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Why You Should Consider Credit Unions: Top Picks for Better Banking

Credit Unions vs. Big Banks: Why Credit Unions are Worth Considering

Are you tired of being charged exorbitant fees for banking services that were once free?

Are you looking for a financial institution that rewards you for your loyalty? If so, you may want to consider switching to a credit union.

In this article, we’ll explore the benefits of credit unions over big banks and introduce you to some of the top credit unions in the United States.

Benefits of Credit Unions

Credit unions are not-for-profit organizations that are owned and operated by their members. Unlike big banks that prioritize profits over people, credit unions exist to serve their members’ financial needs.

This means they can offer lower fees and better rates on loans and savings accounts. Lower Fees:

Because credit unions are not-for-profit, they do not have to pay dividends to shareholders.

This results in lower costs, which they pass on to their members in the form of lower fees. For instance, credit unions tend to offer free checking accounts with no minimum balance requirements or monthly maintenance fees.

Better Rates:

Credit unions offer better rates on savings accounts, CDs, and loans. For example, according to Bankrate, the average interest rate on a 60-month CD at a credit union is 1.03%, compared to 0.25% at a big bank.

Moreover, credit unions offer lower interest rates on loans like auto loans, home equity loans, and credit cards.

Top Credit Unions to Consider

If you’re looking for a credit union that offers competitive rates, great customer service, and an array of financial products and services, look no further than these top credit unions:

1. Navy Federal Credit Union

Navy Federal Credit Union is the largest credit union in the U.S. with over 10 million members and $125 billion in assets.

It is open to anyone in the military, Department of Defense, veterans, and their families. The credit union offers great rates on checking and savings accounts, CDs, and loans like auto loans and mortgages.

Plus, Navy Federal Credit Union members enjoy access to over 30,000 fee-free ATMs nationwide. Membership Qualifications:

To become a member of Navy Federal Credit Union, you need to be affiliated with the military.

This includes active-duty members, veterans, civilian employees of the Department of Defense, and their families. In addition, you can become a member if you’re an immediate family member of a current member.

Competitive Rates and Fees:

Navy Federal Credit Union offers a range of competitive rates and fees. For instance, their savings accounts earn up to 0.25% APY.

They also offer a 60-month CD with a 1.79% APY. Plus, the credit union offers a unique auto loan program that allows members to buy a new or used car without a down payment and with competitive rates.

2. Eastman Credit Union (ECU)

Eastman Credit Union (ECU) is a credit union based in Tennessee that has been serving members since 1934.

ECU is open to anyone living, working, or attending school in the counties they serve, as well as their immediate family members. The credit union offers a broad range of financial products and services, including checking and savings accounts, loans, and credit cards.

Membership Qualifications:

To become a member of ECU, you need to meet one of the following requirements: live, work or worship in one of the counties they serve, have an immediate family member who is already a member, or be employed by one of the Select Employee Groups (SEG) that have a partnership with ECU. Competitive Rates and Fees:

ECU offers competitive rates on savings accounts and CDs. For example, their basic savings account earns a dividend of 0.35% APY.

They also offer a 60-month CD with an APY of 1.00%. Plus, the credit union offers low-interest rates on auto loans and mortgages.

3. Alliant Credit Union

Alliant Credit Union is the fifth-largest credit union in the U.S., with over 500,000 members and $14 billion in assets.

It is open to anyone in the United States who makes a one-time donation of $10 to the Foster Care to Success organization. The credit union offers a range of financial products and services, including checking and savings accounts, loans, and credit cards.

Membership Qualifications:

To become a member of Alliant Credit Union, you need to make a one-time donation of $10 to the Foster Care to Success organization. You also need to meet one of the following eligibility criteria: live or work in one of the communities they serve, be affiliated with one of their partner organizations, or be an immediate family member of a current member.

Competitive Rates and Fees:

Alliant Credit Union offers competitive rates and fees, including a high-yield savings account that earns up to 0.55% APY. They also offer a 60-month CD with an APY of 0.80%.

Plus, the credit union offers low-interest rates on auto loans and mortgages. 4.

American Airlines Federal Credit Union

American Airlines Federal Credit Union (AAFCU) is a credit union that serves employees and retirees of American Airlines and their family members. It offers a range of financial products and services, including checking and savings accounts, loans, and credit cards.

Membership Qualifications:

To become a member of AAFCU, you need to be an employee or retiree of American Airlines or one of its subsidiaries, as well as their family members. Competitive Rates and Fees:

AAFCU offers competitive rates on savings accounts and CDs. For example, their basic savings account earns a dividend of 0.35% APY.

They also offer a 60-month CD with an APY of 0.75%. Plus, the credit union offers low-interest rates on auto loans and mortgages.

5. Patelco Credit Union

Patelco Credit Union is a credit union that serves Northern California and selected areas in the United States.

It offers a range of financial products and services, including checking and savings accounts, loans, and credit cards. Membership Qualifications:

To become a member of Patelco Credit Union, you need to live, work, or worship in the following Northern California counties: Alameda, Contra Costa, Monterey, Napa, Sacramento, San Francisco, San Mateo, Santa Clara, Solano, Sonoma.

You can also become a member if you live in certain areas of the United States. Competitive Rates and Fees:

Patelco Credit Union offers competitive rates on savings accounts and CDs, as well as low-interest rates on mortgages and auto loans.

Conclusion

If you’re looking for a financial institution that prioritizes your financial needs over profits, consider switching to a credit union. Credit unions offer lower fees, better rates, and exceptional customer service.

Moreover, joining a credit union is easier than you may think. Start by researching credit unions in your area or nationwide, and consider the eligibility qualifications and the fees and rates they offer.

You might be surprised to find that credit unions offer some of the best financial products and services in the market. Credit unions have been gaining popularity in recent years as not-for-profit institutions that prioritize their members’ needs over profits.

Two credit unions that stand out in this regard are Eastman Credit Union and Alliant Credit Union. Both credit unions offer a range of financial products and services that cater to their members’ needs, as well as competitive rates and fees.

In this article, we’ll explore what makes these credit unions unique and why you should consider banking with them. Eastman Credit Union: Beyond Free Checking Accounts

Eastman Credit Union (ECU) is a credit union based in Tennessee that has been serving members since 1934.

ECU is known for its no-fee checking account, which is what draws many people to the credit union in the first place, but they offer so much more than that. Beyond Free Checking:

ECU’s no-fee checking account is popular because it has no monthly service fee and no minimum balance requirements.

This means that you can keep as much or as little money in your checking account without worrying about costly fees eating away at your balance. However, ECU offers more than just free checking.

It also offers a range of savings accounts, money market accounts, and certificates of deposit (CDs). Competitive Rates:

ECU offers competitive rates on savings accounts, CDs, and money market accounts.

For example, their High Yield Savings account earns up to 0.55% APY, which is higher than the national average. Their five-year CD also offers a competitive rate of 1.10% APY.

Moreover, ECU offers low-interest rates on auto loans, personal loans, and mortgages. In addition, they have a range of credit cards that come with rewards programs and low-interest rates.

Alliant Credit Union: Not-for-Profit Focus

Alliant Credit Union is the fifth-largest credit union in the United States, with over 500,000 members and $14 billion in assets. Unlike big banks that prioritize profits over people, Alliant Credit Union is a not-for-profit institution that exists to serve its members’ financial needs.

Community Focus:

Alliant Credit Union’s community focus means that it offers better rates and lower fees on financial products and services. Because it doesn’t have to pay dividends to shareholders, it can pass on the savings to its members in the form of better rates on loans and savings accounts.

Moreover, Alliant Credit Union invests in its members by offering financial education resources and community outreach programs. Competitive Rates and Fees:

Alliant Credit Union offers a range of financial products and services, including checking and savings accounts, loans, and credit cards.

The credit union’s High-Rate Savings account earns up to 0.55% APY, which is higher than the national average. Plus, the High-Rate Checking account earns 0.25% APY, which is much higher than what big banks offer.

Additionally, Alliant Credit Union’s certificates of deposit (CDs) offer up to 0.80% APY, which is higher than most big banks. Alliant Credit Union also offers high-yield savings accounts, money market accounts, and investment accounts.

Moreover, the credit union offers low-interest rates on auto loans, personal loans, and mortgages. In addition, they have a range of credit cards with rewards programs and low rates.

Conclusion

Eastman Credit Union and Alliant Credit Union offer competitive rates and fees, as well as a not-for-profit focus that prioritizes their members’ needs. If you’re tired of dealing with big banks that prioritize profits over people, consider switching to a credit union.

Both Eastman Credit Union and Alliant Credit Union offer an array of financial products and services that cater to their members’ diverse needs. Moreover, their community-focused approach means that you’re investing in a financial institution that invests in you.

Credit unions are becoming increasingly popular in the United States because they offer lower fees, better rates, and exceptional customer service. Two credit unions that stand out in this regard are American Airlines Federal Credit Union and Patelco Credit Union.

They offer a broad range of financial products and services that cater to their members’ needs, as well as competitive rates and fees. In this article, we’ll explore what makes these credit unions unique and why you should consider banking with them.

American Airlines Federal Credit Union: Competitive Rates and Personal Loans

American Airlines Federal Credit Union (AAFCU) is a credit union that exclusively serves employees and retirees of American Airlines and their family members. In addition to aviation-themed debit and credit cards, AAFCU offers an array of financial products and services, such as competitive rates and personal loans.

Competitive Rates:

AAFCU offers competitive rates on savings accounts and certificates of deposit (CDs). For instance, its Primary Savings account has a rate of 0.30% APY, and its five-year Dream Plan Share certificate offers 0.70% APY.

The credit union’s rates on auto loans and mortgages are also competitive. Personal Loans:

AAFCU offers personal loans for a variety of purposes, such as debt consolidation, home improvement, or unexpected expenses.

The credit union offers both unsecured and secured personal loans, which allow members to borrow money against their savings accounts or certificates of deposit. In addition, AAFCU offers credit cards with rewards programs, low-interest rates, and no annual fees.

Patelco Credit Union: Money Market Select Account and Personal Loans

Patelco Credit Union is a credit union that serves Northern California and selected areas in the United States. It offers a range of financial products and services, including checking and savings accounts, loans, and credit cards.

Money Market Select Account:

Patelco Credit Union’s Money Market Select account is a high-yield savings account that offers a blended interest rate of up to 1.00% APY on the first $2,000, with tiered interest rates for higher balances. The account also comes with no monthly fees or minimum balance requirements.

Competitive Rates:

Patelco Credit Union offers competitive rates on certificates of deposit (CDs), with rates of up to 0.70% APY. They also offer low-interest rates on auto loans, personal loans, home equity loans, and mortgages.

Personal Loans:

Patelco Credit Union offers personal loans for a variety of purposes, such as debt consolidation, home improvement, or unexpected expenses. The credit union offers both unsecured and secured personal loans, which allow members to borrow money against their savings accounts or certificates of deposit.

In addition, Patelco Credit Union offers credit cards with rewards programs and low-interest rates.

Conclusion

In conclusion, American Airlines Federal Credit Union and Patelco Credit Union offer competitive rates and fees, exceptional customer service, and a range of financial products and services. By banking with a credit union, you’re investing in an institution that prioritizes your needs over profits.

Consider switching to a credit union if you’re tired of dealing with big banks that charge exorbitant fees and offer low-interest rates on loans and savings accounts. In conclusion, credit unions are becoming increasingly popular as they offer lower fees, better rates, and a community-focused approach.

Eastman Credit Union, Alliant Credit Union, American Airlines Federal Credit Union, and Patelco Credit Union are four top credit unions worth considering. They offer competitive rates, exceptional customer service, and financial products and services that cater to their member’s needs.

By banking with a credit union, you’re investing in an institution that prioritizes your financial well-being over profits. If you’re tired of dealing with big banks that charge exorbitant fees and offer low-interest rates, it’s time to consider switching to a credit union.

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