Members Only - Credit Union Perks

Credit unions are owned by their members, not shareholders. So instead of share buybacks and dividends, members get better interest rates on loans and savings, along with lower fees. Members also get access to many of the same day-to-day products you’ll find at a major bank—like checking and savings accounts (though they may be called something different), mortgages, auto loans, and credit cards.

There are so many perks to credit union membership. Similar to FDIC insurance, deposits of up to $250,000 are federally insured by the National Credit Union Administration in the event that the credit union fails. Credit unions are also just plain nicer, and members, on average, report higher satisfaction than bank customers. Because members are owners, they also get to vote on credit union decisions, like who’s on the board. And credit unions can have a powerful impact on communities—from offering payday loan alternatives to hosting financial literacy seminars.

When you’re shopping around, check to see if your dream credit union has membership restrictions (which could be based on things like your employment status, residency status, veteran status, and more). Luckily, there are credit unions that will accept almost anyone like an ex looking for a rebound. You’ll just usually need to make a donation, pay a fee, or make an initial deposit of $25 or less to make it official.