Credit Union Savings Accounts
Credit union savings accounts or money market accounts that are offered by credit unions. Many Americans enjoy performing their banking transactions with credit unions as they are technically member-owned and may have branches close by. You will find a map with all credit unions that are close to you here. It is important to note that most credit unions do have limited fields of membership – you must be a resident of a certain area or have a family member who was employed by a certain company. To understand the difference between a bank or credit union, click here.
Credit union savings and money market accounts ordinarily bear all of the same advantages and disadvantages as savings accounts, except insurance is provided by the National Credit Union Administration instead of the FDIC. Most, but not all, credit unions listed on BestCashCow are NCUA insured. You should confirm that the credit union that you are working with is NCUA insured by visiting that institution’s BestCashCow page (NCUA coverage is detailed on the overview tab). The NCUA provides coverage in amounts and terms that are very similar to, although not identical to that provided by the FDIC. BestCashCow strongly recommends that you deposit money only in NCUA insured credit unions and that you stay within insured limits. If you are considering depositing over $250,000 at a single NCUA-insured credit union across products (share certificates, time deposits, etc.) or across types of ownership (individual, joint, etc.) you should use the NCUA’s Share Insurance Toolkit in order to be sure that you are not exceeding coverage limits .
One other difference is that small credit unions often lack robust online banking features. If you are interested in online banking, be sure to ask your credit unions about the online and mobile services they offer.
To understand all of the income generating options available to a saver, please view the Income Generating Investments Comparison Chart.