California

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You are viewing savings rates from credit unions in Ontario, California

Ontario, California Credit Union Savings Rates 2024

Credit Unions can offer savings and money market rates that are competitive not only with local banks, but also sometimes with the best rates at online savings banks. The table below lists the best rates at credit unions near you. If you click on the credit union’s name, you’ll be taken to more information about its locations and operations.

Ontario, CA - February 24, 2024

Savings Account National Average Rate: 0.42% ?

Credit Unions APY MIN

10.00%

$0

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Neches


Restrictions

9.57%

$0

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7.00%

$1

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Inroads


Restrictions

7.00%

$300

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Chevron


Restrictions

7.00%

$25

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Gesa


Restrictions

7.00%

$0

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St. Anne's


Restrictions

6.25%

$5

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Boeing Employees


Restrictions

6.17%

$0

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Digital


Restrictions

6.17%

3.56%

$5

$0
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Suffolk


Restrictions

6.00%

$5

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St. Anne's


Restrictions

5.50%

$2,500

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Blupeak


Restrictions

5.33%

$0

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Onpoint Community


Restrictions

5.25%

5.00%
3.75%

$0

$5
$100,000
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Inova


Restrictions

5.15%

4.15%
2.15%
1.65%

$250,001

$100,001
$50,001
$0
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Genisys


Restrictions

5.12%

$0

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Bethpage


Restrictions

5.00%

$0

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Premier Members


Restrictions

5.00%

2.59%
1.67%

$0

$2,001
$5,001
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Jovia Financial


Restrictions

5.00%

3.98%

$5

$10
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Communityamerica


Restrictions

5.00%

$1

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Service


Restrictions

5.00%

$2,500

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Canvas


Restrictions

5.00%

$0

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Metro


Restrictions

5.00%

2.00%

$10,000

$0
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5.00%

$0

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Langley


Restrictions

5.00%

$1,000,000

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Blue


Restrictions

5.00%

$0

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Lafayette


Restrictions

4.99%

4.58%

$250,000

$20,000
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Wings Financial


Restrictions

4.75%

$25,000

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4.75%

4.50%
4.25%
4.00%

$250,000

$100,000
$45,000
$25,000
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Olean Area


Restrictions

4.75%

$100,000

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Covantage


Restrictions

4.75%

4.25%
4.10%
3.50%
2.50%

$750,000

$500,000
$250,000
$100,000
$25,000
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Usalliance


Restrictions

4.65%

$500

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Utah First


Restrictions

4.65%

4.25%
3.45%
2.50%
1.50%

$1,000,000

$250,000
$100,000
$25,000
$2,000
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4.50%

3.50%
2.75%

$1,000,000

$500,000
$250,000
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Town & Country


Restrictions

4.25%

4.00%
1.50%

$250,000

$50,000
$25,000
Learn More

America First


Restrictions

4.25%

3.45%
2.70%
2.30%
1.70%
1.50%

$250,000

$100,000
$50,000
$25,000
$10,000
$0
Learn More

Mountain America


Restrictions

4.25%

3.45%
2.75%
2.50%
1.75%
1.50%

$250,000

$100,000
$50,000
$25,000
$10,000
$2,500
Learn More

Summit


Restrictions

4.25%

3.10%
2.85%
2.60%
1.75%
1.39%
1.35%
1.29%

$25,000

$1,000,000
$500,000
$250,000
$150,000
$200,000
$75,000
$100,000
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4.25%

2.00%
1.35%

$750,000

$250,000
$25,000
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4.25%

$10,000

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12 Month Introductory Rate

Quorum


Restrictions

4.17%

$0

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Canvas


Restrictions

4.15%

3.50%

$1,000

$100,000
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Lake Michigan


Restrictions

4.15%

4.00%
3.30%

$1,000,000

$100,000
$25,000
Learn More

Connexus


Restrictions

4.15%

3.77%
3.50%
3.01%

$1,000,000

$500,000
$250,000
$20,000
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Garden Savings


Restrictions

4.07%

$0

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4.00%

$1

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Redwood


Restrictions

4.00%

3.75%
3.50%
3.00%
2.75%
2.50%

$150,000

$100,000
$50,000
$25,000
$10,000
$2,500
Learn More

Travis


Restrictions

4.00%

3.50%
3.40%
3.00%
2.50%
1.75%

$0

$75,000
$50,000
$25,000
$7,500
$1,000
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Nuvision


Restrictions

4.00%

2.00%
1.60%

$0

$1,001
$50,000
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Agriculture


Restrictions

4.00%

2.25%
2.00%
1.75%

$0

$100,000
$50,000
$10,000
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Greenwood


Restrictions

4.00%

$50,000

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Westerra


Restrictions

4.00%

3.00%
2.00%

$100,000

$50,000
$25,000
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Bellco


Restrictions

4.00%

3.45%

$50,000

$10,000
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4.00%

$10,000

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United


Restrictions

4.00%

3.75%
3.50%

$250,000

$100,000
$1,000
Learn More

Chevron


Restrictions

4.00%

3.90%
3.80%
3.75%

$100,000

$50,000
$25,000
$2,500
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4.00%

3.90%
3.80%
3.75%

$0

$50,000
$25,000
$2,500
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Affinity Plus


Restrictions

4.00%

$0

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Green Country


Restrictions

4.00%

$50,000

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Affinity


Restrictions

4.00%

$0

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Rally


Restrictions

4.00%

3.00%

$250,000

$100,000
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Redstone


Restrictions

3.80%

$0

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Idaho Central


Restrictions

3.80%

$1,000

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American Heritage


Restrictions

3.75%

$10,000

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Hanscom


Restrictions

3.75%

3.50%
2.50%
1.50%

$500,000

$100,000
$50,000
$25,000
Learn More

First Community


Restrictions

3.60%

3.00%
2.50%
2.25%
2.00%

$1,000,000

$500,000
$200,000
$100,000
$25,000
Learn More

Connex


Restrictions

3.60%

1.60%

$250,000

$100,000
Learn More

State Department


Restrictions

3.56%

2.02%
1.51%
1.26%

$250,000

$100,000
$50,000
$25,000
Learn More

Blucurrent


Restrictions

3.56%

3.30%
3.05%

$100,000

$25,000
$2,500
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3.51%

2.50%
1.50%

$100,000

$50,000
$25,000
Learn More

Partners


Restrictions

3.50%

3.40%
3.25%
1.55%
1.30%

$500,000

$250,000
$100,000
$50,000
$25,000
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3.50%

$100

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Police & Fire


Restrictions

3.50%

2.00%

$2,500

$0
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Connex


Restrictions

3.50%

$0

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Affinity Plus


Restrictions

3.50%

3.00%
2.85%
2.75%

$25,000

$10,000
$5,000
$2,000
Learn More

Communityamerica


Restrictions

3.50%

3.45%
3.40%
3.35%
3.30%
3.25%

$500,000

$250,000
$150,000
$100,000
$50,000
$25,000
Learn More

Coastal


Restrictions

3.50%

$0

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First United


Restrictions

3.50%

3.25%
3.00%
2.50%
2.25%

$100,000

$50,000
$25,000
$250,000
$2,500
Learn More

Trumark Financial


Restrictions

3.50%

1.50%

$10,000

$100,000
Learn More

Superior Choice


Restrictions

3.50%

3.00%
1.75%

$250,000

$100,000
$50,000
Learn More

Safe


Restrictions

3.45%

3.20%
2.80%
2.40%
1.60%

$500,001

$250,001
$100,001
$50,001
$25,001
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3.40%

3.30%
3.20%
3.10%

$250,000

$100,000
$50,000
$10,000
Learn More

Self-help


Restrictions

3.36%

$500

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Self-help


Restrictions

3.32%

$500

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Hughes


Restrictions

3.30%

3.05%
2.79%

$150,000

$75,000
$1,000
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Digital


Restrictions

3.30%

1.77%
1.71%

$100,000

$25,000
$1,000
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Safe


Restrictions

3.30%

3.04%
2.78%
2.53%
2.02%

$250,000

$100,000
$50,000
$25,000
$10,000
Learn More

Direct


Restrictions

3.25%

$25,000

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3.25%

3.00%
2.75%
2.50%

$250,000

$100,000
$50,000
$25,000
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3.25%

$1

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3.25%

2.75%
2.25%
1.75%

$250,000

$100,000
$50,000
$1
Learn More

St. Paul


Restrictions

3.15%

3.10%
3.05%
3.00%
2.95%

$100,001

$50,001
$25,001
$10,001
$2,500
Learn More

Landmark


Restrictions

3.15%

3.00%
2.90%

$100,000

$75,000
$50,000
Learn More

New England


Restrictions

3.14%

2.63%
2.27%
1.81%

$250,000

$100,000
$50,000
$1,000
Learn More

Safeamerica


Restrictions

3.10%

$0

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State Farm


Restrictions

3.05%

$0

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3.05%

2.80%
2.55%
2.30%
1.75%
1.50%

$250,000

$100,000
$50,000
$25,000
$10,000
$2,500
Learn More

Broadview


Restrictions

3.05%

2.80%
2.55%
2.30%
1.75%
1.50%

$250,000

$100,000
$50,000
$25,000
$10,000
$2,500
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3.04%

$25,000

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Ridgedale


Restrictions

3.04%

2.53%
1.51%

$150,000

$50,000
$5,000
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3.03%

2.78%
2.27%
1.51%

$500,000

$250,000
$100,000
$10,000
Learn More

Patelco


Restrictions

3.00%

2.00%
1.50%

$500

$0
$2,000
Learn More

Tennessee Valley


Restrictions

3.00%

2.95%
2.70%
2.55%
2.50%

$100,000

$50,000
$25,000
$10,000
$2,500
Learn More

Pima


Restrictions

3.00%

$5

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3.00%

1.50%

$10,000

$100,000
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Fairwinds


Restrictions

3.00%

$0

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3.00%

2.00%

$100,000

$50,000
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3.00%

$2,500

Learn More

General Electric


Restrictions

3.00%

$0

Learn More

Fortera


Restrictions

3.00%

1.75%

$250,000

$100,000
Learn More

3.00%

2.75%
2.50%

$100,000

$50,000
$500
Learn More

Workers


Restrictions

3.00%

2.00%
1.50%
1.25%

$100,000

$25,000
$10,000
$50
Learn More

American Heritage


Restrictions

3.00%

2.80%
2.65%
2.31%

$75,000

$50,000
$25,000
$2,000
Learn More

Air Force


Restrictions

3.00%

$0

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2.99%

2.38%
1.56%

$250,000

$100,000
$50,000
Learn More

Latino Community


Restrictions

2.79%

$500

Learn More

Boeing Employees


Restrictions

2.78%

2.53%

$0

$50,000
Learn More

Eecu


Restrictions

2.78%

2.63%
2.53%
2.17%
1.87%

$90,000

$50,000
$25,000
$10,000
$2,500
Learn More

Star One


Restrictions

2.75%

$5

Learn More

Credit Union West


Restrictions

2.65%

2.40%

$50,000

$2,500
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2.60%

2.40%
2.00%
1.50%

$250,000

$75,000
$20,000
$2,000
Learn More

Security Service


Restrictions

2.53%

$0

Learn More

First Commerce


Restrictions

2.53%

$5

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2.50%

1.35%

$100,000

$2,000
Learn More

Workers


Restrictions

2.50%

$5

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2.50%

2.00%
1.65%
1.50%
1.25%

$250,000

$100,000
$50,000
$25,000
$2,500
Learn More

Gulf Winds


Restrictions

2.50%

2.05%
1.65%
1.30%

$500,000

$250,000
$150,000
$75,000
Learn More

Baxter


Restrictions

2.50%

2.00%

$25,000

$25
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Suncoast


Restrictions

2.50%

2.00%
1.50%
1.40%
1.30%

$250,000

$100,000
$50,000
$25,000
$1,000
Learn More

2.50%

2.35%
2.25%

$50,000

$20,000
$2,500
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2.50%

$1,000

Learn More

Jovia Financial


Restrictions

2.50%

2.25%
2.10%
2.00%

$5,000,000

$1,000,000
$250,000
$100,000
Learn More

Greenstate


Restrictions

2.45%

2.25%
2.05%
1.85%
1.65%
1.45%

$1,000,000

$500,000
$250,000
$100,000
$50,000
$2,500
Learn More

Veridian


Restrictions

2.45%

2.25%
2.05%
1.85%
1.45%

$1,000,000

$500,000
$250,000
$100,000
$2,500
Learn More

Allegacy


Restrictions

2.40%

2.25%

$500,000

$250,000
Learn More

Grow Financial


Restrictions

2.38%

2.17%
1.97%
1.76%
1.56%

$500,000

$250,000
$100,000
$50,000
$25,000
Learn More

Listerhill


Restrictions

2.35%

2.30%
1.75%

$100,000

$50,000
$10,000
Learn More

Radifi


Restrictions

2.35%

2.15%
2.05%
1.85%

$1,000,000

$500,000
$250,000
$100,000
Learn More

Corning


Restrictions

2.30%

2.00%
1.70%
1.45%

$500,000

$250,000
$100,000
$25,000
Learn More

Suma Yonkers


Restrictions

2.28%

$50

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Space Coast


Restrictions

2.27%

1.26%

$0

$25,000
Learn More

Randolph-brooks


Restrictions

2.27%

$2,500

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Mission


Restrictions

2.25%

$0

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Heritage


Restrictions

2.25%

1.75%

$750,000

$500,000
Learn More

Shell


Restrictions

2.25%

1.95%
1.85%
1.75%

$50,000

$25,000
$10,000
$2,500
Learn More

2.25%

2.05%
1.85%
1.65%
1.50%

$1,000,000

$500,000
$250,000
$100,000
$50,000
Learn More

Lake Michigan


Restrictions

2.25%

1.50%
1.25%

$1,000,000

$500,000
$250,000
Learn More

Tower


Restrictions

2.25%

1.75%

$100,000

$50,000
Learn More

Chartway


Restrictions

2.25%

$500,000

Learn More

Truliant


Restrictions

2.25%

2.10%
1.46%
1.45%

$250,000

$100,000
$500,000
$50,000
Learn More

American Airlines


Restrictions

2.22%

$5

Learn More

University


Restrictions

2.18%

$1,000,000

Learn More

Genisys


Restrictions

2.17%

1.97%
1.76%

$100,000

$75,000
$50,000
Learn More

2.15%

2.00%
1.80%
1.65%

$100,000

$50,000
$25,000
$2,500
Learn More

Credit Human


Restrictions

2.15%

1.80%
1.55%

$90,000

$10,000
$1,000
Learn More

Allegacy


Restrictions

2.10%

2.00%
1.90%
1.60%

$100,000

$50,000
$25,000
$0
Learn More

Commonwealth One


Restrictions

2.10%

$0

Learn More

East Idaho


Restrictions

2.02%

1.51%

$150,000

$100,000
Learn More

Saint Lawrence


Restrictions

2.02%

$0

Learn More

Ithink Financial


Restrictions

2.02%

1.41%

$250,000

$100,000
Learn More

Wellby


Restrictions

2.02%

1.77%
1.51%
1.26%

$100,000

$50,000
$25,000
$10,000
Learn More

Expedition


Restrictions

2.02%

1.76%
1.51%
1.26%

$100,000

$50,000
$25,000
$10,000
Learn More

Harborstone


Restrictions

2.01%

$0

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2.00%

$1,000,000

Learn More

Bethpage


Restrictions

2.00%

1.50%

$250,000

$100,000
Learn More

Wescom Central


Restrictions

2.00%

1.70%
1.50%
1.40%
1.35%
1.25%

$250,000

$100,000
$50,000
$25,000
$10,000
$2,500
Learn More

2.00%

1.25%

$200,000

$75,000
Learn More

Georgia's Own


Restrictions

2.00%

1.50%
1.25%

$100,000

$50,000
$25,000
Learn More

Pen Air


Restrictions

2.00%

1.25%

$200,000

$75,000
Learn More

Florida


Restrictions

2.00%

1.50%
1.25%

$1,000,000

$100,000
$50,000
Learn More

2.00%

1.60%
1.50%
1.25%

$100,000

$50,000
$25,000
$10,000
Learn More

Cbc


Restrictions

2.00%

$250,000

Learn More

Communitywide


Restrictions

2.00%

$1

Learn More

On Tap


Restrictions

2.00%

1.75%
1.25%

$250,000

$100,000
$50,000
Learn More

Teachers


Restrictions

2.00%

1.60%
1.35%

$500,000

$250,000
$100,000
Learn More

Coastal


Restrictions

2.00%

$0

Learn More

Sandia Area


Restrictions

2.00%

$500

Learn More

Visions


Restrictions

2.00%

1.75%
1.50%

$250,000

$100,000
$50,000
Learn More

Suffolk


Restrictions

2.00%

$1,000,000

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2.00%

$10,000

Learn More

Gardiner


Restrictions

1.97%

1.87%
1.66%
1.56%

$100,000

$50,000
$25,000
$2,000
Learn More

City


Restrictions

1.95%

1.85%
1.75%
1.65%

$100,000

$50,000
$25,000
$2,500
Learn More

Nasa


Restrictions

1.95%

1.85%
1.75%
1.65%

$100,000

$50,000
$10,000
$0
Learn More

1.90%

1.40%

$80,000

$20,000
Learn More

Inner Lakes


Restrictions

1.87%

1.76%

$25,000

$5,000
Learn More

Redstone


Restrictions

1.87%

1.76%
1.66%
1.56%

$100,000

$50,000
$5,000
$2,000
Learn More

1.82%

1.77%
1.71%
1.66%
1.61%
1.56%
1.46%
1.26%

$500,000

$250,000
$150,000
$100,000
$75,000
$40,000
$20,000
$10,000
Learn More

Stanford


Restrictions

1.81%

$2,500

Learn More

Logix


Restrictions

1.80%

$100,000

Learn More

Nextmark


Restrictions

1.80%

1.55%
1.30%

$100,000

$25,000
$10,000
Learn More

Royal


Restrictions

1.80%

1.65%
1.35%

$100,000

$25,000
$10,000
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1.76%

1.71%

$100,000

$2,500
Learn More

1.76%

$250,000

Learn More

Riverview


Restrictions

1.76%

1.51%
1.26%

$250,000

$75,000
$25,000
Learn More

Partner Colorado


Restrictions

1.75%

1.50%
1.25%

$100,000

$50,000
$25,000
Learn More

1.75%

1.50%

$25,000

$10,000
Learn More

1.75%

$50,000

Learn More

All In


Restrictions

1.71%

1.51%
1.31%

$175,000

$50,000
$1
Learn More

Northrop Grumman


Restrictions

1.70%

$2,500

Learn More

Align


Restrictions

1.70%

1.50%
1.35%

$250,000

$100,000
$50,000
Learn More

1.70%

$100,000

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1.70%

1.65%

$50,000

$25,000
Learn More

Quorum


Restrictions

1.69%

1.44%

$250,000

$100,000
Learn More

1.66%

1.51%
1.31%
1.26%

$250,000

$100,000
$50,000
$10,000
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1.64%

$2,500

Learn More

Envision


Restrictions

1.61%

1.26%

$50,000

$25,000
Learn More

G.p.o.


Restrictions

1.60%

1.40%
1.30%

$50,000

$20,000
$2,000
Learn More

Access


Restrictions

1.60%

$25,000

Learn More

Gte


Restrictions

1.57%

$250,000

Learn More

Empower


Restrictions

1.55%

1.45%
1.35%

$250,000

$100,000
$50,000
Learn More

N C P D


Restrictions

1.51%

$0

Learn More

1.51%

1.31%

$1,000,000

$250,000
Learn More

State Employees'


Restrictions

1.51%

$250

Learn More

Canvas


Restrictions

1.50%

1.30%

$100,000

$50,000
Learn More

Schoolsfirst


Restrictions

1.50%

$100,000

Learn More

Town And Country


Restrictions

1.50%

1.40%

$0

$100,000
Learn More

Ttcu


Restrictions

1.50%

1.25%

$250,000

$150,000
Learn More

The Summit


Restrictions

1.50%

1.25%

$150,000

$75,000
Learn More

121 Financial


Restrictions

1.50%

$250,000

Learn More

Tyndall


Restrictions

1.50%

$50,000

Learn More

Fortera


Restrictions

1.50%

$0

Learn More

1.50%

$40,000

Learn More

Sooper


Restrictions

1.50%

$90,000

Learn More

Skyla


Restrictions

1.50%

$1,000

Learn More

United Nations


Restrictions

1.50%

1.35%
1.30%

$25,000

$2,500
$0
Learn More

Truliant


Restrictions

1.50%

$75,000

Learn More

Wheat State


Restrictions

1.50%

$100,000

Learn More

Vystar


Restrictions

1.50%

1.30%

$250,000

$100,000
Learn More

First Florida


Restrictions

1.49%

1.39%

$50,000

$25,000
Learn More

Northwest


Restrictions

1.46%

1.41%

$1,000,000

$250,000
Learn More

Trax


Restrictions

1.45%

1.35%

$2,000

$10,000
Learn More

1.45%

$2,500

Learn More

Keesler


Restrictions

1.45%

$100,000

Learn More

Altura


Restrictions

1.42%

$50,000

Learn More

Municipal


Restrictions

1.41%

1.31%

$25,000

$10,000
Learn More

Investex


Restrictions

1.41%

1.26%

$20,000

$5,000
Learn More

Transportation


Restrictions

1.40%

1.35%
1.25%

$50,000

$20,000
$10,000
Learn More

Keesler


Restrictions

1.40%

$10,000

Learn More

Dc


Restrictions

1.36%

1.26%

$10,000

$2,500
Learn More

1.36%

1.31%

$10,000

$1,000
Learn More

Palmetto Citizens


Restrictions

1.36%

1.31%

$250,000

$25,000
Learn More

Gecu


Restrictions

1.35%

1.25%

$500,000

$250,000
Learn More

1.35%

1.25%

$100,000

$75,000
Learn More

Signature


Restrictions

1.35%

$50,000

Learn More

Magnifi Financial


Restrictions

1.30%

$150,000

Learn More

Safe


Restrictions

1.26%

$0

Learn More

Everwise


Restrictions

1.26%

$100,000

Learn More

1.26%

$100,000

Learn More

1.26%

$2,500

Learn More

1.25%

$100,000

Learn More

Aflac


Restrictions

1.25%

$2,500

Learn More

Members 1st


Restrictions

1.25%

$250,000

Learn More

Florida Central


Restrictions

1.25%

$40,000

Learn More

Heritage


Restrictions

1.25%

$325,000

Learn More

121 Financial


Restrictions

1.25%

$50,000

Learn More
All rates listed are Annual Percentage Yield (APY). The APY rate in a savings account or money market account is a variable rate that is subject to change at any point. The Min listed is the minimum deposit account balance required to obtain the rate listed.


BestCashCow strives to maintain the most accurate rates. If you believe a rate is not accurate, please let us know.

PRODUCT INFORMATION


Credit Union Savings Accounts 2024

Credit union savings accounts (also sometimes called share certificates or money market accounts) are savings vehicles 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 some 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. Other credit unions will have fields of membership that are virtually open ended (eg. must love life, etc.). If you find a credit union that interests you because of a rate or a service or a location, but are unsure if you qualify for membership, it is often worth reaching out to the credit union to discuss the parameters of the field of membership and whether there may be other ways in which you may qualify for membership.

Unlike online banks and even many local banks, all but the largest 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.

NCUA Insurance

Most, but not all, credit unions listed on BestCashCow are insured by the National Credit Union Administration (NCUA). 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 insures each named individual's deposits to $250,000 for all accounts at the credit union within ownership class. The rules are very similar, but not identical, to those for FDIC insurance. You should always stay within NCUA insurance limits.

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.

FREQUENTLY ASKED QUESTIONS ABOUT CREDIT UNIONS


Why are credit union rates sometimes better than those from local and online banks?

The core difference between banks and credit unions is true regardless of size: Credit unions are nonprofits owned by the members, while banks are for-profit organizations. Credit unions can therefore sometimes pass along their profits in the form of lower rates (or better loan terms). Banks have some flexibility when competition forces it, but have to deliver an expected return on capital to their owners.

Is customer service better at credit unions that local banks or online banks?

Credit unions have long surpassed commercial banks for customer satisfaction. But as membership grows, their lead is shrinking, at least when compared with smaller banks. It’s also worth noting that in recent years, several online-only banks have earned high marks for their customer-friendly service options and their transparent discussions of fees and rates.  You may enjoy the local interaction with a credit union, but unless you are also getting a competitive rate, you may find that you best bet is to also have an online bank where you keep most of you money.

Is there any difference between a share certificate offered by a credit union and a savings or money market account offered by a bank?

The difference is mainly one of terminology, as increasingly is the difference between savings and money market accounts. Be sure to understand how to access you account. Look for no fees so long as certain balances are maintained, easy liquidity and ability to transfer your money to your accounts at other institutions, including ACH transfers to online banks.

Do Credit Unions lack technology that banks have?

As technology becomes a larger part of our everyday lives, customers rely on the ability to bank online or through a mobile device, such as an iPhone. Although credit unions are making the effort to keep pace with new financial technologies, they are still trailing banks (especially the leading online banks) on this front. Several third party platforms for online banking and mobile banking are increasingly being adopted throughout the banking industry, and credit unions will likely begin to adopt these as well, which should narrow or remove the gap between them and banks.

Is my money any less safe?

As long as your credit union is NCUA insured and you stay within the NCUA limits, As long as your credit union is NCUA insured and you stay within the NCUA limits, your money is no less safe than it would be in an FDIC-insured bank.

Should I consider time deposits?

Time deposits are the credit union’s term for certificates of deposit, but, aside from slightly different terminology, are virtually the same product. Time deposits have less liquidity, but if you are unlikely to require access to your cash for some time, you may be able to significantly augment your rate of return and the growth of your capital. Since unforeseen circumstances do arise, it is important to understand the early withdrawal fees that may even eat into your principal, and early withdrawal is often entirely at the credit union’s discretion. BestCashCow compiles all rates of all credit unions near you. Access this information here. You should also familiarize yourself with our Savings Booster Calculator in order to understand the importance of compounding interest at higher rates on your savings over time.

5 POINT CHECKLIST OF THINGS THAT MAKE CREDIT UNIONS GREAT

  • Rates are often better than savings and CD rates at local banks. Borrowing rates are sometimes lower too.
  • Members are Owners of a nonprofit. When you open an account at a credit union, your account is actually a share and provides you voting rights. Since credit unions are run as non-profits, you aren’t going to get appreciation or dividends from your ownership. Instead, these institutions have the ultimate goal of providing their members better rates on loans and financial products. When a credit union makes a profit, it is used to provide better opportunities to the community that it serves.
  • Clerks work with you. Since credit unions are small and serve their owners, they try hard to keep them happy. Many credit unions have fans for life after a clerk stays late to complete loan documents, and giving pointers about avoiding fees.
  • Credit unions provide low-income and financially distressed individuals the chance to qualify for financing.
  • Credit unions often run special programs that enable people to save for the holidays (such as Christmas Clubs) or to help finance the cost of higher education and university.

SAVINGS & CD CALCULATOR

Find out how much extra money you can earn by moving your bank money into an account that pays more.