Why choose a global investment bank when you can get the same rate of return on your savings with your local Credit Union and keep money in your local community?
This week, Goldman Sachs (known for its investment bank in London) has announced that it will also offer a savings account to members of the public which will be knows as Marcus by Goldman Sachs, after the bank’s founder, Marcus Goldman. The rate offered to Savers will be 1.5% a year, which is being marketed as the best rate on the market. Whilst the announcement by Goldman Sachs is good news for savers and may push other banks and building societies to offer better returns as well, it is worth remembering that Clockwise Credit Union have been offering comparable rates to the people of Leicester and Leicestershire for quite some time.
Clockwise, a not for profit financial organisation, awarded a 1.5% dividend on its instant access savings accounts in December 2017 and is predicted to do so again this year. Like Marcus, the Clockwise savings account is easy access and as with all Credit Unions, Clockwise are members of the Financial Services Compensation Scheme (FSCS) and Financial Ombudsman and so saver can be assured that their money is completely safe. In addition to currently receiving a dividend equal to that offered by the investment bank, Clockwise savers know that by depositing their money with us they are supporting the Credit Union to offer products and services that will help to improve the financial wellbeing of our community and its people.
What does it Mean?
Whilst the announcement by Goldman Sachs is good news for savers and may push other banks and building societies to offer better returns as well, it is worth remembering that this is a global investment company based in New York. The general public should be made aware that other providers, such as Clockwise, have been offering comparable rates to the people of Leicester and Leicestershire for quite some time.
Clockwise Credit Union in Leicester awarded a 1.5% dividend on its instant access savings accounts in December 2017 and is predicted to do so again this year. Like Marcus, the Clockwise savings account is easy access and as with all Credit Unions, Clockwise are members of the Financial Services Compensation Scheme (FSCS) and Financial Ombudsman and so saver can be assured that their money is completely safe.
Clare Shilton, Clockwise Credit Union Business Development Manager said, “It is great to see a company offering a higher interest rate for savers, but we would like to see those savings invested in the local communities and Credit Union savings accounts enable that. We are proud to shout about the return Clockwise are currently offering our savers. In addition to currently receiving a dividend equal to that offered by the investment bank, our savers know that by depositing their money with us they are supporting the Credit Union to offer products and services that will help to improve the financial wellbeing of our community and its people.”
