You are viewing savings rates across Michigan

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 - July 24, 2017

Savings Account National Average Rate: 0.13% ?

BANKS APY Vs.
Nat'l
Av.
MIN MILES ?
STATE FARM
Restrictions
1.01% 7.59x $5 -
SOUTH CENTRAL
Restrictions
0.80% 6.02x $5 -
0.75% 5.64x $2,500 -
0.75% 5.64x $10,000 -
COVANTAGE
Restrictions
0.67% 5.04x $25,000 -
COVANTAGE
Restrictions
0.60% 4.51x $10,000 -
0.56% 4.21x $2,000 -
FRANKENMUTH
Restrictions
0.55% 4.14x $25,000 -
PENINSULA
Restrictions
0.55% 4.14x $25,000 -
COVANTAGE
Restrictions
0.55% 4.14x $10 -
0.50% 3.76x $25,000 -
0.50% 3.76x $100 -
0.50% 3.76x $25,000 -
COVANTAGE
Restrictions
0.50% 3.76x $1 -
SERVICE 1
Restrictions
0.45% 3.38x $20,000 -
PENINSULA
Restrictions
0.45% 3.38x $10,000 -
FILER
Restrictions
0.45% 3.38x $20,000 -
FILER
Restrictions
0.40% 3.01x $5,000 -
0.40% 3.01x $20,000 -
KALSEE
Restrictions
0.40% 3.01x $20,000 -
FIRST GENERAL
Restrictions
0.35% 2.63x $16,000 -
DORT
Restrictions
0.35% 2.63x $10,000 -
0.35% 2.63x $2,000 -
KELLOGG COMMUNITY
Restrictions
0.35% 2.63x $25,000 -
AAC
Restrictions
0.35% 2.63x $25,001 -
SERVICE 1
Restrictions
0.35% 2.63x $2,000 -
0.35% 2.63x $25,000 -
ADVIA
Restrictions
0.35% 2.63x $25,000 -
0.35% 2.63x $10,000 -
0.35% 2.63x $2,500 -
ST. FRANCIS X
Restrictions
0.35% 2.63x $25,000 -
0.35% 2.63x $25,001 -
LAKE MICHIGAN
Restrictions
0.35% 2.63x $25,000 -
BEST FINANCIAL
Restrictions
0.35% 2.63x $25,000 -
FILER
Restrictions
0.35% 2.63x $2,500 -
0.35% 2.63x $25,000 -
0.35% 2.63x $15,000 -
WINGS FINANCIAL
Restrictions
0.35% 2.63x $5,000 -
0.35% 2.63x $25,000 -
0.30% 2.26x $25,000 -
DELTA COUNTY
Restrictions
0.30% 2.26x $25,000 -
0.30% 2.26x $25,000 -
AAC
Restrictions
0.30% 2.26x $10,001 -
GENISYS
Restrictions
0.30% 2.26x $25,000 -
FAMILY FINANCIAL
Restrictions
0.30% 2.26x $25,000 -
FRANKENMUTH
Restrictions
0.30% 2.26x $1,000 -
INTEGRA FIRST
Restrictions
0.30% 2.26x $25,000 -
0.30% 2.26x $25,001 -
0.30% 2.26x $2,500 -
TEAM ONE
Restrictions
0.30% 2.26x $25,001 -
OMNI COMMUNITY
Restrictions
0.30% 2.26x $25,000 -
LAKE MICHIGAN
Restrictions
0.30% 2.26x $10,000 -
BEST FINANCIAL
Restrictions
0.30% 2.26x $7,500 -
FINANCIAL PLUS
Restrictions
0.30% 2.26x $25,000 -
PREFERRED
Restrictions
0.30% 2.26x $25,000 -
WINGS FINANCIAL
Restrictions
0.30% 2.26x $25,000 -
KALSEE
Restrictions
0.30% 2.26x $2,000 -
0.30% 2.26x $1,000 -
KELLOGG COMMUNITY
Restrictions
0.30% 2.26x $10,000 -
U.P. CATHOLIC
Restrictions
0.30% 2.26x $25,000 -
POST COMMUNITY
Restrictions
0.30% 2.26x $20,001 -
COMMUNITY WEST
Restrictions
0.30% 2.26x $10,000 -
FILER
Restrictions
0.30% 2.26x $25 -
WILDFIRE
Restrictions
0.29% 2.18x $25,000 -
WILDFIRE
Restrictions
0.28% 2.11x $1,000 -
MEMBERS FIRST
Restrictions
0.28% 2.11x $10,000 -
0.25% 1.88x $25,000 -
CASE
Restrictions
0.25% 1.88x $15,000 -
MICHIGAN FIRST
Restrictions
0.25% 1.88x $25,000 -
0.25% 1.88x $10,000 -
SOUTH CENTRAL
Restrictions
0.25% 1.88x $25,000 -
SUNRISE FAMILY
Restrictions
0.25% 1.88x $25,000 -
BLUEOX
Restrictions
0.25% 1.88x $10,000 -
SAGINAW MEDICAL
Restrictions
0.25% 1.88x $10,000 -
MEIJER
Restrictions
0.25% 1.88x $25,000 -
0.25% 1.88x $25,000 -
AAC
Restrictions
0.25% 1.88x $2,000 -
FIRST GENERAL
Restrictions
0.25% 1.88x $2,500 -
WANIGAS
Restrictions
0.25% 1.88x $5 -
WILDFIRE
Restrictions
0.25% 1.88x $5 -
FAMILY FINANCIAL
Restrictions
0.25% 1.88x $10,000 -
0.25% 1.88x $2,500 -
0.25% 1.88x $10 -
0.25% 1.88x $10,000 -
PREFERRED
Restrictions
0.25% 1.88x $10,000 -
ST. FRANCIS X
Restrictions
0.25% 1.88x $250 -
0.25% 1.88x $300 -
GENISYS
Restrictions
0.25% 1.88x $10,000 -
OMNI COMMUNITY
Restrictions
0.25% 1.88x $2,500 -
BEST FINANCIAL
Restrictions
0.25% 1.88x $2,500 -
ADVENTURE
Restrictions
0.25% 1.88x $25,000 -
LAKE MICHIGAN
Restrictions
0.25% 1.88x $50 -
0.25% 1.88x $10,000 -
4FRONT
Restrictions
0.25% 1.88x $25,000 -
TEAM ONE
Restrictions
0.25% 1.88x $2,001 -
0.25% 1.88x $10 -
0.25% 1.88x $5,000 -
DORT
Restrictions
0.25% 1.88x $1,000 -
FINANCIAL PLUS
Restrictions
0.25% 1.88x $1,500 -
STRAITS AREA
Restrictions
0.25% 1.88x $2,501 -
0.25% 1.88x $5 -
0.25% 1.88x $5,000 -
U.P. CATHOLIC
Restrictions
0.25% 1.88x $10,000 -
0.25% 1.88x $10,000 -
0.25% 1.88x $10,000 -
0.25% 1.88x $1,000 -
ADVIA
Restrictions
0.25% 1.88x $2,000 -
FME
Restrictions
0.24% 1.80x $2,000 -
0.23% 1.73x $10,000 -
0.22% 1.65x $10,000 -
TEACHERS
Restrictions
0.22% 1.65x $25,000 -
PORTLAND
Restrictions
0.21% 1.58x $10,000 -
0.20% 1.50x $2,500 -
0.20% 1.50x $25,000 -
CATHOLIC
Restrictions
0.20% 1.50x $10,000 -
SOUTH CENTRAL
Restrictions
0.20% 1.50x $10,000 -
MICHIGAN FIRST
Restrictions
0.20% 1.50x $1,000 -
KELLOGG COMMUNITY
Restrictions
0.20% 1.50x $1,000 -
0.20% 1.50x $25,000 -
HONOR
Restrictions
0.20% 1.50x $25,000 -
CASE
Restrictions
0.20% 1.50x $2,000 -
SAGINAW MEDICAL
Restrictions
0.20% 1.50x $250 -
0.20% 1.50x $2,500 -
MEIJER
Restrictions
0.20% 1.50x $2,500 -
0.20% 1.50x $10,000 -
SUNRISE FAMILY
Restrictions
0.20% 1.50x $10,000 -
HARBORLIGHT
Restrictions
0.20% 1.50x $25,000 -
DELTA COUNTY
Restrictions
0.20% 1.50x $5,000 -
0.20% 1.50x $25,000 -
4FRONT
Restrictions
0.20% 1.50x $10,000 -
EXTRA
Restrictions
0.20% 1.50x $20,000 -
MEMBERS FIRST
Restrictions
0.20% 1.50x $2,500 -
WINGS FINANCIAL
Restrictions
0.20% 1.50x $5,000 -
0.20% 1.50x $2,500 -
0.20% 1.50x $5 -
U.P. CATHOLIC
Restrictions
0.20% 1.50x $2,500 -
AWAKON
Restrictions
0.20% 1.50x $25,000 -
0.20% 1.50x $25,000 -
PREFERRED
Restrictions
0.20% 1.50x $2,500 -
COMMUNITY WEST
Restrictions
0.20% 1.50x $1 -
0.20% 1.50x $2,000 -
0.20% 1.50x $2,000 -
AAC
Restrictions
0.20% 1.50x $200 -
0.20% 1.50x $25 -
INTOUCH
Restrictions
0.20% 1.50x $25,000 -
LAFCU
Restrictions
0.20% 1.50x $20,000 -
0.20% 1.50x $20,001 -
TEACHERS
Restrictions
0.20% 1.50x $25,000 -
FINANCIAL PLUS
Restrictions
0.20% 1.50x $1,500 -
0.20% 1.50x $2,000 -
PEOPLE DRIVEN
Restrictions
0.20% 1.50x $25,000 -
0.20% 1.50x $1,000 -
NORTHLAND AREA
Restrictions
0.20% 1.50x $25,000 -
0.20% 1.50x $10,000 -
0.20% 1.50x $25,000 -
ST. FRANCIS X
Restrictions
0.20% 1.50x $1 -
ADVENTURE
Restrictions
0.20% 1.50x $5,000 -
FOREST AREA
Restrictions
0.20% 1.50x $2,500 -
CONSUMERS
Restrictions
0.20% 1.50x $25,000 -
GENISYS
Restrictions
0.20% 1.50x $2,500 -
UNIFY FINANCIAL
Restrictions
0.20% 1.50x $10,000 -
PORTLAND
Restrictions
0.16% 1.20x $2,500 -
MY PERSONAL
Restrictions
0.15% 1.13x $2,500 -
SAGELINK
Restrictions
0.15% 1.13x $25,000 -
SERVICE 1
Restrictions
0.15% 1.13x $250 -
INTOUCH
Restrictions
0.15% 1.13x $5 -
NORTHLAND AREA
Restrictions
0.15% 1.13x $10,000 -
PREFERRED
Restrictions
0.15% 1.13x $5 -
CATHOLIC
Restrictions
0.15% 1.13x $1,000 -
0.15% 1.13x $1 -
GENISYS
Restrictions
0.15% 1.13x $5 -
INTEGRA FIRST
Restrictions
0.15% 1.13x $10 -
0.15% 1.13x $5 -
ZEAL
Restrictions
0.15% 1.13x $25,000 -
POST COMMUNITY
Restrictions
0.15% 1.13x $2,001 -
0.15% 1.13x $5 -
SOUTH CENTRAL
Restrictions
0.15% 1.13x $2,500 -
0.15% 1.13x $10,000 -
0.15% 1.13x $5,001 -
CALCITE
Restrictions
0.15% 1.13x $5 -
0.15% 1.13x $5 -
0.15% 1.13x $20,001 -
LAFCU
Restrictions
0.15% 1.13x $2,500 -
ELGA
Restrictions
0.15% 1.13x $200 -
0.15% 1.13x $25,000 -
FRANKENMUTH
Restrictions
0.15% 1.13x $10,000 -
MEIJER
Restrictions
0.15% 1.13x $2,500 -
0.15% 1.13x $5 -
0.15% 1.13x $2,500 -
SUNRISE FAMILY
Restrictions
0.15% 1.13x $2,000 -
0.15% 1.13x $10,000 -
HARBORLIGHT
Restrictions
0.15% 1.13x $2,500 -
GERBER
Restrictions
0.15% 1.13x $5,000 -
MEMBERS FIRST
Restrictions
0.15% 1.13x $5 -
CREDIT UNION ONE
Restrictions
0.15% 1.13x $25,000 -
TEAM ONE
Restrictions
0.15% 1.13x $2,001 -
0.15% 1.13x $100 -
UNIFY FINANCIAL
Restrictions
0.15% 1.13x $2,500 -
0.15% 1.13x $5 -
VIBE
Restrictions
0.15% 1.13x $20,000 -
FAMILY FINANCIAL
Restrictions
0.15% 1.13x $2,500 -
0.15% 1.13x $7,500 -
U.P. CATHOLIC
Restrictions
0.15% 1.13x $100 -
HONOR
Restrictions
0.15% 1.13x $10,000 -
TEACHERS
Restrictions
0.15% 1.13x $2,500 -
DFCU FINANCIAL
Restrictions
0.15% 1.13x $25,000 -
LAKE TRUST
Restrictions
0.15% 1.13x $10,000 -
EXTRA
Restrictions
0.15% 1.13x $5,000 -
DORT
Restrictions
0.15% 1.13x $5 -
FME
Restrictions
0.15% 1.13x $5 -
0.15% 1.13x $100 -
CONSUMERS
Restrictions
0.15% 1.13x $10,000 -
UNITED
Restrictions
0.15% 1.13x $25,000 -
ADVANTAGE ONE
Restrictions
0.15% 1.13x $25,000 -
WINGS FINANCIAL
Restrictions
0.15% 1.13x $1 -
0.15% 1.13x $25,000 -
0.15% 1.13x $10,001 -
0.15% 1.13x $2,500 -
ADVIA
Restrictions
0.15% 1.13x $500 -
AWAKON
Restrictions
0.15% 1.13x $10,000 -
COMMUNITY CHOICE
Restrictions
0.15% 1.13x $25,000 -
KELLOGG COMMUNITY
Restrictions
0.15% 1.13x $5 -
0.15% 1.13x $2,000 -
0.15% 1.13x $10 -
0.15% 1.13x $2,000 -
BLUEOX
Restrictions
0.15% 1.13x $500 -
0.15% 1.13x $10,000 -
PEOPLE DRIVEN
Restrictions
0.15% 1.13x $10,000 -
KALSEE
Restrictions
0.15% 1.13x $50 -
SOO CO-OP
Restrictions
0.15% 1.13x $10,000 -
BEST FINANCIAL
Restrictions
0.15% 1.13x $100 -
4FRONT
Restrictions
0.15% 1.13x $1,000 -
TEACHERS
Restrictions
0.14% 1.05x $2,500 -
0.13% 0.98x $2,500 -
TLC COMMUNITY
Restrictions
0.12% 0.90x $25,000 -
0.12% 0.90x $500 -
0.10% 0.76x $5 -
0.10% 0.75x $5 -
INTOUCH
Restrictions
0.10% 0.75x $1 -
0.10% 0.75x $1 -
SECURITY
Restrictions
0.10% 0.75x $2,500 -
0.10% 0.75x $5,000 -
0.10% 0.75x $2,500 -
0.10% 0.75x $5 -
TLC COMMUNITY
Restrictions
0.10% 0.75x $2,500 -
4FRONT
Restrictions
0.10% 0.75x $1 -
PENINSULA
Restrictions
0.10% 0.75x $1 -
ZEAL
Restrictions
0.10% 0.75x $2,500 -
VIBE
Restrictions
0.10% 0.75x $2,500 -
0.10% 0.75x $5 -
BLUEOX
Restrictions
0.10% 0.75x $100 -
DELTA COUNTY
Restrictions
0.10% 0.75x $5 -
HONOR
Restrictions
0.10% 0.75x $2,500 -
0.10% 0.75x $1 -
0.10% 0.75x $50 -
LOC
Restrictions
0.10% 0.75x $10,000 -
UNITED FINANCIAL
Restrictions
0.10% 0.75x $1,000 -
0.10% 0.75x $5 -
MY PERSONAL
Restrictions
0.10% 0.75x $1 -
UNITED
Restrictions
0.10% 0.75x $10,000 -
0.10% 0.75x $100 -
WANIGAS
Restrictions
0.10% 0.75x $5 -
ASTERA
Restrictions
0.10% 0.75x $20,000 -
0.10% 0.75x $100 -
CREDIT UNION ONE
Restrictions
0.10% 0.75x $10,000 -
SOO CO-OP
Restrictions
0.10% 0.75x $1 -
GREAT LAKES FIRST
Restrictions
0.10% 0.75x $5 -
CONSUMERS
Restrictions
0.10% 0.75x $50 -
DFCU FINANCIAL
Restrictions
0.10% 0.75x $2,500 -
NORTHLAND AREA
Restrictions
0.10% 0.75x $1 -
0.10% 0.75x $5 -
0.10% 0.75x $100 -
0.10% 0.75x $2,500 -
0.10% 0.75x $2,500 -
SUNRISE FAMILY
Restrictions
0.10% 0.75x $250 -
ADVENTURE
Restrictions
0.10% 0.75x $5 -
0.10% 0.75x $100 -
GERBER
Restrictions
0.10% 0.75x $5 -
PEOPLE DRIVEN
Restrictions
0.10% 0.75x $2,500 -
HARBORLIGHT
Restrictions
0.10% 0.75x $5 -
0.10% 0.75x $10,000 -
0.10% 0.75x $2,500 -
0.10% 0.75x $5 -
0.10% 0.75x $1 -
CASE
Restrictions
0.10% 0.75x $5 -
SAGELINK
Restrictions
0.10% 0.75x $1,000 -
CATHOLIC
Restrictions
0.10% 0.75x $5 -
0.10% 0.75x $100 -
0.10% 0.75x $25,000 -
COMMUNITY CHOICE
Restrictions
0.10% 0.75x $2,000 -
0.10% 0.75x $50 -
0.10% 0.75x $10 -
0.10% 0.75x $2,500 -
FAMILY FINANCIAL
Restrictions
0.10% 0.75x $105 -
ALLIANCE CATHOLIC
Restrictions
0.10% 0.75x $20,000 -
0.10% 0.75x $1 -
AWAKON
Restrictions
0.10% 0.75x $2,500 -
0.10% 0.75x $2,000 -
0.10% 0.75x $100 -
ADVANTAGE ONE
Restrictions
0.10% 0.75x $50 -
0.10% 0.75x $250 -
OAKLAND COUNTY
Restrictions
0.10% 0.75x $1 -
TAHQUAMENON AREA
Restrictions
0.10% 0.75x $2,500 -
OUR
Restrictions
0.10% 0.75x $20,000 -
POST COMMUNITY
Restrictions
0.10% 0.75x $5 -
0.10% 0.75x $10,000 -
UNIFY FINANCIAL
Restrictions
0.10% 0.75x $5 -
WEST MICHIGAN
Restrictions
0.10% 0.75x $5 -
0.07% 0.53x $1 -
LOC
Restrictions
0.05% 0.38x $100 -
LAKE TRUST
Restrictions
0.05% 0.38x $1 -
SAGINAW MEDICAL
Restrictions
0.05% 0.38x $250 -
0.05% 0.38x $5 -
LENCO
Restrictions
0.05% 0.38x $2,500 -
COMMUNITY CHOICE
Restrictions
0.05% 0.38x $1 -
ZEAL
Restrictions
0.05% 0.38x $1 -
TLC COMMUNITY
Restrictions
0.05% 0.38x $200 -
0.05% 0.38x $5 -
PORTLAND
Restrictions
0.05% 0.38x $100 -
0.05% 0.38x $10 -
UNITED FINANCIAL
Restrictions
0.05% 0.38x $25 -
JOURNEY
Restrictions
0.05% 0.38x $100 -
UNITED
Restrictions
0.05% 0.38x $300 -
0.05% 0.38x $5 -
CREDIT UNION ONE
Restrictions
0.05% 0.38x $500 -
SAGELINK
Restrictions
0.05% 0.38x $5 -
PARDA
Restrictions
0.05% 0.38x $25 -
LAFCU
Restrictions
0.05% 0.38x $100 -
ALLIANCE CATHOLIC
Restrictions
0.05% 0.38x $5 -
OUR
Restrictions
0.05% 0.38x $100 -
0.05% 0.38x $1 -
TBA
Restrictions
0.05% 0.38x $1,000 -
0.05% 0.38x $300 -
FAMILY FIRST
Restrictions
0.05% 0.38x $500 -
0.05% 0.38x $100 -
ASTERA
Restrictions
0.05% 0.38x $100 -
DFCU FINANCIAL
Restrictions
0.05% 0.38x $200 -
FINANCIAL PLUS
Restrictions
0.05% 0.38x $1,500 -
VIBE
Restrictions
0.05% 0.38x $1 -
HONOR
Restrictions
0.05% 0.38x $5 -
0.05% 0.38x $5 -
FIRST GENERAL
Restrictions
0.05% 0.38x $25 -
0.05% 0.38x $10 -
AWAKON
Restrictions
0.05% 0.38x $5 -
0.05% 0.38x $5 -
0.05% 0.38x $100 -
EXTRA
Restrictions
0.05% 0.38x $5 -
0.05% 0.38x $5 -
0.05% 0.38x $5 -
0.05% 0.38x $5 -
0.05% 0.38x $1,000 -
0.05% 0.38x $25 -
TAHQUAMENON AREA
Restrictions
0.05% 0.38x $25 -
0.05% 0.38x $500 -
LENCO
Restrictions
0.03% 0.23x $5 -
PEOPLE DRIVEN
Restrictions
0.03% 0.23x $100 -
OMNI COMMUNITY
Restrictions
0.03% 0.19x $100 -
FRANKENMUTH
Restrictions
0.02% 0.15x $100 -
0.02% 0.15x $5 -
0.02% 0.15x $1,001 -
SECURITY
Restrictions
0.01% 0.08x $5 -
COPOCO COMMUNITY
Restrictions
0.01% 0.08x $5 -
0.01% 0.08x $5 -


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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.

SAVINGS & CD CALCULATOR

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

Use or Change these Amounts And Rates

  • Richard

    June 19, 2017

    You guys local bank rates I get every week are always the same there are 2 banks here at osage beach mo. That are paying 1.50 for 15 month and the other is 1.25 12 month and you don't even list the banks around my area I'm not going to use best cash cow anymore I can find better rate myself

  • Ric

    February 16, 2017

    The rates for Health Care Family are not accurate.

  • ZIPPY

    August 02, 2016

    Try University of Iowa Credit Union----lots better rates. Says alot about this site.

  • R

    June 22, 2016

    Please correct rates for Health Care Family. They have never offered these rates.

  • Sheri Dennison

    March 25, 2016

    NSWC rate on their website (effective as of 3-22-2016) is 1.76% vice 1.86%

  • R

    March 16, 2016

    Health Care Family CU does not honor their advertised rates.

  • BOB

    December 18, 2015

    Why don't you include CD rate for Navy Credit Union?

  • jay

    October 14, 2015

    Justice says no special rate for 27 month as shown above. Please check that out.

  • 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.

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