By Zack Devin
Over the years, many money-minded people have varied perceptions about credit unions when comparing them to banks. The majority wonder what is right for you. The good thing is that you can make up your mind based on what each institution offers.
The bank’s main goal is to make money and benefit the investors at the expense of the customers. On the other hand, credit unions are members-only institutions and not-for-profit. For many people, a key focus is usually the credit unions services that you should feel free to pursue, and this article is a great read for you.
Let’s get started.
A Look at Credit Unions and Their Exclusive Services
The hype around having a community-based financial institution has changed the perceptions of many people regarding how they transfer and save their money. With their exclusive services, many people have been settling for top-notch credit unions. When looking for a stand-out financial institution, you don’t want just to gladden the stockholders.
You need an institution that will cater to your needs and other members’ interests. This is what the leading credit unions guarantee, and you should be able to pick the best. Here are key aspects that should spur your decision:
- You’ll enjoy better rates on savings products in your accounts
- Lower rates on a wide range of products, from credit cards and loans to mortgages
- Enjoy lower fees for refunds or account maintenance
- Top-notch member-owner financial services
- Your funds are secure and federally insured
When looking for the best credit union, pay much attention to the services on offer. Reputable credit unions offer remarkable services you’ll not find in any financial institution. Here are the top picks:
Loans
Credit unions are your go-to home for different types of loans. You need to let your union know when you need funds, and the team will help you reach your goals. Applying for a loan is also a smooth process. There is no cumbersome paperwork involved, and you’ll enjoy flexible standards. Your credit union will also save you money on loans as they offer lower interest rates that equate to more money in your account. So, no matter the type of loan you’re looking for, the door is open for you.
Mortgages
When looking for a place to call home, just work with the best credit union. Decisions to lend you the mortgage will be made at the local level, and you can deal with the union directly. Most importantly, credit unions offer competitive and straightforward mortgage rates.
Current Account and Savings
A credit union will guarantee regular access to your account and ensure your money is safe and growing. You’ll also enjoy:
- Low cost and transparent fee structure
- Contactless payments
- A debit card accepted globally
- Automatic payments
- Straightforward sign-up process
Insurance
Eligible members can get different types of insurance options paid by the union or directly by the member. Members can pursue life savings insurance, home insurance, car, and travel insurance, among other options.
Financial Education
Reputable credit unions have developed financial education services for their clients. Businesses can benefit from programs that help them understand the basics of managing money and make better decisions.
Other Services
Credit unions proffer a wide range of services specially designed for their members. They include:
- Online and mobile banking
- Budget accounts
- Investment accounts like Individual Retirement Accounts (IRA) and Certificate of Deposit (CDs)
- e-Services
- Money orders
Work with the Best Credit Union Today
There are many perks of working with credit unions that you need to pay attention to. These are facets that will guide you to choose the best credit union, knowing you’ll have a safe account where you can save and transfer funds. You’ll also enjoy matchless convenience and a high level of security when accessing your account.
The incredible credit union services should also spur your decision to open an account today. You can take advantage of all CU benefits and services by becoming a member. It’s easy to sign up, and there is no paperwork required. You need to choose a reputable, tested, and proven credit union and get started.
