When it comes to managing your finances, where you choose to bank makes a difference. While traditional banks may be the go-to for many, credit unions offer unique benefits that prioritize you — not profits. If you’re considering switching or opening a new account, here are the top reasons why joining a credit union is a smart move.
1. You’re More Than An Account Number — You’re A Member
Unlike traditional banks owned by shareholders, credit unions are member-owned and not-for-profit. This means every member has a say in how the credit union operates. Credit unions exist to serve their members, offering competitive rates, lower fees, and personalized service that puts your financial goals and needs first.
2. They Offer Competitive Rates On Loans And Savings
One of the top benefits of credit unions is their competitive interest rates. As not-for-profit institutions, credit unions are known for offering lower rates on loans and higher returns on savings accounts and Certificates of Deposit (CDs). They’re able to take inputs (what big banks see as a profit) and turn them into the outputs members want, such as competitive loan rates and a higher return on investments. That translates to big savings over time, whether you’re borrowing or saving.
3. You Keep More Of Your Money With Low Or No Fees
Big banks often rely on fees for revenue, but credit unions keep fees low — or eliminate them altogether — so you can keep more of your hard-earned money. Whether it’s no monthly fees on checking accounts, lower ATM fees, or no annual fees on credit cards, credit unions ensure you get the most value out of your membership.
4. They Provide Personalized Financial Support Tailored To Your Needs
You can walk into a number of financial institutions and open similar types of loans, credit cards, and more, but when it comes to finances, people want to do business with someone they trust. What makes credit unions unique is the expert level of care and guidance they provide to each member. Whether you're saving for your first home, planning for retirement, or managing day-to-day expenses, credit unions offer personalized financial solutions and one-on-one coaching to help you meet your goals.
5. Credit Unions Have A Strong Community Focus
Credit unions are rooted in the communities they serve. It may be surprising to learn that credit unions often don’t see each other as competition. Rather, they lift each other up in pursuit of the collective goal to improve financial well-being for all. Many credit unions even offer free resources to non-members and host educational events within their communities for all to attend.
6. You Can Take Advantage Of Digital Banking Without Compromise
Think credit unions can’t compete with big banks on technology? Think again. Many credit unions are early adopters of new technology, offering their members even more personalized touchpoints and tools such as digital check deposit, money movement through internal transfers and platforms like Zelle®, account management, and more — all with the ease and security you expect from big banks.
7. You’re Probably Eligible
It’s a common misconception that most people aren’t eligible to join a credit union. While some institutions may have specific qualifications or only serve a designated geographic area, credit unions are becoming increasingly accessible. Members are often eligible through a variety of methods and enjoy lifetime membership that sticks with them throughout their financial journey.
8. It’s Free
Not to mention, joining a credit union and taking advantage of all it has to offer is completely free!
It’s Bigger Than Money
Switching to a credit union is about more than just saving money — it’s about being part of an organization that cares about you, your goals, and your needs. At BCU, we’re proud to help our members achieve their financial goals through all the ways you just read about, and more.
Why BCU?
While BCU began as an employer credit union, we’ve expanded our membership over 40+ years to reach far beyond our humble beginnings in Vernon Hills, IL – serving over 360,000 members across the US and Puerto Rico. Now, virtually anyone is eligible to join when they subscribe (for free) to our financial well-being platform, Life. Money. You.™ .
When you become a member, you're joining a financial community committed to helping you discover financial freedom. From goal-based savings accounts and high-yield checking to competitive loans and one-on-one financial coaching, we offer tools and support to help you succeed. With 49 branches and growing, plus powerful digital banking tools, you can securely manage your money 24/7. And thanks to our “Once A Member, Always A Member” policy, we’ll be by your side no matter where life takes you.
Ready to experience the credit union difference? Become a member of BCU!
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