3 Benefits of a Credit Union

People often ask, "What is a credit union?"

Well, just like banks, credit unions are financial institutions that offer a range of products and services to help you reach your financial goals.  However, there are a few key differences that set a credit union apart, and we are here to share those with you.

3 Benefits of a Credit Union

Owned by the people, for the people.

Credit unions are nonprofits that are owned by you, the member, instead of being owned by shareholders. Credit union membership means becoming part-owner of a not-for-profit financial cooperative. As a member, you have a voice in how the credit union is run and access to exclusive financial products and services.

Joining a credit union and becoming a member is simple. Most credit unions have membership eligibility requirements based on where you live, work or your community involvement. Once you meet the criteria, you can open an account and start enjoying the benefits of membership.

Attractive rates.

Since credit unions are nonprofits, they have the ability to offer financial products and services at a more cost-effective rate for its members. Banks, on the other hand, need to make money for shareholders. At a credit union, the net proceeds are distributed back to the members in the form of lower fees, lower lending rates, and higher returns on savings. Membership benefits also include access to lower loan rates and higher savings returns, available exclusively to credit union members.

Local and personalized service.

Credit unions are local organizations that work to serve the community they are in. They strive to build relationships with their members, seeing each person as an individual and not a number. They work to make informed decisions quickly, in order to provide you with the products and services you need in the moment.

Credit unions also strive to make banking accessible, whether you prefer visiting a local branch, using online tools or managing your accounts on the go with mobile banking.

Credit unions are a great choice if you are looking to have a voice in the way your financial institution is run, save money on interest and fee expenses, earn more on your savings, build relationships with those who serve you, and get timely decisions on your financial applications.

Advantages of Credit Unions

In summary, the advantages of joining a credit union include member ownership, competitive rates and personalized service. These benefits make credit unions a compelling choice for anyone seeking a more community-focused financial institution.

Have questions about credit union membership? Chat with us online or visit a branch to learn how to join.

All materials contained herein are for general informational purposes only and do not constitute tax or legal advice.