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Michigan Credit Union Savings Rates 2017

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 - January 17, 2017

Savings Account National Average Rate: 0.13% ?

BANKS APY Vs. Nat'l Av. MIN MILES ?
STATE FARM 0.80% 6.40x $5 -
MICHIGAN COASTAL 0.75% 6.00x $2,500 -
COVANTAGE 0.60% 4.80x $25,000 -
SETTLERS 0.56% 4.48x $2,000 -
FRANKENMUTH 0.55% 4.40x $25,000 -
COVANTAGE 0.55% 4.40x $10,000 -
MICHIGAN ONE COMMUNITY 0.50% 4.00x $25,000 -
COVANTAGE 0.50% 4.00x $10 -
SETTLERS 0.50% 4.00x $100 -
FARMERS INSURANCE GROUP 0.50% 4.00x $25,000 -
SERVICE 1 0.45% 3.60x $20,000 -
FILER 0.45% 3.60x $20,000 -
COVANTAGE 0.45% 3.60x $1 -
FILER 0.40% 3.20x $5,000 -
MUSKEGON CO OP 0.40% 3.20x $20,000 -
KALSEE 0.40% 3.20x $20,000 -
PENINSULA 0.40% 3.20x $25,000 -
FIRST GENERAL 0.35% 2.80x $16,000 -
KELLOGG COMMUNITY 0.35% 2.80x $25,000 -
AAC 0.35% 2.80x $25,001 -
SERVICE 1 0.35% 2.80x $2,000 -
TRI-COUNTY 0.35% 2.80x $25,000 -
ADVIA 0.35% 2.80x $25,000 -
ST. FRANCIS X 0.35% 2.80x $25,000 -
U.P. STATE 0.35% 2.80x $25,001 -
LAKE MICHIGAN
Restrictions
0.35% 2.80x $25,000 -
FILER 0.35% 2.80x $2,500 -
BEST FINANCIAL 0.35% 2.80x $25,000 -
CORNERSTONE COMMUNITY FINANCIAL 0.35% 2.80x $25,000 -
FARMERS INSURANCE GROUP 0.35% 2.80x $10,000 -
CREDIT UNION PLUS 0.35% 2.80x $2,500 -
COMMUNITY WEST 0.35% 2.80x $10,000 -
WINGS FINANCIAL
Restrictions
0.35% 2.80x $5,000 -
MARSHALL COMMUNITY 0.35% 2.80x $25,000 -
PUBLIC SERVICE 0.31% 2.48x $25,000 -
U.P. CATHOLIC 0.30% 2.40x $25,000 -
FINANCIALEDGE COMMUNITY 0.30% 2.40x $25,000 -
KALSEE 0.30% 2.40x $2,000 -
DELTA COUNTY 0.30% 2.40x $25,000 -
FARMERS INSURANCE GROUP 0.30% 2.40x $1,000 -
DORT 0.30% 2.40x $10,000 -
WESTERN DISTRICTS MEMBERS 0.30% 2.40x $25,000 -
AAC 0.30% 2.40x $10,001 -
GENISYS 0.30% 2.40x $25,000 -
FAMILY FINANCIAL 0.30% 2.40x $25,000 -
FRANKENMUTH 0.30% 2.40x $1,000 -
INTEGRA FIRST 0.30% 2.40x $25,000 -
EAST TRAVERSE CATHOLIC 0.30% 2.40x $25,001 -
CREDIT UNION PLUS 0.30% 2.40x $10,000 -
TEAM ONE 0.30% 2.40x $25,001 -
OMNI COMMUNITY 0.30% 2.40x $25,000 -
LAKE MICHIGAN
Restrictions
0.30% 2.40x $10,000 -
BEST FINANCIAL 0.30% 2.40x $7,500 -
FINANCIAL PLUS 0.30% 2.40x $25,000 -
PREFERRED 0.30% 2.40x $25,000 -
WINGS FINANCIAL
Restrictions
0.30% 2.40x $25,000 -
KELLOGG COMMUNITY 0.30% 2.40x $10,000 -
POST COMMUNITY 0.30% 2.40x $20,001 -
FILER 0.30% 2.40x $25 -
WILDFIRE 0.29% 2.32x $25,000 -
WILDFIRE 0.28% 2.24x $1,000 -
MEMBERS FIRST 0.28% 2.24x $10,000 -
PUBLIC SERVICE 0.26% 2.08x $10,000 -
FINANCIALEDGE COMMUNITY 0.25% 2.00x $25,000 -
STRAITS AREA 0.25% 2.00x $2,501 -
CREDIT UNION PLUS 0.25% 2.00x $5,000 -
CASE 0.25% 2.00x $15,000 -
ALPENA-ALCONA AREA 0.25% 2.00x $2,000 -
MICHIGAN FIRST 0.25% 2.00x $25,000 -
MICHIGAN ONE COMMUNITY 0.25% 2.00x $10,000 -
SOUTH CENTRAL 0.25% 2.00x $25,000 -
SUNRISE FAMILY 0.25% 2.00x $25,000 -
BLUEOX 0.25% 2.00x $10,000 -
KALSEE 0.25% 2.00x $50 -
SAGINAW MEDICAL 0.25% 2.00x $10,000 -
MEIJER 0.25% 2.00x $25,000 -
RIVERTOWN COMMUNITY 0.25% 2.00x $25,000 -
AAC 0.25% 2.00x $2,000 -
FIRST GENERAL 0.25% 2.00x $2,500 -
WANIGAS 0.25% 2.00x $5 -
WILDFIRE 0.25% 2.00x $5 -
FAMILY FINANCIAL 0.25% 2.00x $10,000 -
BARAGA COUNTY 0.25% 2.00x $2,500 -
TRI-COUNTY 0.25% 2.00x $10,000 -
PREFERRED 0.25% 2.00x $10,000 -
NORTHWEST CONSUMERS 0.25% 2.00x $2,500 -
COMMUNITY WEST 0.25% 2.00x $2,500 -
MUSKEGON CO OP 0.25% 2.00x $300 -
GENISYS 0.25% 2.00x $10,000 -
OMNI COMMUNITY 0.25% 2.00x $2,500 -
ST. FRANCIS X 0.25% 2.00x $250 -
BEST FINANCIAL 0.25% 2.00x $2,500 -
FIRST AREA 0.25% 2.00x $10,000 -
ADVENTURE 0.25% 2.00x $25,000 -
LAKE MICHIGAN
Restrictions
0.25% 2.00x $50 -
CHRISTIAN FINANCIAL 0.25% 2.00x $10,000 -
4FRONT 0.25% 2.00x $25,000 -
TEAM ONE 0.25% 2.00x $2,001 -
CONSUMERS PROFESSIONAL 0.25% 2.00x $15,000 -
DIVERSIFIED MEMBERS 0.25% 2.00x $10 -
FINANCIAL PLUS 0.25% 2.00x $1,500 -
U.P. CATHOLIC 0.25% 2.00x $10,000 -
THORNAPPLE 0.25% 2.00x $10,000 -
MARSHALL COMMUNITY 0.25% 2.00x $1,000 -
PENINSULA 0.25% 2.00x $10,000 -
FARMERS INSURANCE GROUP 0.25% 2.00x $5 -
ADVIA 0.25% 2.00x $2,000 -
FME 0.24% 1.92x $2,000 -
FINANCIALEDGE COMMUNITY 0.23% 1.84x $10,000 -
CREDIT UNION ADVANTAGE 0.22% 1.76x $10,000 -
TEACHERS
Restrictions
0.22% 1.76x $25,000 -
PUBLIC SERVICE 0.21% 1.68x $2,500 -
FINANCIALEDGE COMMUNITY 0.20% 1.60x $2,500 -
MICHIGAN COMMUNITY 0.20% 1.60x $25,000 -
MICHIGAN SCHOOLS AND GOVERNMENT 0.20% 1.60x $25,000 -
CATHOLIC 0.20% 1.60x $10,000 -
SOUTH CENTRAL 0.20% 1.60x $10,000 -
MICHIGAN FIRST 0.20% 1.60x $1,000 -
KELLOGG COMMUNITY 0.20% 1.60x $1,000 -
AEROQUIP 0.20% 1.60x $25,000 -
HONOR 0.20% 1.60x $25,000 -
CASE 0.20% 1.60x $2,000 -
DORT 0.20% 1.60x $1,000 -
SAGINAW MEDICAL 0.20% 1.60x $250 -
WESTERN DISTRICTS MEMBERS 0.20% 1.60x $2,500 -
MEIJER 0.20% 1.60x $2,500 -
RIVERTOWN COMMUNITY 0.20% 1.60x $10,000 -
SUNRISE FAMILY 0.20% 1.60x $10,000 -
HARBORLIGHT 0.20% 1.60x $25,000 -
DELTA COUNTY 0.20% 1.60x $5,000 -
JACKSON COMMUNITY 0.20% 1.60x $25,000 -
4FRONT 0.20% 1.60x $10,000 -
EXTRA 0.20% 1.60x $20,000 -
MEMBERS FIRST 0.20% 1.60x $2,500 -
WINGS FINANCIAL
Restrictions
0.20% 1.60x $5,000 -
THORNAPPLE 0.20% 1.60x $2,500 -
U.P. CATHOLIC 0.20% 1.60x $2,500 -
AWAKON 0.20% 1.60x $25,000 -
COMMUNITY FIRST 0.20% 1.60x $25,000 -
PREFERRED 0.20% 1.60x $2,500 -
DOWNRIVER COMMUNITY 0.20% 1.60x $2,000 -
AAC 0.20% 1.60x $200 -
INTOUCH 0.20% 1.60x $25,000 -
LAFCU 0.20% 1.60x $20,000 -
CP 0.20% 1.60x $20,001 -
TEACHERS
Restrictions
0.20% 1.60x $25,000 -
FINANCIAL PLUS 0.20% 1.60x $1,500 -
CREDIT UNION ADVANTAGE 0.20% 1.60x $2,000 -
ISABELLA COMMUNITY 0.20% 1.60x $2,000 -
PEOPLE DRIVEN 0.20% 1.60x $25,000 -
FIRST AREA 0.20% 1.60x $25 -
ROGUE RIVER COMMUNITY 0.20% 1.60x $1,000 -
NORTHLAND AREA 0.20% 1.60x $25,000 -
MICHIGAN STATE UNIVERSITY
Restrictions
0.20% 1.60x $10,000 -
RIVER VALLEY 0.20% 1.60x $25,000 -
ADVENTURE 0.20% 1.60x $5,000 -
ST. FRANCIS X 0.20% 1.60x $1 -
FOREST AREA 0.20% 1.60x $2,500 -
CONSUMERS 0.20% 1.60x $25,000 -
UNITED FINANCIAL 0.20% 1.60x $10,000 -
GENISYS 0.20% 1.60x $2,500 -
UNIFY FINANCIAL
Restrictions
0.20% 1.60x $10,000 -
PUBLIC SERVICE 0.16% 1.28x $50 -
MY PERSONAL 0.15% 1.20x $2,500 -
SAGELINK 0.15% 1.20x $25,000 -
SERVICE 1 0.15% 1.20x $250 -
INTOUCH 0.15% 1.20x $5 -
NORTHLAND AREA 0.15% 1.20x $10,000 -
PREFERRED 0.15% 1.20x $5 -
SAFE HARBOR 0.15% 1.20x $2,000 -
CATHOLIC 0.15% 1.20x $1,000 -
MICHIGAN SCHOOLS AND GOVERNMENT 0.15% 1.20x $1 -
GENISYS 0.15% 1.20x $5 -
INTEGRA FIRST 0.15% 1.20x $10 -
MENOMINEE AREA 0.15% 1.20x $5 -
ZEAL 0.15% 1.20x $25,000 -
POST COMMUNITY 0.15% 1.20x $2,001 -
LAKE SUPERIOR 0.15% 1.20x $5 -
SOUTH CENTRAL 0.15% 1.20x $5 -
AEROQUIP 0.15% 1.20x $10,000 -
CP 0.15% 1.20x $5,001 -
MICHIGAN EDUCATIONAL 0.15% 1.20x $5 -
LAKE HURON 0.15% 1.20x $20,001 -
LAFCU 0.15% 1.20x $2,500 -
ELGA 0.15% 1.20x $200 -
CHIPPEWA COUNTY 0.15% 1.20x $25,000 -
FRANKENMUTH 0.15% 1.20x $10,000 -
MEIJER 0.15% 1.20x $2,500 -
ALPENA-ALCONA AREA 0.15% 1.20x $5 -
RIVERTOWN COMMUNITY 0.15% 1.20x $2,500 -
SUNRISE FAMILY 0.15% 1.20x $2,000 -
COMMUNITY FIRST 0.15% 1.20x $10,000 -
FIRST GENERAL 0.15% 1.20x $25 -
HARBORLIGHT 0.15% 1.20x $2,500 -
GERBER 0.15% 1.20x $5,000 -
MEMBERS FIRST 0.15% 1.20x $5 -
CREDIT UNION ONE 0.15% 1.20x $25,000 -
TEAM ONE 0.15% 1.20x $2,001 -
BARAGA COUNTY 0.15% 1.20x $100 -
UNIFY FINANCIAL
Restrictions
0.15% 1.20x $2,500 -
VIBE 0.15% 1.20x $20,000 -
FAMILY FINANCIAL 0.15% 1.20x $2,500 -
CORNERSTONE COMMUNITY FINANCIAL 0.15% 1.20x $7,500 -
HONOR 0.15% 1.20x $10,000 -
CALCITE 0.15% 1.20x $5 -
DFCU FINANCIAL
Restrictions
0.15% 1.20x $25,000 -
LAKE TRUST 0.15% 1.20x $10,000 -
EXTRA 0.15% 1.20x $5,000 -
DORT 0.15% 1.20x $5 -
FME 0.15% 1.20x $5 -
ISABELLA COMMUNITY 0.15% 1.20x $100 -
CONSUMERS 0.15% 1.20x $10,000 -
UNITED 0.15% 1.20x $25,000 -
0.15% 1.20x $25,000 -
WINGS FINANCIAL
Restrictions
0.15% 1.20x $1 -
CONSUMERS PROFESSIONAL 0.15% 1.20x $5,000 -
UNIVERSITY OF MICHIGAN 0.15% 1.20x $25,000 -
U.P. STATE 0.15% 1.20x $10,001 -
CHRISTIAN FINANCIAL 0.15% 1.20x $2,500 -
ADVIA 0.15% 1.20x $500 -
AWAKON 0.15% 1.20x $10,000 -
COMMUNITY CHOICE 0.15% 1.20x $25,000 -
KELLOGG COMMUNITY 0.15% 1.20x $5 -
TEACHERS
Restrictions
0.15% 1.20x $2,500 -
MICHIGAN COMMUNITY 0.15% 1.20x $10,000 -
COUNTRY HERITAGE 0.15% 1.20x $10 -
MICHIGAN STATE UNIVERSITY
Restrictions
0.15% 1.20x $2,000 -
BLUEOX 0.15% 1.20x $500 -
JACKSON COMMUNITY 0.15% 1.20x $10,000 -
UNITED FINANCIAL 0.15% 1.20x $1,000 -
PEOPLE DRIVEN 0.15% 1.20x $10,000 -
U.P. CATHOLIC 0.15% 1.20x $100 -
SOO CO-OP 0.15% 1.20x $10,000 -
BEST FINANCIAL 0.15% 1.20x $100 -
MARQUETTE COMMUNITY 0.15% 1.20x $5 -
4FRONT 0.15% 1.20x $1,000 -
TEACHERS
Restrictions
0.14% 1.12x $2,500 -
JACKSON COMMUNITY 0.13% 1.04x $2,500 -
TLC COMMUNITY 0.12% 0.96x $25,000 -
EDUCATIONAL COMMUNITY 0.12% 0.96x $500 -
PORTLAND 0.11% 0.88x $10,000 -
SHORELINE 0.10% 0.81x $5 -
PORT CITY 0.10% 0.80x $5 -
INTOUCH 0.10% 0.80x $1 -
U.P. STATE 0.10% 0.80x $1 -
MARQUETTE COMMUNITY 0.10% 0.80x $2,500 -
COMMUNITY FINANCIAL 0.10% 0.80x $5,000 -
MICHIGAN SCHOOLS AND GOVERNMENT 0.10% 0.80x $2,500 -
DOWNRIVER COMMUNITY 0.10% 0.80x $5 -
TLC COMMUNITY 0.10% 0.80x $2,500 -
4FRONT 0.10% 0.80x $1 -
PENINSULA 0.10% 0.80x $1 -
MICHIGAN COMMUNITY 0.10% 0.80x $5 -
ZEAL 0.10% 0.80x $2,500 -
VIBE 0.10% 0.80x $2,500 -
AEROQUIP 0.10% 0.80x $5 -
BLUEOX 0.10% 0.80x $100 -
DELTA COUNTY 0.10% 0.80x $5 -
HONOR 0.10% 0.80x $2,500 -
MICHIGAN STATE UNIVERSITY
Restrictions
0.10% 0.80x $1 -
CONSUMERS PROFESSIONAL 0.10% 0.80x $50 -
LOC 0.10% 0.80x $10,000 -
UNITED FINANCIAL 0.10% 0.80x $5 -
WESTERN DISTRICTS MEMBERS 0.10% 0.80x $5 -
RIVERTOWN COMMUNITY 0.10% 0.80x $5 -
COMMUNITY WEST 0.10% 0.80x $100 -
MY PERSONAL 0.10% 0.80x $1 -
UNITED 0.10% 0.80x $10,000 -
MICHIGAN ONE COMMUNITY 0.10% 0.80x $100 -
WANIGAS 0.10% 0.80x $5 -
SUNRISE FAMILY 0.10% 0.80x $250 -
WEXFORD COMMUNITY 0.10% 0.80x $100 -
CREDIT UNION ONE 0.10% 0.80x $10,000 -
SOO CO-OP 0.10% 0.80x $1 -
GREAT LAKES FIRST 0.10% 0.80x $5 -
CONSUMERS 0.10% 0.80x $50 -
DFCU FINANCIAL
Restrictions
0.10% 0.80x $2,500 -
NORTHLAND AREA 0.10% 0.80x $1 -
EDUCATIONAL COMMUNITY 0.10% 0.80x $5 -
CHRISTIAN FINANCIAL 0.10% 0.80x $100 -
UPPER MICHIGAN COMMUNITY 0.10% 0.80x $5 -
RIVER VALLEY 0.10% 0.80x $2,500 -
ADVENTURE 0.10% 0.80x $5 -
THORNAPPLE 0.10% 0.80x $100 -
GERBER 0.10% 0.80x $5 -
PEOPLE DRIVEN 0.10% 0.80x $2,500 -
HARBORLIGHT 0.10% 0.80x $5 -
UNIVERSITY OF MICHIGAN 0.10% 0.80x $10,000 -
COMMUNITY FIRST 0.10% 0.80x $2,500 -
CHIPPEWA COUNTY 0.10% 0.80x $5 -
CP 0.10% 0.80x $1 -
CREDIT UNION ADVANTAGE 0.10% 0.80x $100 -
CASE 0.10% 0.80x $5 -
SAGELINK 0.10% 0.80x $1,000 -
CATHOLIC 0.10% 0.80x $5 -
CATHOLIC VANTAGE FINANCIAL 0.10% 0.80x $25,000 -
COMMUNITY CHOICE 0.10% 0.80x $2,000 -
GRATIOT COMMUNITY 0.10% 0.80x $50 -
CORNERSTONE COMMUNITY FINANCIAL 0.10% 0.80x $10 -
LAKE HURON 0.10% 0.80x $2,500 -
FAMILY FINANCIAL 0.10% 0.80x $105 -
ALLIANCE CATHOLIC 0.10% 0.80x $20,000 -
LIMESTONE 0.10% 0.80x $5 -
NORTH CENTRAL AREA 0.10% 0.80x $1 -
AWAKON 0.10% 0.80x $2,500 -
GREATER NILES COMMUNITY 0.10% 0.80x $100 -
0.10% 0.80x $50 -
JACKSON COMMUNITY 0.10% 0.80x $250 -
OAKLAND COUNTY 0.10% 0.80x $1 -
TAHQUAMENON AREA 0.10% 0.80x $2,500 -
OUR 0.10% 0.80x $20,000 -
POST COMMUNITY 0.10% 0.80x $5 -
ASTERA 0.10% 0.80x $100 -
UNIFY FINANCIAL
Restrictions
0.10% 0.80x $5 -
WEST MICHIGAN 0.10% 0.80x $5 -
EAST TRAVERSE CATHOLIC 0.07% 0.56x $1 -
PORTLAND 0.06% 0.48x $2,500 -
LOC 0.05% 0.40x $100 -
LAKE TRUST 0.05% 0.40x $1 -
SAGINAW MEDICAL 0.05% 0.40x $250 -
MARSHALL COMMUNITY 0.05% 0.40x $5 -
LENCO 0.05% 0.40x $2,500 -
COMMUNITY CHOICE 0.05% 0.40x $1 -
ZEAL 0.05% 0.40x $1 -
TLC COMMUNITY 0.05% 0.40x $200 -
UNIVERSITY OF MICHIGAN 0.05% 0.40x $5 -
MICHIGAN COASTAL 0.05% 0.40x $500 -
PORTLAND 0.05% 0.40x $100 -
GRACO 0.05% 0.40x $10 -
UNITED FINANCIAL 0.05% 0.40x $25 -
UNITED 0.05% 0.40x $300 -
CREDIT UNION ONE 0.05% 0.40x $500 -
SAGELINK 0.05% 0.40x $5 -
PARDA 0.05% 0.40x $25 -
LAFCU 0.05% 0.40x $100 -
ALLIANCE CATHOLIC 0.05% 0.40x $5 -
OUR 0.05% 0.40x $100 -
CATHOLIC VANTAGE FINANCIAL 0.05% 0.40x $1 -
TBA 0.05% 0.40x $1,000 -
COMMUNITY FINANCIAL 0.05% 0.40x $300 -
FAMILY FIRST 0.05% 0.40x $500 -
JOURNEY 0.05% 0.40x $100 -
COPOCO COMMUNITY 0.05% 0.40x $5 -
DFCU FINANCIAL
Restrictions
0.05% 0.40x $200 -
FINANCIAL PLUS 0.05% 0.40x $1,500 -
VIBE 0.05% 0.40x $1 -
HONOR 0.05% 0.40x $5 -
IRON MOUNTAIN KINGSFORD COMMUNITY 0.05% 0.40x $5 -
ROGUE RIVER COMMUNITY 0.05% 0.40x $100 -
COMMUNITY FIRST 0.05% 0.40x $10 -
AWAKON 0.05% 0.40x $5 -
EAST TRAVERSE CATHOLIC 0.05% 0.40x $5 -
RIVER VALLEY 0.05% 0.40x $100 -
EXTRA 0.05% 0.40x $5 -
TRI-COUNTY 0.05% 0.40x $5 -
SAFE HARBOR 0.05% 0.40x $5 -
FINANCIALEDGE COMMUNITY 0.05% 0.40x $25 -
TAHQUAMENON AREA 0.05% 0.40x $25 -
ASTERA 0.05% 0.40x $2,000 -
LENCO 0.03% 0.24x $5 -
PEOPLE DRIVEN 0.03% 0.24x $100 -
OMNI COMMUNITY 0.03% 0.20x $100 -
FRANKENMUTH 0.02% 0.16x $100 -
UNITED BAY COMMUNITY 0.02% 0.16x $5 -
LAKE HURON 0.02% 0.16x $1,001 -


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PRODUCT INFORMATION


Credit Union Savings Accounts 2017

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.

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  • David Marunowski

    August 18, 2015

    Hmmm... .12% is .0012. 10,000 @ .12%/annum = 10,000 x .0012 = $12 per annum, divided by 12 months or about $1 a month. Now if it is .12 (period), that is $1,200/annum, or about $100/month interest. Bottom line, .12% is $12 a year on $10,000 deposited, as a national average as mentioned above. Amazingly low, but that's the current reality.

  • Paully

    June 12, 2015

    @ Jonathan

    Credit unions have membership criteria. Find out what the criteria is to see if you can join.

  • Jonathan

    October 08, 2013

    Can I join any credit union?

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