Where to put your Savings? In a Cooperative or a Bank?
Every first month of the year, I usually check on our financial status and list down some responsibilities we need to accomplish.
Bad experiences from the past thought me to check on our assets vs liabilities and make sure that the latter gets smaller every year.
Anyway, today I’m going to tell you which one is better to put your money for savings purposes: in a Cooperative or Bank.
Why choose a Bank?
They operate nationwide and some have branches overseas. Commercial banks trade in foreign currencies. *
They have ATM everywhere for easy withdrawal of money. You can send money from one branch to another without additional cost (for some). They can provide personal, business, housing and car loans. They can be transacted online that will save you more time and energy.
Why choose Cooperative?
This is a financial institution that is run by its members. These members are both the owners and the customers, by virtue of holding shares and/or having deposits with them. Cooperative typically lend money to small businesses and individuals and tend to offer better rates of interest to savers than banks. * bizfluent.com
They offer as low as 1% interest on loans too.
Our family both have savings account in banks and in a cooperative. We choose a bank for money that we need to use frequently like for bills payment. But we have money in a Cooperative too because they offer bigger interest per annum compared to banks. They don’t have withholding taxes too. We put money that we don’t need to use for a year or two there.
Our cooperative is in Paco because that is where we live before. They are called PACO SAVINGS AND CREDIT COOPERATIVE and they will celebrate their 35th year in business this year.
Here are the products they offer to their members:
As the saying goes, do not put all your eggs in one basket, so I suggest to study and check other options on where to put your hard earned money into.
If you are around Manila and want to be a member of Paco Credit Cooperative, you only need to present the following:
2pcs 2×2 ID Picture
Photocopy of any Valid ID (SSS, TIN, Voters, Postal)
Proof of Billing (Meralco, Manila Water, PLDT etc)
Fill up Membership Application Form
and go to their office at 1461 Merced st. Corner Perdigon st. 1007 Paco, Manila
You can contact them at the following:
Tel Number: 5615267 / 2554963 / 0908-3688038 / 0995-8142815
Email Add: firstname.lastname@example.org
Like them on Facebook – https://www.facebook.com/PacoCreditCooperative/