You are viewing savings rates across Michigan

Michigan Credit Union Savings Rates 2018

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.

MI - August 14, 2018

Savings Account National Average Rate: 0.17% ?

Credit UnionS APY Vs.
Nat'l
Av.
MIN MIN?
South Central
Restrictions
1.52% 8.74x $25,000 -
State Farm
Restrictions
1.51% 8.68x $5 -
South Central
Restrictions
1.33% 7.64x $10,000 -
Peninsula
Restrictions
1.25% 7.18x $25,000 -
Covantage
Restrictions
1.20% 6.90x $25,000 -
South Central
Restrictions
1.14% 6.55x $2,500 -
Peninsula
Restrictions
1.10% 6.32x $10,000 -
Covantage
Restrictions
1.00% 5.75x $10,000 -
0.90% 5.17x $25,000 -
First General
Restrictions
0.90% 5.17x $20,000 -
0.90% 5.17x $25,000 -
Service 1
Restrictions
0.90% 5.17x $20,000 -
Safe Harbor
Restrictions
0.90% 5.17x $20,000 -
0.80% 4.60x $2,500 -
Covantage
Restrictions
0.80% 4.60x $10 -
0.80% 4.60x $1,000 -
First General
Restrictions
0.80% 4.60x $2,500 -
Journey
Restrictions
0.80% 4.60x $10,000 -
Safe Harbor
Restrictions
0.80% 4.60x $2,000 -
Covantage
Restrictions
0.75% 4.31x $1 -
0.75% 4.31x $25,000 -
0.75% 4.31x $10,000 -
Journey
Restrictions
0.75% 4.31x $2,500 -
Service 1
Restrictions
0.70% 4.02x $2,000 -
Intouch
Restrictions
0.70% 4.02x $25,000 -
Harborlight
Restrictions
0.70% 4.02x $25,000 -
0.65% 3.74x $25,000 -
Intouch
Restrictions
0.60% 3.45x $5,000 -
0.60% 3.45x $25,000 -
0.60% 3.45x $2,000 -
0.60% 3.45x $10,001 -
Community Focus
Restrictions
0.60% 3.45x $2,500 -
Muskegon Co Op
Restrictions
0.60% 3.45x $20,000 -
Team One
Restrictions
0.60% 3.45x $25,001 -
Harborlight
Restrictions
0.60% 3.45x $2,500 -
Intouch
Restrictions
0.55% 3.16x $1 -
Filer
Restrictions
0.55% 3.16x $20,000 -
0.55% 3.16x $1 -
Frankenmuth
Restrictions
0.55% 3.16x $25,000 -
Filer
Restrictions
0.50% 2.87x $5,000 -
0.50% 2.87x $2,000 -
Unify Financial
Restrictions
0.50% 2.87x $10,000 -
Kellogg Community
Restrictions
0.50% 2.87x $25,001 -
United Financial
Restrictions
0.50% 2.87x $1,000 -
0.50% 2.87x $25,000 -
0.50% 2.87x $100 -
Filer
Restrictions
0.45% 2.59x $2,500 -
Community West
Restrictions
0.45% 2.59x $10,000 -
Genisys
Restrictions
0.45% 2.59x $10,000 -
Gerber
Restrictions
0.45% 2.59x $5,000 -
0.45% 2.59x $15,000 -
Unify Financial
Restrictions
0.45% 2.59x $2,500 -
U.p. Catholic
Restrictions
0.40% 2.30x $25,000 -
Delta County
Restrictions
0.40% 2.30x $25,000 -
Community West
Restrictions
0.40% 2.30x $2,500 -
Muskegon Co Op
Restrictions
0.40% 2.30x $2,500 -
Case
Restrictions
0.40% 2.30x $15,000 -
Preferred
Restrictions
0.40% 2.30x $25,000 -
Gerber
Restrictions
0.40% 2.30x $1,000 -
Sagelink
Restrictions
0.40% 2.30x $10,000 -
Northland Area
Restrictions
0.40% 2.30x $10,000 -
Kalsee
Restrictions
0.40% 2.30x $20,000 -
0.40% 2.30x $10,000 -
Integra First
Restrictions
0.40% 2.30x $25,000 -
Genisys
Restrictions
0.40% 2.30x $2,500 -
Intouch
Restrictions
0.35% 2.01x $5 -
0.35% 2.01x $25,000 -
Best Financial
Restrictions
0.35% 2.01x $25,000 -
Lake Michigan
Restrictions
0.35% 2.01x $25,000 -
0.35% 2.01x $2,000 -
Wings Financial
Restrictions
0.35% 2.01x $5,000 -
Preferred
Restrictions
0.35% 2.01x $10,000 -
0.35% 2.01x $5,000 -
Aac
Restrictions
0.35% 2.01x $25,001 -
0.35% 2.01x $25,000 -
Dort
Restrictions
0.35% 2.01x $10,000 -
Advia
Restrictions
0.35% 2.01x $25,000 -
Extra
Restrictions
0.35% 2.01x $20,000 -
Sagelink
Restrictions
0.35% 2.01x $2,500 -
Members First
Restrictions
0.35% 2.01x $10,000 -
0.35% 2.01x $25,000 -
Wanigas
Restrictions
0.35% 2.01x $5 -
0.35% 2.01x $2,500 -
0.35% 2.01x $25,001 -
0.35% 2.01x $25,000 -
Kellogg Community
Restrictions
0.35% 2.01x $10,001 -
Teachers
Restrictions
0.35% 2.01x $25,000 -
Members First
Restrictions
0.33% 1.90x $2,500 -
Public Service
Restrictions
0.31% 1.78x $25,000 -
4front
Restrictions
0.30% 1.72x $25,000 -
0.30% 1.72x $2,000 -
Filer
Restrictions
0.30% 1.72x $25 -
Lafcu
Restrictions
0.30% 1.72x $20,000 -
Aac
Restrictions
0.30% 1.72x $10,001 -
Case
Restrictions
0.30% 1.72x $2,000 -
0.30% 1.72x $5 -
Preferred
Restrictions
0.30% 1.72x $2,500 -
Financial Plus
Restrictions
0.30% 1.72x $10,000 -
0.30% 1.72x $25,000 -
Frankenmuth
Restrictions
0.30% 1.72x $1,000 -
Wings Financial
Restrictions
0.30% 1.72x $25,000 -
Kalsee
Restrictions
0.30% 1.72x $2,000 -
0.30% 1.72x $25,000 -
0.30% 1.72x $25,000 -
Adventure
Restrictions
0.30% 1.72x $25,000 -
Best Financial
Restrictions
0.30% 1.72x $7,500 -
Team One
Restrictions
0.30% 1.72x $2,001 -
Family Financial
Restrictions
0.30% 1.72x $25,000 -
Lake Michigan
Restrictions
0.30% 1.72x $10,000 -
Delta County
Restrictions
0.30% 1.72x $5,000 -
0.30% 1.72x $25,000 -
Omni Community
Restrictions
0.30% 1.72x $25,000 -
Oakland County
Restrictions
0.30% 1.72x $25,000 -
0.30% 1.72x $10,000 -
Wildfire
Restrictions
0.29% 1.67x $25,000 -
Wildfire
Restrictions
0.28% 1.61x $1,000 -
Public Service
Restrictions
0.26% 1.49x $10,000 -
Security
Restrictions
0.25% 1.44x $2,500 -
U.p. Catholic
Restrictions
0.25% 1.44x $10,000 -
Tri-county
Restrictions
0.25% 1.44x $25,000 -
Best Financial
Restrictions
0.25% 1.44x $2,500 -
Lake Michigan
Restrictions
0.25% 1.44x $100 -
0.25% 1.44x $10,000 -
Baraga County
Restrictions
0.25% 1.44x $2,500 -
Tlc Community
Restrictions
0.25% 1.44x $25,000 -
0.25% 1.44x $10 -
Michigan First
Restrictions
0.25% 1.44x $25,000 -
American 1
Restrictions
0.25% 1.44x $5,000 -
Lake Trust
Restrictions
0.25% 1.44x $25,000 -
Metro North
Restrictions
0.25% 1.44x $2,500 -
0.25% 1.44x $5 -
Lafcu
Restrictions
0.25% 1.44x $2,500 -
Lenco
Restrictions
0.25% 1.44x $2,500 -
Lake Huron
Restrictions
0.25% 1.44x $20,001 -
T&i
Restrictions
0.25% 1.44x $25 -
4front
Restrictions
0.25% 1.44x $10,000 -
Dort
Restrictions
0.25% 1.44x $1,000 -
0.25% 1.44x $25,000 -
Meijer
Restrictions
0.25% 1.44x $25,000 -
Wolverine State
Restrictions
0.25% 1.44x $500 -
Blueox
Restrictions
0.25% 1.44x $10,000 -
0.25% 1.44x $25,000 -
Advia
Restrictions
0.25% 1.44x $2,000 -
Financial Plus
Restrictions
0.25% 1.44x $1,500 -
Adventure
Restrictions
0.25% 1.44x $5,000 -
Extra
Restrictions
0.25% 1.44x $5,000 -
Muskegon Co Op
Restrictions
0.25% 1.44x $300 -
Kellogg Community
Restrictions
0.25% 1.44x $1,000 -
Omni Community
Restrictions
0.25% 1.44x $2,500 -
Thornapple
Restrictions
0.25% 1.44x $10,000 -
Saginaw Medical
Restrictions
0.25% 1.44x $10,000 -
Aac
Restrictions
0.25% 1.44x $2,000 -
Catholic
Restrictions
0.25% 1.44x $10,000 -
Sunrise Family
Restrictions
0.25% 1.44x $25,000 -
0.25% 1.44x $5,000 -
Family Financial
Restrictions
0.25% 1.44x $10,000 -
Integra First
Restrictions
0.25% 1.44x $10,000 -
0.25% 1.44x $10,000 -
Oakland County
Restrictions
0.25% 1.44x $5,000 -
Wildfire
Restrictions
0.25% 1.44x $5 -
Fme
Restrictions
0.24% 1.38x $2,000 -
0.23% 1.32x $10,000 -
0.22% 1.26x $10,000 -
Teachers
Restrictions
0.22% 1.26x $25,000 -
Public Service
Restrictions
0.21% 1.21x $2,500 -
0.20% 1.15x $20,000 -
0.20% 1.15x $25,000 -
4front
Restrictions
0.20% 1.15x $1,000 -
0.20% 1.15x $25,000 -
U.p. Catholic
Restrictions
0.20% 1.15x $2,500 -
Tri-county
Restrictions
0.20% 1.15x $10,000 -
0.20% 1.15x $2,000 -
0.20% 1.15x $10,000 -
Sunrise Family
Restrictions
0.20% 1.15x $10,000 -
Michigan First
Restrictions
0.20% 1.15x $1,000 -
0.20% 1.15x $25,000 -
Adventure
Restrictions
0.20% 1.15x $5 -
Aeroquip
Restrictions
0.20% 1.15x $25,000 -
Forest Area
Restrictions
0.20% 1.15x $2,500 -
Loc
Restrictions
0.20% 1.15x $10,000 -
Aac
Restrictions
0.20% 1.15x $200 -
Saginaw Medical
Restrictions
0.20% 1.15x $250 -
0.20% 1.15x $10,000 -
0.20% 1.15x $2,000 -
Trunorth
Restrictions
0.20% 1.15x $500 -
Awakon
Restrictions
0.20% 1.15x $25,000 -
Tba
Restrictions
0.20% 1.15x $1,000 -
Financial Plus
Restrictions
0.20% 1.15x $1,500 -
Honor
Restrictions
0.20% 1.15x $25,000 -
Soo Co-op
Restrictions
0.20% 1.15x $10,000 -
Delta County
Restrictions
0.20% 1.15x $2,500 -
Cp
Restrictions
0.20% 1.15x $20,001 -
Meijer
Restrictions
0.20% 1.15x $2,500 -
Thornapple
Restrictions
0.20% 1.15x $2,500 -
Wings Financial
Restrictions
0.20% 1.15x $5,000 -
0.20% 1.15x $2,500 -
Consumers
Restrictions
0.20% 1.15x $25,000 -
Muskegon
Restrictions
0.20% 1.15x $2,000 -
Lake Trust
Restrictions
0.20% 1.15x $10,000 -
Catholic
Restrictions
0.20% 1.15x $1,000 -
0.20% 1.15x $2,500 -
0.20% 1.15x $1,000 -
Integra First
Restrictions
0.20% 1.15x $500 -
United
Restrictions
0.20% 1.15x $25,000 -
Michigan Legacy
Restrictions
0.20% 1.15x $25,000 -
0.20% 1.15x $2,500 -
0.20% 1.15x $2,500 -
People Driven
Restrictions
0.20% 1.15x $25,000 -
Oakland County
Restrictions
0.20% 1.15x $1 -
Lake Huron
Restrictions
0.20% 1.15x $2,500 -
Astera
Restrictions
0.20% 1.15x $20,000 -
Tri-cities
Restrictions
0.20% 1.15x $25,000 -
Public Service
Restrictions
0.16% 0.92x $50 -
Loc
Restrictions
0.15% 0.86x $2,500 -
Vibe
Restrictions
0.15% 0.86x $20,000 -
0.15% 0.86x $1 -
Chippewa County
Restrictions
0.15% 0.86x $25,000 -
Best Financial
Restrictions
0.15% 0.86x $100 -
My Personal
Restrictions
0.15% 0.86x $2,500 -
0.15% 0.86x $2,500 -
Credit Union One
Restrictions
0.15% 0.86x $25,000 -
Frankenmuth
Restrictions
0.15% 0.86x $10,000 -
Community Choice
Restrictions
0.15% 0.86x $25,000 -
Peninsula
Restrictions
0.15% 0.86x $1 -
0.15% 0.86x $1 -
Aeroquip
Restrictions
0.15% 0.86x $10,000 -
0.15% 0.86x $10 -
0.15% 0.86x $200 -
Zeal
Restrictions
0.15% 0.86x $25,000 -
Kellogg Community
Restrictions
0.15% 0.86x $5 -
United Financial
Restrictions
0.15% 0.86x $25 -
0.15% 0.86x $7,500 -
Wings Financial
Restrictions
0.15% 0.86x $1 -
Preferred
Restrictions
0.15% 0.86x $5 -
Trunorth
Restrictions
0.15% 0.86x $5 -
Team One
Restrictions
0.15% 0.86x $2,001 -
Teachers
Restrictions
0.15% 0.86x $2,500 -
Dfcu Financial
Restrictions
0.15% 0.86x $25,000 -
Kalsee
Restrictions
0.15% 0.86x $50 -
U.p. Catholic
Restrictions
0.15% 0.86x $100 -
Cp
Restrictions
0.15% 0.86x $5,001 -
Meijer
Restrictions
0.15% 0.86x $2,500 -
Genisys
Restrictions
0.15% 0.86x $5 -
Blueox
Restrictions
0.15% 0.86x $500 -
Advia
Restrictions
0.15% 0.86x $500 -
Wolverine State
Restrictions
0.15% 0.86x $5 -
0.15% 0.86x $5 -
0.15% 0.86x $1,000 -
0.15% 0.86x $100 -
Honor
Restrictions
0.15% 0.86x $10,000 -
United
Restrictions
0.15% 0.86x $10,000 -
Elga
Restrictions
0.15% 0.86x $200 -
Advantage One
Restrictions
0.15% 0.86x $25,000 -
Fme
Restrictions
0.15% 0.86x $5 -
Tlc Community
Restrictions
0.15% 0.86x $2,500 -
Alliance Catholic
Restrictions
0.15% 0.86x $20,000 -
People Driven
Restrictions
0.15% 0.86x $10,000 -
American 1
Restrictions
0.15% 0.86x $5 -
Dort
Restrictions
0.15% 0.86x $5 -
Service 1
Restrictions
0.15% 0.86x $250 -
Sunrise Family
Restrictions
0.15% 0.86x $2,000 -
Family Financial
Restrictions
0.15% 0.86x $2,500 -
Members First
Restrictions
0.15% 0.86x $5 -
Integra First
Restrictions
0.15% 0.86x $10 -
0.15% 0.86x $10,001 -
0.15% 0.86x $5 -
0.15% 0.86x $5 -
Baraga County
Restrictions
0.15% 0.86x $100 -
0.15% 0.86x $5 -
Tri-cities
Restrictions
0.15% 0.86x $10,000 -
0.15% 0.86x $2,500 -
0.15% 0.86x $100 -
Awakon
Restrictions
0.15% 0.86x $10,000 -
South Central
Restrictions
0.15% 0.86x $5 -
Consumers
Restrictions
0.15% 0.86x $10,000 -
Teachers
Restrictions
0.14% 0.80x $2,500 -
Arbor Financial
Restrictions
0.12% 0.69x $1 -
4front
Restrictions
0.10% 0.57x $1 -
Vibe
Restrictions
0.10% 0.57x $2,500 -
Catholic
Restrictions
0.10% 0.57x $100 -
0.10% 0.57x $2,500 -
West Michigan
Restrictions
0.10% 0.57x $5 -
Community Focus
Restrictions
0.10% 0.57x $300 -
0.10% 0.57x $5 -
0.10% 0.57x $5 -
Zeal
Restrictions
0.10% 0.57x $2,500 -
Delta County
Restrictions
0.10% 0.57x $5 -
0.10% 0.57x $100 -
Great Lakes First
Restrictions
0.10% 0.57x $5 -
Credit Union One
Restrictions
0.10% 0.57x $10,000 -
Community Choice
Restrictions
0.10% 0.57x $2,000 -
0.10% 0.57x $25,000 -
0.10% 0.57x $2,500 -
0.10% 0.57x $1 -
Aeroquip
Restrictions
0.10% 0.57x $5 -
Gerber
Restrictions
0.10% 0.57x $5 -
Case
Restrictions
0.10% 0.57x $5 -
Unify Financial
Restrictions
0.10% 0.57x $5 -
Consumers
Restrictions
0.10% 0.57x $50 -
0.10% 0.57x $2,000 -
Limestone
Restrictions
0.10% 0.57x $5 -
0.10% 0.57x $10 -
Tahquamenon Area
Restrictions
0.10% 0.57x $2,500 -
Alliance Catholic
Restrictions
0.10% 0.57x $2,500 -
0.10% 0.57x $100 -
0.10% 0.57x $100 -
People Driven
Restrictions
0.10% 0.57x $2,500 -
My Personal
Restrictions
0.10% 0.57x $1 -
Dfcu Financial
Restrictions
0.10% 0.57x $2,500 -
Cp
Restrictions
0.10% 0.57x $1 -
0.10% 0.57x $100 -
0.10% 0.57x $5,000 -
Blueox
Restrictions
0.10% 0.57x $100 -
0.10% 0.57x $5 -
Sagelink
Restrictions
0.10% 0.57x $100 -
Northland Area
Restrictions
0.10% 0.57x $1 -
0.10% 0.57x $2,500 -
0.10% 0.57x $1 -
Advantage One
Restrictions
0.10% 0.57x $50 -
0.10% 0.57x $100 -
Arbor Financial
Restrictions
0.10% 0.57x $5 -
0.10% 0.57x $50 -
Thornapple
Restrictions
0.10% 0.57x $100 -
0.10% 0.57x $5 -
Community West
Restrictions
0.10% 0.57x $1 -
United
Restrictions
0.10% 0.57x $1,000 -
Port City
Restrictions
0.10% 0.57x $5 -
Harborlight
Restrictions
0.10% 0.57x $5 -
Wanigas
Restrictions
0.10% 0.57x $5 -
Family Financial
Restrictions
0.10% 0.57x $105 -
Soo Co-op
Restrictions
0.10% 0.57x $1 -
0.10% 0.57x $1 -
Honor
Restrictions
0.10% 0.57x $2,500 -
Tri-cities
Restrictions
0.10% 0.57x $5 -
Kent County
Restrictions
0.10% 0.57x $100 -
Michigan Legacy
Restrictions
0.10% 0.57x $5,000 -
Awakon
Restrictions
0.10% 0.57x $2,500 -
Our
Restrictions
0.10% 0.57x $20,000 -
Oakland County
Restrictions
0.10% 0.57x $1 -
Wexford Community
Restrictions
0.10% 0.57x $100 -
Lenco
Restrictions
0.07% 0.40x $5 -
Journey
Restrictions
0.05% 0.29x $100 -
Loc
Restrictions
0.05% 0.29x $100 -
Vibe
Restrictions
0.05% 0.29x $1 -
Sunrise Family
Restrictions
0.05% 0.29x $250 -
Safe Harbor
Restrictions
0.05% 0.29x $5 -
Tri-county
Restrictions
0.05% 0.29x $5 -
Chippewa County
Restrictions
0.05% 0.29x $5 -
Michigan Legacy
Restrictions
0.05% 0.29x $1,000 -
0.05% 0.29x $1,000 -
Credit Union One
Restrictions
0.05% 0.29x $500 -
Honor
Restrictions
0.05% 0.29x $5 -
Parda
Restrictions
0.05% 0.29x $25 -
Community Choice
Restrictions
0.05% 0.29x $1 -
Lake Trust
Restrictions
0.05% 0.29x $1 -
Lafcu
Restrictions
0.05% 0.29x $100 -
Family First
Restrictions
0.05% 0.29x $500 -
0.05% 0.29x $25 -
0.05% 0.29x $5 -
Dfcu Financial
Restrictions
0.05% 0.29x $200 -
Tahquamenon Area
Restrictions
0.05% 0.29x $25 -
0.05% 0.29x $1 -
Extra
Restrictions
0.05% 0.29x $5 -
Astera
Restrictions
0.05% 0.29x $100 -
0.05% 0.29x $100 -
Financial Plus
Restrictions
0.05% 0.29x $1,500 -
Zeal
Restrictions
0.05% 0.29x $1 -
Tlc Community
Restrictions
0.05% 0.29x $200 -
Alliance Catholic
Restrictions
0.05% 0.29x $5 -
0.05% 0.29x $5 -
Saginaw Medical
Restrictions
0.05% 0.29x $250 -
United
Restrictions
0.05% 0.29x $300 -
Muskegon
Restrictions
0.05% 0.29x $5 -
First General
Restrictions
0.05% 0.29x $25 -
0.05% 0.29x $300 -
Awakon
Restrictions
0.05% 0.29x $5 -
0.05% 0.29x $25 -
0.05% 0.29x $1 -
Polish-american
Restrictions
0.05% 0.29x $1,000 -
Our
Restrictions
0.05% 0.29x $100 -
0.05% 0.29x $1 -
0.05% 0.29x $10 -
Metro North
Restrictions
0.05% 0.29x $100 -
0.05% 0.29x $100 -
People Driven
Restrictions
0.03% 0.17x $100 -
Omni Community
Restrictions
0.03% 0.14x $100 -
Lake Huron
Restrictions
0.02% 0.11x $1,001 -
Frankenmuth
Restrictions
0.02% 0.11x $100 -
0.02% 0.11x $5 -
Security
Restrictions
0.01% 0.06x $5 -
Copoco Community
Restrictions
0.01% 0.06x $5 -
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 2018

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

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