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.

Most of us find budgeting boring, but it is absolutely essential. To put it simply, a budget is a plan of the money you expect to receive and how you expect to spend it.

A proper budget should show you three things:

1.       How much money you have coming in
2.       How much money you are spending
3.       How much money you can afford to repay to those you owe

With these three points in mind, you can now focus on a plan for how to manage your future spending.

Skibbereen Credit Union has put together some tips for Managing Your Money in 2015.

Track

Keep track of your spending. Use our Budget App to record all your spending and income. It will show you where your money is going and help you keep up-to-date with your spending habits.

Budget

After using our Budget App to record your income and expenditure for a short time, a personalised budget will be created for you. You can adjust this budget each month if needed, but remember to be realistic and include everything.

Save

Get into the habit of saving. Try to save some of your income for any unexpected spending.

Be Prudent

Shop around to get the best deals. Use cost comparison websites like chill.ie to get the best deal on your insurance.

Borrow

Everyone runs a little short sometimes. If you do have to take out a loan, you should only borrow what you can afford to repay. Best advice is to stay away from credit cards and definitely avoid moneylenders. There are many benefits to a loan from Skibbereen Credit Union. Speak to a member of our staff if you have any questions and we’ll help you make the best decision.

Tips on tackling your credit card debt

• Stop using your card. You can’t clear your debt if you keep adding to it. Leave your card at home to avoid temptation.

• Pay off as much as you can each month, so that you reduce your debt as soon as possible. If you are only making the minimum repayment each month, it will take you a long time to pay off your balance. Paying as much as you can above the minimum payment could help you reach debt-free status quicker.

• Ask your credit card provider if they will consider reducing the interest rate. This will reduce the repayment amount of your credit card debt each month.

• Consider reducing the credit limit to an amount you can actually afford to spend each month so you are not able to run up debt you cannot repay.

• Don’t miss repayments or pay later than the due date or you incur late payment fees. To avoid theses late payments, you can set up a monthly standing order or direct debit for the minimum monthly repayments.

• Choose a credit card that you can access online. This will help you to track your spending and your credit card balance.

• Avoid using your card to withdraw cash, as interest can be higher than the interest rate for purchases. There is also a cash advance fee.

• Consider whether a debit card would be a better option for you in the long term. Or you can consider getting a prepaid card that can be used for purchases wherever a credit card is accepted.

If you are experiencing trouble making your repayments and don’t know what to do and need advice, get in touch with Skibbereen Credit Union and a member of our experienced staff will discuss the options available to you. For any further inquiries contact us on 028 21883 or online at www.skibbereencu.ie. 

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.  

There are two main benefits to financing your purchase with a credit union loan. Firstly, having a pre-arranged loan gives you all the power of a cash-buyer and puts you in the driver's seat, so to speak, when negotiating a price, so you are more likely to wrangle a better deal. Secondly, you immediately become the owner of the car. Owning your car from day one means that you have more control over the type of insurance you take out, since other financial packages will require you take out a comprehensive policy. You can also choose to sell your car at any time without affecting your loan, while huge costs may be incurred while selling under a hire purchase agreement. With a hire purchase agreement, you pay to hire the car, without actually owning it until you make the last payment.

In comparison with other financial institutions, this rate is extremely competitive. Many dealers will offer hire purchase as a way of paying for your car but there are many reasons why these can be expensive and end up costing a lot more than what your credit union offers.

We encourage you to compare our rates to what other financial institutions offer. You’ll find our rates and terms very competitive. It’s easy to apply: call into our office, talk to us over the phone, or complete an application online. Happy driving!

Setting money aside for savings can be difficult but with a little effort and determination it can become a habit. The amount you save is not as important as establishing the habit itself. Decide on the amount and let this be your first "payment" out of your income each week.

This is what the Mon€y Saver Account with Skibbereen Credit Union is for.

How the Mon€y Saver works

• The Mon€y Saver Account is a 2 year fixed rate deposit account with 2% AER on year one and 2% AER on year two.
• Members must be at least 16 years of age at the time of opening the account.
• Lodge any amount from €10 to €200 each month.
• A minimum monthly lodgement must be made each month for the first 12 months, failure to do so will break the terms and conditions of the account.
• Withdrawals are deemed to break the terms and conditions of the account.

Member Benefits

• The Mon€y Saver provides you with the option to save between €10 and €200 a month and payments can be by direct debit.
• The Mon€y Saver account can be used as security against a loan.
• The Mon€y Saver account helps you develop the habit of saving and assists you in achieving your financial goals, e.g. a car, holidays, your children's education etc.
• The Mon€y Saver account gives you an opportunity to teach your teenage children how to manage their money and the value of saving.

For full details on the Mon€y Saver Account, contact Skibbereen Credit Union on 028 21883 or visit our website. To open a Monéy Saver Account, call into one of our offices to speak to a member of staff.

The launch of the 142 registration plate lead to the biggest day in car sales in six years, according to SIMI (Society of the Irish Motor Industry). 4,264 were registered on the first day of 142 registration sales, compared to 1,924 cars on the first day of 132 registration sales.

New car sales were up by 23% in the first half of the year, which is far more than was sold in all of 2013. Cork has seen a 27.5% increase in new car sales in the first six months of 2014 as compared worth the same time in 2013. It is expected that this trend will continue for the second half of the year.

There are many options for financing your new car. If you are considering buying a new car this year, why not borrow from Skibbereen Credit Union. We currently offer a New Car Loan with a rate of 5.99%, which is one of the cheapest rates in the marketplace to own your car. Come into one of our offices in Skibbereen, Schull or Drimoleague to talk to a member of staff, or call us on 028-21883. And don't forget, you can use our Loan Calculator to see your potential repayments or even apply for your loan online.

• Borrow up to €5000
• Pay as little as €2 a week in interest
• FREE Life Insurance included
• We are providing you with up to €5000 in cash to spend any way you see fit helping you to avoid raking up big credit card debts!

You can apply online or by calling us on 028 21883.

This is a limited time offer and is only available until August 31, 2014.

Finance also available for larger loans and longer terms. For more information, visit our website.

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