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- Some credit unions let you join online from anywhere in the US.
- To become a member, give a small donation to a foundation or open a savings account.
- You'll prefer a credit union over a traditional bank if you want to earn a higher interest rate.
Credit unions require membership to open a bank account or utilize services. Usually, you'll have to work for a select employer or live in a specific city or county.
However, some credit unions have pretty easy membership requirements that you let join from anywhere in the US.
If you're open to banking with a credit union over a bank, we've put together a list of potential credit unions for you to consider.
Credit Unions With Easy Membership Requirements
1. Affinity Plus Federal Credit Union
Affinity Plus Federal Credit Union
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)
Varies depending on account
Minimum Deposit Amount
Varies depending on account
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free savings, checking, certificate, and money market account options
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low or no minimum opening deposits
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Pays high interest rates on certificates and money market account
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Rewards program
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No non-sufficient funds fees; no overdraft fees if you withdraw by under $100
- con icon Two crossed lines that form an 'X'. Low interest rate on savings
- con icon Two crossed lines that form an 'X'. Compounds dividends monthly, not daily
- con icon Two crossed lines that form an 'X'. $15 overdraft fee
- con icon Two crossed lines that form an 'X'. No overdraft protection if you withdraw by over $100
- 29 branches in Minnesota
- Non-Minnesota residents can still open accounts online
- 60,000+ free ATMs in the MoneyPass, Co-op, and SUM networks
- MyPlus Rewards program gives you points for spending money on your APFCU debit and credit cards, maintaining a certain amount of money in your accounts, and taking out loans
- Redeem points in categories such as travel, cash back, donating to charities, and reducing your loan interest rates
- Dividends compound monthly
- Federally insured by the NCUA
Why it stands out: Affinity Plus Federal Credit Union pays high interest rates on its money market account and CDs. It also has a rewards program that lets you earn points if you keep a certain amount of money in your account or use a bank credit card.
Membership requirements: The easiest way to join Affinity Plus Federal Credit Union is to donate $25 to the Affinity Plus Foundation and open a savings account. Affinity Plus Federal Credit Union has 26 branches in Minnesota and has additional ways to become a member if you live or work in the state.
2. Alliant Credit Union
Alliant Credit Union
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Icon of check mark inside a promo stamp It indicates a confirmed selection. PerksAnnual Percentage Yield (APY)
Varies depending on account
Minimum Deposit Amount
Varies depending on account
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rates on savings account and CDs
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low minimum opening deposits
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Interest-earning checking account
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Reimburses up to $20 in out-of-network ATM fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No overdraft fees
- con icon Two crossed lines that form an 'X'. No money market accounts
- Online bank with no physical branch locations
- Access to 80,000 free ATMs nationwide
- Interest on interest-earning accounts compounds monthly
- NCUA insured
Why it stands out: Alliant Credit Union has high-interest savings and checking accounts with low minimum opening deposits.
Membership requirements: You'll be able to become a member of Alliant Credit Union if you join Foster Care to Success, a non-profit organization focused on foster youth (Alliant covers the $5 joining fee). You'll also be able to join the credit union if you live in certain parts of Illinois or work at an eligible employer.
3. Bethpage Federal Credit Union
Bethpage Federal Credit Union
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)
Varies depending on account
Minimum Deposit Amount
Varies depending on account
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Open accounts at a branch or online from anywhere in the US
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Large free ATM network
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy to become a member (just open a savings account with $5)
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rates on checking, certificate, and money market accounts
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Doesn’t charge out-of-network ATM fees
- con icon Two crossed lines that form an 'X'. Only branches are in New York State
- con icon Two crossed lines that form an 'X'. Low interest rate on savings account
- con icon Two crossed lines that form an 'X'. No free overdraft protection ($5 fee for transferring money from savings)
- con icon Two crossed lines that form an 'X'. Doesn’t refund any fees charged by out-of-network ATM providers
- 32 branches around New York State
- Non-New York residents can still open accounts online
- 5,000 shared branches and 30,000 shared ATMs in the Co-op network
- Become a member by opening a savings account with $5
- Federally insured by the NCUA
Why it stands out: Bethpage Federal Credit Union pays high interest rates on checking, certificate, and money market accounts. The certificates are especially appealing if you're looking for an institution with a low minimum opening deposit — you'll only need $50 to open one.
Membership requirements: Bethpage Federal Credit Union lets you join online from anywhere in the US, as long as you open a savings account with at least $5.
4. Blue Federal Credit Union
Blue Federal Credit Union
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)
Varies depending on account
Minimum Deposit Amount
Varies depending on account
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy to become a member
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Bank online, visit branches in Colorado and Wyoming, or visit shared branches around the US
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Pays high interest rates on certificates
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Checking account offers unique perks like roadside assistance and ID theft aid
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Overdraft protection through Protect-a-Check
- con icon Two crossed lines that form an 'X'. Interest compounds monthly, not daily
- con icon Two crossed lines that form an 'X'. Poor mobile app ratings
- con icon Two crossed lines that form an 'X'. $30 overdraft fee
- 20 branches in Colorado and Wyoming
- You can also open accounts online from around the US
- 30,000 shared branches and 5,000 free ATMs in the Co-op network
- The easiest way to become a member is to donate $5 to the Blue Foundation; you’ll also qualify if you work for a Select Employee Group or one of several armed forces groups
- Dividends compound daily
- Federally insured by the NCUA
Why it stands out: Blue Federal Credit Union pays solid rates on certificates. The credit union also offers 24/7 live customer service, which is ideal if traditional banking hours don't work for you.
Membership requirements: The easiest way to join is by donating $5 to the Blue Foundation and opening the Blue Federal Credit Union Membership Share Savings Account with another $5. However, if you live in Colorado or Wyoming, you also may qualify if you meet another membership requirement.
5. Connexus Credit Union
Connexus Credit Union
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)
Varies depending on account
Minimum Deposit Amount
Varies depending on account
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy to become a member
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rates
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Several overdraft protection options
- con icon Two crossed lines that form an 'X'. Branches are only available in Illinois, Minnesota, and Wisconsin
- con icon Two crossed lines that form an 'X'. High minimum opening deposit for certificates
- con icon Two crossed lines that form an 'X'. Interest compounded monthly or quarterly, not daily
- 15 branches in Illinois, Minnesota, and Wisconsin
- 5,000 shared branches in the Co-op network; 67,000+ free ATMs in the Co-op and MoneyPass networks
- To become a member, be an employee, retiree, family member, members, student, or student alum of certain companies and organizations; live in certain counties or cities in Illinois, Ohio, Minnesota, or Wisconsin; be a family member, household member, or spouse of existing Connexus member; or join the Connexus Association with $5
- Dividends compounded monthly or quarterly
- Federally insured by the NCUA
Why it stands out: Connexus Credit Union pays competitive interest rates on all of its accounts. The Connexus Xtraordinary Checking Account is a solid choice if your priority is finding a high-yield checking account.
Membership requirements: Connexus Credit Union lets you join online from anywhere in the US if you make a $5 donation to the Connexus Association. If you or a family member live in Minnesota, Ohio, or Wisconsin, see if you meet one of the credit union's other membership requirements.
6. Consumers Credit Union
Consumers Credit Union
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)
Varies depending on account
Minimum Deposit Amount
Varies depending on account
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Membership is open to anyone in the US (pay a $5 membership fee)
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Immigrants and non-US citizens may be eligible to join
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free rewards checking account
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive interest rates on CDs and checking
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low minimum opening deposits on all accounts
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- con icon Two crossed lines that form an 'X'. Branches only available in specific cities in Illinois
- con icon Two crossed lines that form an 'X'. Low interest rates on savings account
- con icon Two crossed lines that form an 'X'. Interest compounded monthly, not daily
- 15 branches in Chicago, Illinois, and surrounding areas; you can also open accounts online from anywhere in the US
- 5,000 shared branches and 30,000 free ATMs in the Co-op network
- To join, pay a one-time membership fee and open the Consumers Credit Union Membership Share Savings Account with at least $5
- Dividends compounded and paid monthly
- Federally insured by the NCUA
Why it stands out: Consumers Credit Union has a unique high-yield checking account that pays you a high interest if you meet the requirements. Its bank accounts have low minimum opening deposits. Customer support is also available 24/7 through live chat.
Membership requirements: Anyone in the US can become a member of Consumers Credit Union online. Just pay a one-time $5 membership fee and open a savings account.
If you're an immigrant or not a US citizen, Consumers lets you use a Matricula Consular ID or permanent resident card instead of a US government ID to open an account.
7. Hope Credit Union
Hope Credit Union
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)
Varies depending on account
Minimum Deposit Amount
Varies depending on account
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Black-led credit union
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Bank with a company that gives back to local communities
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High-yield checking account
- con icon Two crossed lines that form an 'X'. Only available in Alabama, Arkansas, Louisiana, Mississippi, and Tennessee
- con icon Two crossed lines that form an 'X'. Dividends compounded quarterly, not monthly or daily
- Black-led credit union with 23 branches in Arkansas, Louisiana, Mississippi, and Tennessee
- 5,000 shared branches and 30,000 free ATMs in the Co-op network
- Certified as a community development financial institution (CDFI)
- To become a member, pay the $10 membership fee
- Dividends compounded quarterly
- Federally insured by the NCUA
Why it stands out: Hope Credit Union is a Black-owned financial institution that gives back to local communities in certain parts of Alabama, Arkansas, Louisiana, Mississippi, and Tennessee. It has solid savings and checking accounts that don't have monthly service fees.
As a Juntos Avanzamos designated credit union, Hope Credit Union lets you use a permanent resident card, foreign passport, or Matricula Consular if you don't have a US ID. You'll also be able to use an ITIN number instead of a social security number. If you plan on using an alternative ID, you'll have to apply in person instead of online, though.
Membership requirements: Hope Credit Union lets you join online if you pay a $10 membership fee.
8. Latino Community Credit Union
Why it stands out: Latino Community Credit Union is a Hispanic American-led financial institution that provides financial literacy education and bilingual services to local communities in North Carolina. You can also open an account online from anywhere in the US. It has savings and checking accounts with low minimum opening deposits.
Membership requirements: If you don't live in North Carolina, you can still apply online by submitting an application and paying a $10 membership fee.
9. NASA Federal Credit Union
NASA Federal Credit Union
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)
Varies depending on account
Minimum Deposit Amount
Varies depending on account
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High certificate rates
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Multiple types of checking, certificate, and money market accounts
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free savings account
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Early direct deposit
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free overdraft protection
- con icon Two crossed lines that form an 'X'. Low savings rate
- con icon Two crossed lines that form an 'X'. Dividends compounded monthly, not daily
- con icon Two crossed lines that form an 'X'. Fees on checking and money market accounts (option to waive)
- con icon Two crossed lines that form an 'X'. $32 overdraft fee
- 14 branches in Maryland and Virginia
- Shared branches and free ATMs in the Co-op network
- You’re eligible for membership if you’re affiliated with NASA in a number of ways; or NASA FCU will provide a complimentary 1-year membership to the National Space Society, which qualifies you for membership
- Dividends compounded monthly, paid monthly
- Federally insured by the NCUA
Why it stands out: NASA FCU's strongest products are its CDs. It pays high interest rates, especially on 9-month and 15-month terms.
Membership requirements: The credit union provides you with a complimentary 1-year membership to the National Space Society, which makes you eligible to join.
10. Pentagon Federal Credit Union
Pentagon Federal Credit Union
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)
Varies depending on account
Minimum Deposit Amount
Varies depending on account
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Higher interest rate on savings accounts and share certificates than other accounts at brick-and-mortar financial institutions
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Interest earned on your checking account balance
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. CD terms longer than five years
- con icon Two crossed lines that form an 'X'. Other online banks may offer higher interest rates on savings accounts or CDs
- con icon Two crossed lines that form an 'X'. Interest compounded monthly, not daily
- con icon Two crossed lines that form an 'X'. Must qualify to earn interest on your checking account balance
- con icon Two crossed lines that form an 'X'. Low interest on money market account
- con icon Two crossed lines that form an 'X'. Monthly fees for the checking account (possible to waive them)
- con icon Two crossed lines that form an 'X'. $1.50 out-of-network ATM fee
- Around 50 branches in California, Florida, Georgia, Hawaii, Maryland, Nebraska, New Jersey, New Mexico, New York, North Carolina, Pennsylvania, Texas, Virginia, and DC
- Branches on military bases in Guam, Puerto Rico, and Japan
- Around 85,000 free ATMs in the US
- You're eligible for membership if you have served in the military or work at qualifying associations or organizations; or simply open a savings account with a $5 minimum deposit
- Dividends compounded monthly
- Federally insured by the NCUA
Why it stands out: Pentagon Federal Credit Union pays competitive interest rates on its savings account and CDs. You also may like it if you're part of a military family.
Membership requirements: The easiest way to become a part of Pentagon Federal Credit Union is by opening a savings account with at least $5. You're also eligible for membership if you've served in the military or work at a select employer.
11. Premier Members Credit Union
Premier Members Credit Union
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)
Varies depending on account
Minimum Deposit Amount
Varies depending on account
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. High interest rates on money market account
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Interest-earning checking account
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free overdraft protection
- con icon Two crossed lines that form an 'X'. Pays low interest rate on savings; certificate rates are so-so
- con icon Two crossed lines that form an 'X'. $32 overdraft fee
- con icon Two crossed lines that form an 'X'. Compounds interest monthly, not daily
- 17 branches and 4 student branches in Colorado
- 5,000 shared branches and 30,000+ free ATMs in the Co-op network
- There are several ways for Colorado residents to become members; or become a member by joining Impact on Education, a charity in the Boulder Valley School District, and opening a savings account online
- Dividends compound monthly
- Federally insured by the NCUA
Why it stands out: Premier Members Credit Union has a strong money market account. It earns a competitive interest rate and doesn't have monthly service fees.
Membership requirements: While Premier Members Credit Union is based in Colorado, you're still eligible for membership if you join Impact on Education, a charity in the Boulder Valley School District, and open a savings account online. If you live in Colorado, check if you live in an eligible county or work at a select employer.
12. Quorum Federal Credit Union
Quorum Federal Credit Union
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)
Varies depending on account
Minimum Deposit Amount
Varies depending on account
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy to qualify for membership
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Several types of checking, savings, and term accounts available
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Pays high rates on certain accounts
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Most accounts have no monthly fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Doesn't charge a fee for 10 out-of-network ATM withdrawals each month
- con icon Two crossed lines that form an 'X'. After initial 10 out-of-network ATM withdrawals each month, Quorum charges $2 per withdrawal
- con icon Two crossed lines that form an 'X'. Doesn't reimburse any fees charged by out-of-network ATM providers
- con icon Two crossed lines that form an 'X'. Overdraft fees as high as $37
- con icon Two crossed lines that form an 'X'. Interest compounds monthly, not daily
- No physical branches
- 90,000 free ATMs through MoneyPass ATMs, Allpoint ATMs, and ones at many CVS and Walgreens locations
- To become a member, be an employee of a Select Employee Group-affiliated company (or the family member of someone who is) or a member of the American Consumer Council or Select Savers Clubs; it's free to join the ACC, and Quorum will cover the $5 cost for a lifetime membership with the SCC
- Dividends compound monthly
- Federally insured by the NCUA
Why it stands out: Quorum Federal Credit Union pays high interest rates on term accounts (what it calls CDs), and it has a high-yield savings account.
Membership requirements: The easiest way to join is to either become a member of the American Consumer Council or Select Savers Club when you fill out a Quorum FCU application. You can join the ACC for free. Although the SCC requires $5 to join, Quorum will cover the cost for you.
13. Signature Federal Credit Union
Signature Federal Credit Union
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)
Varies depending on account
Minimum Deposit Amount
Varies depending on account
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive interest rates on high-yield checking accounts, money market accounts, and share certificates
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Free transfers from another account for overdrafts
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Many account types and terms to choose from, including reward-earning ones
- con icon Two crossed lines that form an 'X'. Low interest rates on savings accounts
- con icon Two crossed lines that form an 'X'. Customer service only available 9 a.m. to 5 p.m. weekdays
- con icon Two crossed lines that form an 'X'. Many accounts have transaction and withdrawal limits
- con icon Two crossed lines that form an 'X'. Overdraft fee is $30 if you don’t have another SFCU account to transfer funds from
- Open accounts online; you must open a Signature FCU Savings Account to become a member
- Over 5,000 shared branches in the Co-op network; tens of thousands of free ATMs combined in the Co-op and CULIANCE networks
- To join, be an immediate family/household member of an existing Signature FCU member; be a U.S. Postal Service postmaster, postmaster relief, supervisor, or officer in charge; be a Marymount University Alumni Association member or employee; be an employee of an approved organization; or join the American Consumer Council for $8 per year
- Dividends compounded monthly for checking, money market, and certificate accounts; compounded quarterly for savings account
- Federally insured by the NCUA
Why it stands out: Signature Federal Credit Union pays some of the best CD rates out there. It also has a high-yield checking account that pays a great rate on balances up to $20,000.
Membership requirements: The easiest way to become a member is by joining the American Consumer Council for $8 per year. Membership is also open to employees for certain companies; Marymount University Alumni Association members or employees; U.S. Postal Service postmasters, postmasters relief, supervisors, or officers in charge; or immediate family and household members of existing Signature FCU members.
14. Wings Credit Union
Wings Credit Union
Insider’s Rating A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Annual Percentage Yield (APY)
Varies depending on account
Minimum Deposit Amount
Varies depending on account
Pros- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Easy to become a member of the credit union and bank online
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Pays high interest rates on checking account and certificates
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. No monthly service fees
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. Multiple overdraft protection options
- Check mark icon A check mark. It indicates a confirmation of your intended interaction. 10 free out-of-network ATM withdrawals per statement cycle
- con icon Two crossed lines that form an 'X'. Branches are available only in Florida, Georgia, Michigan, Minnesota, and Washington
- con icon Two crossed lines that form an 'X'. High minimum opening deposit for money market account
- con icon Two crossed lines that form an 'X'. No debit card, ATM card, or check-writing included with the money market account
- con icon Two crossed lines that form an 'X'. Interest compounded monthly or quarterly, not daily
- con icon Two crossed lines that form an 'X'. $30 overdraft fee
- con icon Two crossed lines that form an 'X'. After reaching your limit of 10 free out-of-network ATM withdrawals per month, $2.50 fee per withdrawal
- 29 branches in Florida, Georgia, Michigan, Minnesota, and Washington
- Over 80,000 free ATMs in the Allpoint, MoneyPass, and Co-op networks
- Become a member when you or a family member work in the aviation industry or live in an eligible county/metro area; or join by donating $5 to the Wings Financial Foundation
- Dividends compounded quarterly for balances under $100,000 and monthly for balances of $100,000 or more
- Federally insured by the NCUA
Why it stands out: Wings Credit Union offers high-yield savings and checking accounts. If you meet the bank account requirements for one of these two accounts, you'll earn a high rate.
Membership requirements: The easiest way to join Wings Credit Union is to donate $5 to the Wings Financial Foundation. However, if you or a family work in the aviation industry or live in an eligible county or metro area, you also might be eligible.
Pros and Cons of Credit Unions
Are you still mulling over the decision of whether to pick a credit union or a bank? Here are some of the main pros and cons to consider.
Pros of Joining a Credit Union
- Earn high interest rates. Credit unions typically offer higher interest rates than traditional brick-and-mortar banks. However, with online banks, it might be more of a toss-up since interest rates are similar.
- Fewer monthly service fees. Many of the credit unions featured on our list have bank accounts with zero monthly maintenance fees. At a traditional brick-in-mortar bank, you may need to keep a certain amount in your account each month or meet distinct requirements to waive the fee. Meanwhile, online banks might not charge any monthly fees.
- Additional member perks. Some credit unions have rewards programs. For instance, Affinity Plus Credit Union has a rewards program that lets you earn points if you keep a certain amount of money in your account or use a bank credit card. Points can be spent on gift cards, travel, or even donating to charities.
Cons of Joining a Credit Union
- Limited locations. Ultimately, your experience will vary depending on where you live. If you don't live near a branch location, you'll have to be comfortable with online and mobile banking. Otherwise, it may be a struggle to manage your account.
- Fewer products and services. Some credit unions offer limited account options. If you want more variety in your account options, a brick-and-mortar bank or online bank is likely a better choice.
When Should you Bank With a Credit Union Over a Bank?
You should choose a bank over a credit union if you find specific accounts or services that are ideal for your goals. Many of the credit unions featured have high-yield bank accounts, so if you find an account that matches what you're looking for, you won't feel like you're compromising because there are fewer products and services.
You also might want to choose a credit union if you struggle with traditional banking services or requirements. Some credit unions offer 24/7 live customer service. Other institutions featured allow you to use a foreign ID or ITIN number if you aren't a US citizen.
Sophia Acevedo, CEPF
Banking Reporter
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