At first glance, credit unions and banks might seem similar—they both offer loans, savings accounts, and other financial services. But when you look deeper, there are several key differences that can make a credit union the right choice for you.

  • Ownership Structure: Unlike banks, which are for-profit institutions, credit unions are not-for-profit organizations owned by their members. That means any profits made by the credit union are returned to you in the form of lower loan rates, higher savings rates, and reduced fees.
  • Personalized Service: Because credit unions are smaller and community-focused, members often receive more personalized attention from staff. You’re not just another customer; you’re an owner.
  • Lower Fees & Better Rates: Credit unions are known for their competitive interest rates on loans and savings accounts. They also tend to charge fewer and lower fees compared to traditional banks.

Whether you’re interested in a mortgage, auto loan, or just a safe place to park your savings, a credit union could be your best option.