, so you will need to buy this from the main suppliers, but shirts and trousers can be bought almost anywhere at a fraction of the cost. Shop around for any of the generic uniform items. Ties can also be part of a school uniform, but should last longer as it won’t need to be replaced as your child grows.

Buy a high quality schoolbag. It will last longer, and can be passed down to younger siblings or cousins as your child ages and moves onto secondary school where they’ll need a bigger bag to keep up with their workload.

Buying school stationery in bulk will also save money in the long term. Copybooks and pens don’t have an expiry date, and it’s often cheaper to buy them in bulk than individually.

If you want to set up a savings plan for your child’s education, then Skibbereen Credit Union is the place for you.  

The biggest cost any parent will face each year is the school uniform. We all know that there is a lot or wear and tear when it comes to our children’s clothes, especially with their uniform that they wear 5 days a week. Reducing the cost involved in a uniform can end up saving you a lot of money.

Most school jumpers have a crest on them, so you will need to buy this from the main suppliers, but shirts and trousers can be bought almost anywhere at a fraction of the cost. Shop around for any of the generic uniform items. Ties can also be part of a school uniform, but should last longer as it won’t need to be replaced as your child grows.

Buy a high quality schoolbag. It will last longer, and can be passed down to younger siblings or cousins as your child ages and moves onto secondary school where they’ll need a bigger bag to keep up with their workload.

Buying school stationery in bulk will also save money in the long term. Copybooks and pens don’t have an expiry date, and it’s often cheaper to buy them in bulk than individually.

If you want to set up a savings plan for your child’s education, then Skibbereen Credit Union is the place for you.  

Some of these moneylenders can charge up to 270% annual interest on the money they lend, while illegal moneylenders can charge up to 400%.  Families who borrow from moneylenders face huge repayments, which they sometimes can’t afford without borrowing more money.

MABS has called for struggling families to come to them before they borrow from a moneylender. They can check to see if families are receiving all the entitlements they are eligible for and inform them of other services that they may not be aware of.

Skibbereen Credit Union offers a free and confidential money managing service to our members. We can help you create a plan to tackle debt problems and take the first step towards financial health. For more information, you can visit our website here, or call us on 028 21883. 

We understand that finding that extra bit of cash for a special purchase when every cent of your budget is already earmarked is a very difficult task.

With this mind we  developed Twnty is Plenty to enable you keep control over the repayment amount. You will only ever pay up to €20 a week.

This means you can borrow up to €4,000 over 5 years for as little as €20 a week.

For further details :
http://www.skibbereencu.ie/content.asp?section=249

Skibbereen Credit Union is keeping the cost of borrowing low. We are providing you with up to €4000 in cash to spend any way you see fit helping you to avoid raking up big credit card debts.

1. Borrow up €4,000
2. Up 3 years repayment options
3. Pay as little as €2 a week in interest

Apply now. Limited time – offer ends May 31 2012

                                                             7.22% apr. Terms & conditions apply

Why not alleviate this pressure by simply totaling your bills and using our "Pay My Bills" loan plan to spread the cost over the year.

For further details check out our website here

We know this is much easier said than done and we are aware January can be a particularly bleak month financially for many people. Whilst saving for the short term and putting your money away for a rainy day to earn some interest whilst still giving you the flexibility to access your money at short notice might be what you are looking for, more and more of us are struggling to put away some of our well earned cash. After all, who knows what tomorrow might bring? We can never be TOO careful with our finances. We know we can't turn water into wine but we certainly feel we can help improve family finances in West Cork with our experience and advice.

So how about you start by putting as little as €1 to €5 away a week? Every little helps and before you know it, you will have a nice little nest egg.

For the best savings advice call in to us at the credit union today to discuss your options and to listen to some expert advice!