What Are the Benefits of a Credit Union?

After you apply, you can join a credit union by opening an account for as little as $5. This account provides you with partial ownership of the credit union where you bank. You can attend meetings, vote on issues, and enjoy the credit union’s earnings.

Ownership Has It’s Perks

Because credit unions are nonprofit organizations, they can keep their earnings to benefit members. The credit union can use that money in many ways. For example, some credit unions pay an annual dividend check.

Low Rates and Fees

Since credit unions don’t focus on profits, you can expect lower loan rates compared to banks. Other perks can include reimbursement for ATM fees. Nobody likes fees. Credit unions generally have lower overdraft fees—some as low as $12.


As a member, you’re also allowed to vote on board membership—so you have a say in how the business runs. If you’re community-minded, you’re in luck. Credit unions often make direct investments in the communities they serve.


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