Connect Credit Union keeping interest rates low in Louth

This year’s budget will be analysed in even greater detail by householders, hoping to find some savings for their families. With the rising cost of living continuing to have a real impact on people’s pockets any additional income will be a welcome 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.

While other providers might be passing on the increased ECB interest rate hikes to customers, Connect Credit Union will maintain their Mortgage Rate with no increases. Their competitive Car Loan 6.99% and Switch & Save rate 4.99% will also remain unchanged, a decision much welcomed by new members moving accounts from Ulster Bank and KBC.

In addition, Connect CU are introducing several new low-cost interest rates in order to provide savings for members. The new Eco Loan 6.5% will allow homeowners looking to retrofit their homes to avail of credit without jumping through hoops! No BER ratings or prior grant approval will be required, just simple and effective lending, locally!

Not forgetting about its business members, Connect Credit Union are also offering business borrowing for sustainable purposes at 6.55%.

Members who are really finding the increase in energy costs can take some peace of mind by forward planning and availing of the Winter Heating Loan 6.99%. This low value loan (up to €2,000) can be drawn down monthly or quarterly as energy bills come in, helping households to budget and be better prepared for high electricity bills this winter.

In recognition for their young members who are feeling the pinch with rent and education costs, Connect CU are now reducing their Education Loan rate to just 5.99%.

Naomi O’Donoghue, Current Account Manager at Connect CU, said: “Now that we offer full banking services, the increase in energy bills is so apparent. We see those costs increasing on direct debits paid from members’ current accounts to the different electricity and gas providers.

“While we hope the budget will give something back to the average household, we believe that now is the time for individuals to shop around for better loan, mortgage and banking rates. Those are some of the largest outgoings for people every month, so it’s so important to get the best deal available to you and save in any areas you can.”

Norman McDonnell, CEO, was keen to add: “We often get asked what is the difference between banking and ‘community banking’, and for me it’s this personal, member focused approach.

“It’s our Board of Directors and staff sitting down to see where we can reduce the cost of credit for our members. People still have to borrow, in spite of, or sometimes because of rising costs.

“As a community bank, we are empowered by our members to work for them and reduce costs. We are proud to offer banking at just €12 per quarter and we are committed to keeping that cost for members for the foreseeable future.

“When things get tough like they are now, that is when community means something.”

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