New York

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You are viewing savings rates in New Rochelle, New York

New Rochelle, New York Credit Union Savings Rates 2020

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.

New Rochelle, NY - August 8, 2020

Savings Account National Average Rate: 0.12% ?

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Credit Unions APY Vs.
Nat'l
Av.
MIN Miles?
N C P D
Restrictions
1.51% 12.58x $0 4812.08 Learn More
1.25% 10.42x $2,500 4990.94 Learn More
Novartis
Restrictions
1.25% 10.42x $25,000 4848.86 Learn More
Self Reliance Ny
Restrictions
1.10% 9.17x $2,500 4826.73 Learn More
Novartis
Restrictions
1.05% 8.75x $2,500 4848.86 Learn More
Suma Yonkers
Restrictions
0.76% 6.33x $2,500 4831.84 Learn More
Quorum
Restrictions
0.75% 6.25x $2,500 4828.85 Learn More
American Airlines
Restrictions
0.75% 6.25x $2,500 4823.80 Learn More
Qside
Restrictions
0.70% 5.83x $25,000 4816.77 Learn More
Empower
Restrictions
0.65% 5.42x $2,500 5026.00 Learn More
Qside
Restrictions
0.65% 5.42x $10,000 4816.77 Learn More
Visions
Restrictions
0.65% 5.42x $10,000 4970.34 Learn More
0.63% 5.27x $25,000 4845.00 Learn More
Mohawk Valley
Restrictions
0.60% 5.02x $25,000 4976.78 Learn More
0.60% 5.00x $25,000 4820.47 Learn More
Ukrainian
Restrictions
0.60% 5.00x $25,000 5081.65 Learn More
0.55% 4.58x $10,000 4820.47 Learn More
Suma Yonkers
Restrictions
0.51% 4.25x $2,500 4831.84 Learn More
0.50% 4.18x $2,500 5002.31 Learn More
Mohawk Valley
Restrictions
0.50% 4.18x $2,500 4976.78 Learn More
0.50% 4.17x $1 4820.47 Learn More
Bethpage
Restrictions
0.50% 4.17x $2,500 4794.16 Learn More
First Source
Restrictions
0.50% 4.17x $25,000 4980.01 Learn More
Palisades
Restrictions
0.50% 4.17x $25,000 4841.63 Learn More
Access
Restrictions
0.50% 4.17x $25,000 4991.77 Learn More
Self Reliance Ny
Restrictions
0.50% 4.17x $2,500 4826.73 Learn More
Ukrainian
Restrictions
0.50% 4.17x $2,500 5081.65 Learn More
0.50% 4.17x $2,500 5827.52 Learn More
Sea Comm
Restrictions
0.50% 4.17x $25,000 5035.99 Learn More
0.48% 4.02x $10,000 4845.00 Learn More
Inner Lakes
Restrictions
0.45% 3.75x $25,000 5132.34 Learn More
Xcel
Restrictions
0.45% 3.75x $25,000 4826.94 Learn More
Saint Lawrence
Restrictions
0.42% 3.50x $25,000 5053.62 Learn More
First Source
Restrictions
0.40% 3.33x $2,500 4980.01 Learn More
Access
Restrictions
0.40% 3.33x $10,000 4991.77 Learn More
Inner Lakes
Restrictions
0.40% 3.33x $10,000 5132.34 Learn More
Good Neighbors
Restrictions
0.40% 3.33x $2,500 5116.44 Learn More
Sea Comm
Restrictions
0.40% 3.33x $10,000 5035.99 Learn More
Xcel
Restrictions
0.40% 3.33x $10,000 4826.94 Learn More
Visions
Restrictions
0.40% 3.33x $2,500 4970.34 Learn More
Suffolk
Restrictions
0.40% 3.33x $25,000 4786.22 Learn More
Pittsford
Restrictions
0.40% 3.33x $10,000 5069.95 Learn More
G.p.o.
Restrictions
0.40% 3.33x $25,000 4980.44 Learn More
0.35% 2.92x $25,000 5128.42 Learn More
Corning
Restrictions
0.35% 2.92x $25,000 5016.30 Learn More
People's Alliance
Restrictions
0.35% 2.92x $25,000 4799.17 Learn More
Palisades
Restrictions
0.35% 2.92x $10,000 4841.63 Learn More
The Summit
Restrictions
0.35% 2.92x $25,000 5085.50 Learn More
0.35% 2.92x $500 6082.46 Learn More
Inner Lakes
Restrictions
0.35% 2.92x $2,500 5132.34 Learn More
Great Erie
Restrictions
0.35% 2.92x $25,000 5114.16 Learn More
0.35% 2.92x $25,000 5112.03 Learn More
Meridia Community
Restrictions
0.35% 2.92x $25,000 5117.25 Learn More
Great Meadow
Restrictions
0.35% 2.92x $25,000 4915.67 Learn More
Sea Comm
Restrictions
0.35% 2.92x $2,500 5035.99 Learn More
Xcel
Restrictions
0.35% 2.92x $2,500 4826.94 Learn More
Visions
Restrictions
0.35% 2.92x $2,500 4970.34 Learn More
Reliant Community
Restrictions
0.35% 2.92x $25,000 5053.49 Learn More
G.p.o.
Restrictions
0.35% 2.92x $2,500 4980.44 Learn More
Wings Financial
Restrictions
0.35% 2.92x $10,000 4816.26 Learn More
0.34% 2.87x $2,500 4845.00 Learn More
Usalliance
Restrictions
0.33% 2.75x $2,500 4824.32 Learn More
Alco
Restrictions
0.30% 2.50x $2,500 5055.02 Learn More
0.30% 2.50x $2,500 5128.42 Learn More
Saint Lawrence
Restrictions
0.30% 2.50x $10,000 5053.62 Learn More
Horizons
Restrictions
0.30% 2.50x $2,500 4965.58 Learn More
Jovia Financial
Restrictions
0.30% 2.50x $25,000 4811.24 Learn More
People's Alliance
Restrictions
0.30% 2.50x $2,500 4799.17 Learn More
Financial Trust
Restrictions
0.30% 2.50x $2,500 5122.19 Learn More
Great Erie
Restrictions
0.30% 2.50x $2,500 5114.16 Learn More
Teachers
Restrictions
0.30% 2.50x $2,500 4789.35 Learn More
0.30% 2.50x $2,500 5112.03 Learn More
0.30% 2.50x $2,500 4826.80 Learn More
Suffolk
Restrictions
0.30% 2.50x $2,500 4786.22 Learn More
Pittsford
Restrictions
0.30% 2.50x $2,000 5069.95 Learn More
Quorum
Restrictions
0.30% 2.50x $25,000 4828.85 Learn More
Together
Restrictions
0.30% 2.50x $25,000 5025.33 Learn More
Centra
Restrictions
0.30% 2.50x $25,000 5113.43 Learn More
Teg
Restrictions
0.25% 2.08x $10,000 4859.88 Learn More
0.25% 2.08x $5 4820.47 Learn More
0.25% 2.08x $2,500 4990.94 Learn More
Empire One
Restrictions
0.25% 2.08x $25,000 5122.10 Learn More
Star Usa
Restrictions
0.25% 2.08x $50,000 - Learn More
Corning
Restrictions
0.25% 2.08x $2,500 5016.30 Learn More
First Source
Restrictions
0.25% 2.08x $2,500 4980.01 Learn More
Ghs
Restrictions
0.25% 2.08x $10,000 4966.52 Learn More
Access
Restrictions
0.25% 2.08x $2,500 4991.77 Learn More
Meridia Community
Restrictions
0.25% 2.08x $2,500 5117.25 Learn More
Great Meadow
Restrictions
0.25% 2.08x $2,500 4915.67 Learn More
0.25% 2.08x $25,000 5117.20 Learn More
Sea Comm
Restrictions
0.25% 2.08x $2,500 5035.99 Learn More
Mid-hudson Valley
Restrictions
0.25% 2.08x $25,000 4877.25 Learn More
Xceed Financial
Restrictions
0.25% 2.08x $10,000 5075.05 Learn More
Reliant Community
Restrictions
0.25% 2.08x $10,000 5053.49 Learn More
G.p.o.
Restrictions
0.25% 2.08x $2,500 4980.44 Learn More
Advantage
Restrictions
0.25% 2.08x $25,000 5080.82 Learn More
Together
Restrictions
0.25% 2.08x $2,500 5025.33 Learn More
Cfcu Community
Restrictions
0.25% 2.08x $25,000 5005.43 Learn More
Americu
Restrictions
0.25% 2.08x $25,000 4991.05 Learn More
Cfcu Community
Restrictions
0.22% 1.83x $10,000 5005.43 Learn More
Alco
Restrictions
0.20% 1.67x $2,500 5055.02 Learn More
Esl
Restrictions
0.20% 1.67x $25,000 5077.10 Learn More
Bethpage
Restrictions
0.20% 1.67x $2,500 4794.16 Learn More
Justice
Restrictions
0.20% 1.67x $25,000 4826.96 Learn More
Empire One
Restrictions
0.20% 1.67x $10,000 5122.10 Learn More
0.20% 1.67x $10,000 4895.56 Learn More
0.20% 1.67x $25,000 5124.46 Learn More
0.20% 1.67x $10,000 5119.02 Learn More
Jovia Financial
Restrictions
0.20% 1.67x $2,500 4811.24 Learn More
0.20% 1.67x $2,500 4845.00 Learn More
Qside
Restrictions
0.20% 1.67x $2,500 4816.77 Learn More
The Summit
Restrictions
0.20% 1.67x $10,000 5085.50 Learn More
United Nations
Restrictions
0.20% 1.67x $25,000 4825.64 Learn More
Affinity One
Restrictions
0.20% 1.67x $25,000 5108.53 Learn More
Partners 1st
Restrictions
0.20% 1.67x $10,000 4838.01 Learn More
0.20% 1.67x $25,000 4905.51 Learn More
0.20% 1.67x $25,000 5127.98 Learn More
Dannemora
Restrictions
0.20% 1.67x $25,000 4972.14 Learn More
0.20% 1.67x $10,000 5117.20 Learn More
0.20% 1.67x $2,500 4826.80 Learn More
Finger Lakes
Restrictions
0.20% 1.67x $25,000 5041.92 Learn More
Xceed Financial
Restrictions
0.20% 1.67x $2,500 5075.05 Learn More
Greater Metro
Restrictions
0.20% 1.67x $2,500 4826.61 Learn More
Ufirst
Restrictions
0.20% 1.67x $25,000 4970.34 Learn More
Mohawk Valley
Restrictions
0.20% 1.67x $2,500 4976.78 Learn More
0.20% 1.67x $25,000 5088.99 Learn More
Quorum
Restrictions
0.20% 1.67x $10,000 4828.85 Learn More
Riverside
Restrictions
0.20% 1.67x $20,000 5128.52 Learn More
Western Division
Restrictions
0.20% 1.67x $2,500 5119.93 Learn More
Municipal
Restrictions
0.20% 1.67x $25,000 4825.96 Learn More
Centra
Restrictions
0.20% 1.67x $10,000 5113.43 Learn More
Cfcu Community
Restrictions
0.20% 1.67x $2,500 5005.43 Learn More
Affinity One
Restrictions
0.18% 1.46x $10,000 5108.53 Learn More
0.15% 1.25x $25,000 5117.86 Learn More
Teg
Restrictions
0.15% 1.25x $2,500 4859.88 Learn More
Sperry Associates
Restrictions
0.15% 1.25x $2,500 4813.15 Learn More
Esl
Restrictions
0.15% 1.25x $10,000 5077.10 Learn More
0.15% 1.25x $2,500 4823.47 Learn More
Olean Area
Restrictions
0.15% 1.25x $25,000 5073.63 Learn More
Justice
Restrictions
0.15% 1.25x $2,500 4826.96 Learn More
Empire One
Restrictions
0.15% 1.25x $2,500 5122.10 Learn More
Star Usa
Restrictions
0.15% 1.25x $2,500 - Learn More
Corning
Restrictions
0.15% 1.25x $2,500 5016.30 Learn More
0.15% 1.25x $10,000 5124.46 Learn More
First New York
Restrictions
0.15% 1.25x $25,000 4927.15 Learn More
0.15% 1.25x $2,500 5119.02 Learn More
Jovia Financial
Restrictions
0.15% 1.25x $2,500 4811.24 Learn More
Empower
Restrictions
0.15% 1.25x $2,500 5026.00 Learn More
0.15% 1.25x $25,000 5017.60 Learn More
Palisades
Restrictions
0.15% 1.25x $2,500 4841.63 Learn More
United Nations
Restrictions
0.15% 1.25x $2,500 4825.64 Learn More
Affinity One
Restrictions
0.15% 1.25x $2,500 5108.53 Learn More
Sidney
Restrictions
0.15% 1.25x $10,000 4951.21 Learn More
0.15% 1.25x $2,500 5002.31 Learn More
0.15% 1.25x $10,000 4905.51 Learn More
First Heritage
Restrictions
0.15% 1.25x $2,500 5018.12 Learn More
Servu
Restrictions
0.15% 1.25x $2,500 5018.82 Learn More
Great Meadow
Restrictions
0.15% 1.25x $2,500 4915.67 Learn More
Dannemora
Restrictions
0.15% 1.25x $10,000 4972.14 Learn More
0.15% 1.25x $2,500 5117.20 Learn More
0.15% 1.25x $2,500 4966.74 Learn More
Finger Lakes
Restrictions
0.15% 1.25x $10,000 5041.92 Learn More
0.15% 1.25x $10,000 5075.95 Learn More
Reliant Community
Restrictions
0.15% 1.25x $2,500 5053.49 Learn More
Greater Metro
Restrictions
0.15% 1.25x $2,500 4826.61 Learn More
Ulster
Restrictions
0.15% 1.25x $2,500 4877.38 Learn More
0.15% 1.25x $2,500 5088.99 Learn More
0.15% 1.25x $2,500 5119.70 Learn More
Advantage
Restrictions
0.15% 1.25x $10,000 5080.82 Learn More
Riverside
Restrictions
0.15% 1.25x $3,000 5128.52 Learn More
Western Division
Restrictions
0.15% 1.25x $2,500 5119.93 Learn More
Municipal
Restrictions
0.15% 1.25x $10,000 4825.96 Learn More
Centra
Restrictions
0.15% 1.25x $2,500 5113.43 Learn More
0.15% 1.25x $2,500 4923.16 Learn More
Americu
Restrictions
0.15% 1.25x $10,000 4991.05 Learn More
Wings Financial
Restrictions
0.15% 1.25x $2,500 4816.26 Learn More
Ufirst
Restrictions
0.13% 1.08x $25,000 4970.34 Learn More
Sperry Associates
Restrictions
0.10% 0.83x $2,500 4813.15 Learn More
Usalliance
Restrictions
0.10% 0.83x $10,000 4824.32 Learn More
Esl
Restrictions
0.10% 0.83x $2,500 5077.10 Learn More
0.10% 0.83x $2,500 5128.42 Learn More
Saint Lawrence
Restrictions
0.10% 0.83x $2,500 5053.62 Learn More
Olean Area
Restrictions
0.10% 0.83x $2,500 5073.63 Learn More
Pentagon
Restrictions
0.10% 0.83x $10,000 4851.89 Learn More
0.10% 0.83x $2,500 4895.56 Learn More
Star Usa
Restrictions
0.10% 0.83x $10 - Learn More
Auburn Community
Restrictions
0.10% 0.83x $25,000 5027.68 Learn More
Horizons
Restrictions
0.10% 0.83x $2,500 4965.58 Learn More
0.10% 0.83x $1,000 5124.46 Learn More
First New York
Restrictions
0.10% 0.83x $2,500 4927.15 Learn More
People's Alliance
Restrictions
0.10% 0.83x $2,500 4799.17 Learn More
Ghs
Restrictions
0.10% 0.83x $2,500 4966.52 Learn More
Qside
Restrictions
0.10% 0.83x $2,500 4816.77 Learn More
0.10% 0.83x $2,500 5017.60 Learn More
The Summit
Restrictions
0.10% 0.83x $2,500 5085.50 Learn More
Novartis
Restrictions
0.10% 0.83x $2,500 4848.86 Learn More
Affinity One
Restrictions
0.10% 0.83x $2,500 5108.53 Learn More
Financial Trust
Restrictions
0.10% 0.83x $2,500 5122.19 Learn More
Geico
Restrictions
0.10% 0.83x $25,000 4807.94 Learn More
0.10% 0.83x $2,500 5073.90 Learn More
Partners 1st
Restrictions
0.10% 0.83x $2,500 4838.01 Learn More
Inner Lakes
Restrictions
0.10% 0.83x $2,500 5132.34 Learn More
Great Erie
Restrictions
0.10% 0.83x $2,500 5114.16 Learn More
Teachers
Restrictions
0.10% 0.83x $2,500 4789.35 Learn More
0.10% 0.83x $2,500 4905.51 Learn More
Ukrainian
Restrictions
0.10% 0.83x $2,500 5081.65 Learn More
0.10% 0.83x $2,500 5112.03 Learn More
Trailnorth
Restrictions
0.10% 0.83x $2,500 4941.67 Learn More
First Heritage
Restrictions
0.10% 0.83x $2,500 5018.12 Learn More
Meridia Community
Restrictions
0.10% 0.83x $2,500 5117.25 Learn More
Good Neighbors
Restrictions
0.10% 0.83x $2,500 5116.44 Learn More
0.10% 0.83x $2,500 5119.10 Learn More
0.10% 0.83x $2,500 5117.20 Learn More
Mid-hudson Valley
Restrictions
0.10% 0.83x $2,500 4877.25 Learn More
Western New York
Restrictions
0.10% 0.83x $2,500 5117.66 Learn More
Xcel
Restrictions
0.10% 0.83x $2,500 4826.94 Learn More
Suffolk
Restrictions
0.10% 0.83x $2,500 4786.22 Learn More
Finger Lakes
Restrictions
0.10% 0.83x $2,500 5041.92 Learn More
Reliant Community
Restrictions
0.10% 0.83x $2,500 5053.49 Learn More
0.10% 0.83x $2,500 5088.99 Learn More
Quorum
Restrictions
0.10% 0.83x $2,500 4828.85 Learn More
Alternatives
Restrictions
0.10% 0.83x $25,000 5004.34 Learn More
0.10% 0.83x $2,500 5011.98 Learn More
Advantage
Restrictions
0.10% 0.83x $2,500 5080.82 Learn More
Municipal
Restrictions
0.10% 0.83x $2,500 4825.96 Learn More
Buffalo Service
Restrictions
0.10% 0.83x $2,500 5124.52 Learn More
Together
Restrictions
0.10% 0.83x $2,500 5025.33 Learn More
Centra
Restrictions
0.10% 0.83x $2,500 5113.43 Learn More
0.10% 0.83x $25,000 4923.16 Learn More
Usalliance
Restrictions
0.07% 0.58x $2,500 4824.32 Learn More
0.07% 0.58x $2,500 5119.02 Learn More
Sidney
Restrictions
0.07% 0.58x $2,500 4951.21 Learn More
Americu
Restrictions
0.07% 0.58x $2,500 4991.05 Learn More
0.05% 0.42x $2,500 5117.86 Learn More
Niagara's Choice
Restrictions
0.05% 0.42x $2,500 5138.57 Learn More
Teg
Restrictions
0.05% 0.42x $2,500 4859.88 Learn More
Esl
Restrictions
0.05% 0.42x $2,500 5077.10 Learn More
0.05% 0.42x $2,500 4823.47 Learn More
Olean Area
Restrictions
0.05% 0.42x $300 5073.63 Learn More
Justice
Restrictions
0.05% 0.42x $2,500 4826.96 Learn More
Pentagon
Restrictions
0.05% 0.42x $2,500 4851.89 Learn More
Star Usa
Restrictions
0.05% 0.42x $5 - Learn More
Auburn Community
Restrictions
0.05% 0.42x $2,500 5027.68 Learn More
Nassau Financial
Restrictions
0.05% 0.42x $2,500 4811.85 Learn More
0.05% 0.42x $2,500 5017.60 Learn More
Sidney
Restrictions
0.05% 0.42x $2,500 4951.21 Learn More
Geico
Restrictions
0.05% 0.42x $10,000 4807.94 Learn More
Edu
Restrictions
0.05% 0.42x $0 - Learn More
Trailnorth
Restrictions
0.05% 0.42x $2,500 4941.67 Learn More
Island
Restrictions
0.05% 0.42x $2,500 4798.72 Learn More
0.05% 0.42x $2,500 5127.98 Learn More
Dannemora
Restrictions
0.05% 0.42x $2,500 4972.14 Learn More
Mid-hudson Valley
Restrictions
0.05% 0.42x $2,500 4877.25 Learn More
Finger Lakes
Restrictions
0.05% 0.42x $2,500 5041.92 Learn More
0.05% 0.42x $2,500 5075.95 Learn More
Xceed Financial
Restrictions
0.05% 0.42x $2,500 5075.05 Learn More
Twin Rivers
Restrictions
0.05% 0.42x $2,500 5039.33 Learn More
Ufirst
Restrictions
0.05% 0.42x $2,500 4970.34 Learn More
Ulster
Restrictions
0.05% 0.42x $2,500 4877.38 Learn More
Alternatives
Restrictions
0.05% 0.42x $2,500 5004.34 Learn More
Advantage
Restrictions
0.05% 0.42x $2,500 5080.82 Learn More
Riverside
Restrictions
0.05% 0.42x $100 5128.52 Learn More
Municipal
Restrictions
0.05% 0.42x $2,500 4825.96 Learn More
Cfcu Community
Restrictions
0.05% 0.42x $2,500 5005.43 Learn More
0.05% 0.42x $10,000 4923.16 Learn More
Americu
Restrictions
0.05% 0.42x $2,500 4991.05 Learn More
Palisades
Restrictions
0.04% 0.33x $2,500 4841.63 Learn More
The Summit
Restrictions
0.03% 0.25x $2,500 5085.50 Learn More
Partners 1st
Restrictions
0.03% 0.25x $2,500 4838.01 Learn More
A C M G
Restrictions
0.03% 0.25x $2,500 5016.59 Learn More
0.03% 0.25x $2,500 5075.95 Learn More
0.02% 0.17x $2,500 5011.98 Learn More
Geico
Restrictions
0.01% 0.08x $2,500 4807.94 Learn More
Edu
Restrictions
0.01% 0.08x $1 - Learn More
0.01% 0.08x $2,500 5127.98 Learn More
Polish & Slavic
Restrictions
0.01% 0.08x $2,500 4824.92 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 2020

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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