Money Guide Ireland

THE average dividend being paid by credit unions this year (2008) has fallen by 16pc compared to 2007.

Out  of a total of 420 credit unions in  Ireland – 20 credit unions plan to pay no dividend this year at all.

About half of the credit unions will pay a dividend of between 2pc and 3pc, but the average dividend is likely to be 1.82pc. This is a fall of 16pc on the average dividend of 2.11pc paid last year.

Almost 10pc of credit unions are proposing a dividend of more than 3pc

Credit unions, which have 2.9 million members around the country, have been holding their annual general meetings in the past few weeks at which members are asked to approve the dividend payments.

Bank of Ireland, today, announced a new mortgage with a  1 year fixed rate of 2.95% specifically for First Time Buyers. This rate will be available to all First Time Buyers from the 19th December 2008, and mortgages need to be drawndown  before 30th June 2009.

Allied Irish Bank (AIB) have – as promised – passed on the latest ECB rate cut to all variable and tracker mortgages.

The new AIB 3.75% variable rate is  now the lowest variable rate mortgage in Ireland for LTVs over 50% . BOI match it on LTVs under 50%. BOI also have a discounted rate of 3.75% for 12 months  for other LTVs – rising after a year. See the Variable Mortgage Best Buys list .

AIB have also reduced the 1 year fixed rate for First Time Buyers to 2.99%

For people who have a cleaner to clean the house a couple of times a week – that “luxury” may be harder to justify in this time of recession and the “credit crunch” . If you are trying to cut non essential expenses such as the cleaner – here is an alternative option which will still do a lot of the cleaning tasks for you – but for a much lower cost.
The iRobot Roomba is a vacuum cleaning robot that does the vacuuming by itself. It isn’t like a robot from Star Wars – it’s just a simple circular machine. It has sensors to help it work out where table legs and walls are – you just press the button and leave it to clean the floor. All you haveto do is make sure things like wires are out of the way – and empty the dust container every day. Once you have one of these Roombas – it will be like a dishwasher or washing machine – you will be wondering how you ever managed without it !

You can buy the Roomba online in Ireland here at Electric Shopping – much cheaper than a cleaner! (And you don’t have to worry what they are doing while you’re not in the house)

Following the latest ECB rate cut effective from Dec 10th – some of the Irish banks ahve already lowered their standard variable rates for new applicants as well as existing customers.
Bank of Ireland have the lowest variable rate of 3.75% at the moment. BOI are offering 3.75% for all LTVs and loan amounts at the moment. This is a discounted rate for 12 months.
The 3.75% is the actual rate on LTVs under 50%. On other LTVs the rate goes up after 12 months – but only as high as 4.1% (discount of 0.35%).
See full details of rates in our table of lowest variable rates here

Many people are making trips to the North to save money on Christmas shopping – but there is an easier way to spend less. Shop online at sites that take payment in Sterling. With the Pound at it’s lowest level against the Euro for years – you can make big savings compared to the prices in Irish shops. If you want delivery by Christmas you will have to hurry and get your orders in before Thursday. This site Buy Online Ireland has details of many online shops that deliver to Ireland. It also has details of money off vouchers and discount codes that you can use online and in shops here or in the North.

The European Central Bank (ECB ) announced another interest rate cut today . The rate is being cut by 0.75% to 2.5% with effect from 10th December 2008.
The Bank of England earlier tody cut rates by 1% to 2 per cent, their lowest level since 1951.
Tracker mortgages should be cut automatically in the next month.
Variable mortgage rates may also be cut by lenders – although this is not guaranteed.