Best Credit Union Savings and Money Market Rates in Scarsdale, New York, NY June 16, 2025

You are viewing savings rates from credit unions in Scarsdale, New York

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.

Scarsdale, NY - June 16, 2025

Savings Account National Average Rate: 0.45% ^?

Credit Unions	APY	MIN
Quorum Quorum Fcu Headquarters Branch Restrictions	3.75%	$0	Learn More
Rate History: 4.17% → 4.00% → 3.93% → 4.00% → 3.75%
Sharon \| Sep 20, 2023 Have been a member for 15 years and love everything about them: have a HighQ account, and QClassic checking and had a mortgage with them, too. Read More Reviews (2)
Usalliance American Express Branch Restrictions	3.75%	$500	Learn More Add Review
Rate History: 4.65% → 4.55% → 3.75%
Jovia Financial Valley Stream Branch Restrictions	3.75% 1.64% 0.20% 0.10%	$5 $10 $2,500 $60	Learn More
Rate History: 5.00% → 4.75% → 4.25% → 4.00% → 3.75%
H \| Apr 25, 2021 It has some of the most inept, cold workers. They do not return calls. You have trouble using payments or transactions by phone as they charge you. For months during COVID no hand sanitizer was present ... Read More Reviews (2)
Municipal Municipal Branch Restrictions	3.20% 0.05% 0.01%	$100 $4,000 $500	Learn More Add Review
Ridgedale Suffern Office Branch Restrictions	2.78% 2.02% 1.26% 0.75%	$150,000 $50,000 $5,000 $500	Learn More Add Review
Rate History: 2.27% → 3.04% → 2.78%
Navy Federal Credit Union Merchant Marine Academy Branch Restrictions	2.25% 2.05% 1.85% 1.65% 1.50% 1.10% 1.06% 0.95%	$1,000,000 $500,000 $250,000 $100,000 $50,000 $25,000 $10,000 $2,500	Learn More
Amanda Frank \| Feb 25, 2023 HORRIBLE SERVICE. My son's campus checking account was hacked and over $9000 was stolen. Fraud department was impossible to reach and we waited on phone several days for over 2 hours at a time. They too... Read More Reviews (19)
Municipal Municipal Branch Restrictions	2.02% 1.76% 0.90% 0.65%	$25,000 $50,000 $10,000 $0	Learn More Add Review
Rate History: 1.41% → 1.51% → 2.02% → 1.51% → 2.02%
American Airlines Aafcu - Lga Branch Restrictions	2.02%	$5	Learn More
jose \| Jun 12, 2017 five star......great location...fast service Read More Reviews (1)
Jovia Financial Valley Stream Branch Restrictions	2.00% 1.50% 1.25% 1.00% 0.75% 0.50%	$5,000,000 $250,000 $100,000 $50,000 $25,000 $0	Learn More
H \| Apr 25, 2021 It has some of the most inept, cold workers. They do not return calls. You have trouble using payments or transactions by phone as they charge you. For months during COVID no hand sanitizer was present ... Read More Reviews (2)
Quorum Quorum Fcu Headquarters Branch Restrictions	1.70% 1.44% 1.20% 0.70% 0.45%	$250,000 $100,000 $25,000 $10,000 $0	Learn More
Rate History: 1.69% → 1.70%
Sharon \| Sep 20, 2023 Have been a member for 15 years and love everything about them: have a HighQ account, and QClassic checking and had a mortgage with them, too. Read More Reviews (2)
Suma Suma Yonkers Branch Restrictions	1.67%	$0	Learn More Add Review
Rate History: 2.28% → 2.02% → 1.67%
Empower Purchase Branch Restrictions	1.55% 1.45% 1.35% 1.25% 1.15% 1.05%	$250,000 $100,000 $50,000 $25,000 $10,000 $2,500	Learn More Add Review
N C P D Mineola Branch Restrictions	1.51%	$0	Learn More
Kingculture \| Mar 26, 2021 Moses Raphael Read More Reviews (1)
United Nations United Nations Branch Restrictions	1.20% 1.10% 1.05%	$25,000 $2,500 $0	Learn More Add Review
Rate History: 1.35% → 1.20%
Bethpage Bethpage Branch Restrictions	1.20% 0.95% 0.55% 0.45% 0.20% 0.10%	$500,000 $250,000 $100,000 $50,000 $500 $0	Learn More
Rate History: 2.00% → 1.50% → 1.35% → 1.20%
MY OPINION \| Sep 4, 2019 BETHPAGE CREDIT UNION IS THE BEST.. Read More Reviews (1)
Xcel Xcel Federal Credit Union Branch Restrictions	0.90% 0.75% 0.65% 0.50%	$25,000 $10,000 $2,500 $1,000	Learn More Add Review
Rate History: 1.16% → 0.90%
Hudson River Financial Main Office Branch Restrictions	0.63%	$25,000	Learn More Add Review
Usalliance American Express Branch Restrictions	0.60% 0.50% 0.40% 0.25% 0.15% 0.10% 0.07%	$1,000,000 $500,000 $250,000 $100,000 $50,000 $10,000 $2,000	Learn More Add Review
Empower Purchase Branch Restrictions	0.55%	$0	Learn More Add Review
Hudson River Financial Main Office Branch Restrictions	0.48%	$10,000	Learn More Add Review
Ridgedale Suffern Office Branch Restrictions	0.40%	$100	Learn More Add Review
Rate History: 0.03% → 0.05% → 0.50% → 0.40%
People's Alliance Brooklyn-atlantic Ave Branch Restrictions	0.35%	$25,000	Learn More Add Review
Qside Qside Branch Restrictions	0.35%	$50,000	Learn More Add Review
Hudson River Financial Main Office Branch Restrictions	0.34%	$2,500	Learn More Add Review
Palisades Palisades Branch Restrictions	0.30% 0.25% 0.20% 0.15% 0.10% 0.05%	$250,000 $100,000 $50,000 $25,000 $10,000 $2,500	Learn More Add Review
People's Alliance Brooklyn-atlantic Ave Branch Restrictions	0.30%	$2,500	Learn More Add Review
Qside Qside Branch Restrictions	0.30%	$25,000	Learn More Add Review
Star Usa Restrictions	0.25%	$50,000	Learn More
RaShaun \| Aug 31, 2020 Great rates and fast loans Read More Reviews (1)
Suma Suma Yonkers Branch Restrictions	0.25%	$50	Learn More Add Review
Navy Federal Credit Union Merchant Marine Academy Branch Restrictions	0.25%	$5	Learn More
Amanda Frank \| Feb 25, 2023 HORRIBLE SERVICE. My son's campus checking account was hacked and over $9000 was stolen. Fraud department was impossible to reach and we waited on phone several days for over 2 hours at a time. They too... Read More Reviews (19)
Cfcu Community Cfcu Community Branch Restrictions	0.25%	$25,000	Learn More Add Review
Qside Qside Branch Restrictions	0.25%	$10,000	Learn More Add Review
Cfcu Community Cfcu Community Branch Restrictions	0.22%	$10,000	Learn More Add Review
Edu Restrictions	0.20%	$0	Learn More Add Review
Cfcu Community Cfcu Community Branch Restrictions	0.20%	$2,500	Learn More Add Review
Partners 1st Partners 1st Fcu, Br. 3 Branch Restrictions	0.20%	$10,000	Learn More Add Review
Greater Metro Greater Metro Branch Restrictions	0.20%	$2,500	Learn More Add Review
Hudson River Financial Main Office Branch Restrictions	0.20%	$2,500	Learn More Add Review
Qside Qside Branch Restrictions	0.20%	$2,500	Learn More Add Review
Justice Justice Branch Restrictions	0.20%	$25,000	Learn More Add Review
Ukrainian National Ukrainian National Branch Restrictions	0.20% 0.01%	$2,500 $50	Learn More Add Review
Star Usa Restrictions	0.15%	$2,500	Learn More
RaShaun \| Aug 31, 2020 Great rates and fast loans Read More Reviews (1)
Greater Metro Greater Metro Branch Restrictions	0.15%	$2,500	Learn More Add Review
Sperry Associates Sperry Associates Branch Restrictions	0.15%	$2,500	Learn More Add Review
Justice Justice Branch Restrictions	0.15%	$2,500	Learn More Add Review
Advantage Financial Dva Branch Restrictions	0.15%	$2,500	Learn More Add Review
Star Usa Restrictions	0.10%	$10	Learn More
RaShaun \| Aug 31, 2020 Great rates and fast loans Read More Reviews (1)
Xcel Xcel Federal Credit Union Branch Restrictions	0.10%	$50	Learn More Add Review
Geico Woodbury Branch Restrictions	0.10%	$25,000	Learn More Add Review
Partners 1st Partners 1st Fcu, Br. 3 Branch Restrictions	0.10%	$2,500	Learn More Add Review
People's Alliance Brooklyn-atlantic Ave Branch Restrictions	0.10%	$2,500	Learn More Add Review
Sperry Associates Sperry Associates Branch Restrictions	0.10%	$2,500	Learn More Add Review
Star Usa Restrictions	0.05%	$5	Learn More
RaShaun \| Aug 31, 2020 Great rates and fast loans Read More Reviews (1)
Geico Woodbury Branch Restrictions	0.05%	$10,000	Learn More Add Review
Cfcu Community Cfcu Community Branch Restrictions	0.05%	$2,500	Learn More Add Review
Island Island Branch Restrictions	0.05%	$2,500	Learn More Add Review
Justice Justice Branch Restrictions	0.05%	$2,500	Learn More Add Review
United Nations United Nations Branch Restrictions	0.05%	$1	Learn More Add Review
Advantage Financial Dva Branch Restrictions	0.05%	$2,500	Learn More Add Review
Palisades Palisades Branch Restrictions	0.04%	$50	Learn More Add Review
Partners 1st Partners 1st Fcu, Br. 3 Branch Restrictions	0.03%	$2,500	Learn More Add Review
Edu Restrictions	0.01%	$1	Learn More Add Review
Geico Woodbury Branch Restrictions	0.01%	$2,500	Learn More Add Review

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.

See rates for Local Banks →

Branches Info around Scarsdale, NY - June 16, 2025

Branch	Street	City	State
QUORUM Quorum Fcu Headquarters Quorum Fcu Headquarters Branch	2500 Westchester Ave, Suite 113	Purchase	NY
US Alliance American Express American Express Branch	200 Vesey St World Financial Ctr	New York	NY
JOVIA FINANCIAL Valley Stream Valley Stream Branch	264 E Merrick Rd	Valley Stream	NY
MUNICIPAL Municipal Municipal Branch	22 CORTLANDT STREET	NEW YORK	NY
RIDGEDALE Suffern Office Suffern Office Branch	25 Old Mill Rd	Suffern	NY
NAVY FEDERAL CREDIT UNION Merchant Marine Academy Merchant Marine Academy Branch	300 Steamboat Rd	Kings Point	NY
NAVY FEDERAL CREDIT UNION Merchant Marine Academy Merchant Marine Academy Branch	300 Steamboat Rd	Kings Point	NY
RIDGEDALE Suffern Office Suffern Office Branch	25 Old Mill Rd	Suffern	NY
MUNICIPAL Municipal Municipal Branch	22 CORTLANDT STREET	NEW YORK	NY
AMERICAN AIRLINES Aafcu - Lga Aafcu - Lga Branch	LaGuardia Airport Hangar 3 Room 122	Flushing	NY
JOVIA FINANCIAL Valley Stream Valley Stream Branch	264 E Merrick Rd	Valley Stream	NY
NAVY FEDERAL CREDIT UNION Merchant Marine Academy Merchant Marine Academy Branch	300 Steamboat Rd	Kings Point	NY
MUNICIPAL Municipal Municipal Branch	22 CORTLANDT STREET	NEW YORK	NY
QUORUM Quorum Fcu Headquarters Quorum Fcu Headquarters Branch	2500 Westchester Ave, Suite 113	Purchase	NY
SUMA Suma Yonkers Suma Yonkers Branch	16 Twin Ave	Spring Valley	NY
NAVY FEDERAL CREDIT UNION Merchant Marine Academy Merchant Marine Academy Branch	300 Steamboat Rd	Kings Point	NY
JOVIA FINANCIAL Valley Stream Valley Stream Branch	264 E Merrick Rd	Valley Stream	NY
EMPOWER Purchase Purchase Branch	100 Manhattanville Rd	Purchase	NY
N C P D Mineola Branch Mineola Branch	1490 Franklin Ave	Mineola	NY
NAVY FEDERAL CREDIT UNION Merchant Marine Academy Merchant Marine Academy Branch	300 Steamboat Rd	Kings Point	NY
JOVIA FINANCIAL Valley Stream Valley Stream Branch	264 E Merrick Rd	Valley Stream	NY
EMPOWER Purchase Purchase Branch	100 Manhattanville Rd	Purchase	NY
QUORUM Quorum Fcu Headquarters Quorum Fcu Headquarters Branch	2500 Westchester Ave, Suite 113	Purchase	NY
EMPOWER Purchase Purchase Branch	100 Manhattanville Rd	Purchase	NY
RIDGEDALE Suffern Office Suffern Office Branch	25 Old Mill Rd	Suffern	NY
EMPOWER Purchase Purchase Branch	100 Manhattanville Rd	Purchase	NY
JOVIA FINANCIAL Valley Stream Valley Stream Branch	264 E Merrick Rd	Valley Stream	NY
QUORUM Quorum Fcu Headquarters Quorum Fcu Headquarters Branch	2500 Westchester Ave, Suite 113	Purchase	NY
UNITED NATIONS United Nations United Nations Branch	24-01 44th Road	Long Island Cit	NY
BETHPAGE Bethpage Bethpage Branch	1633 Dutch Broadway	Elmont	NY
EMPOWER Purchase Purchase Branch	100 Manhattanville Rd	Purchase	NY
UNITED NATIONS United Nations United Nations Branch	24-01 44th Road	Long Island Cit	NY
NAVY FEDERAL CREDIT UNION Merchant Marine Academy Merchant Marine Academy Branch	300 Steamboat Rd	Kings Point	NY
NAVY FEDERAL CREDIT UNION Merchant Marine Academy Merchant Marine Academy Branch	300 Steamboat Rd	Kings Point	NY
EMPOWER Purchase Purchase Branch	100 Manhattanville Rd	Purchase	NY
UNITED NATIONS United Nations United Nations Branch	24-01 44th Road	Long Island Cit	NY
JOVIA FINANCIAL Valley Stream Valley Stream Branch	264 E Merrick Rd	Valley Stream	NY
BETHPAGE Bethpage Bethpage Branch	1633 Dutch Broadway	Elmont	NY
NAVY FEDERAL CREDIT UNION Merchant Marine Academy Merchant Marine Academy Branch	300 Steamboat Rd	Kings Point	NY
MUNICIPAL Municipal Municipal Branch	22 CORTLANDT STREET	NEW YORK	NY
XCEL Xcel Federal Credit Union Xcel Federal Credit Union Branch	26 Federal Plz Ste 1702	New York	NY
RIDGEDALE Suffern Office Suffern Office Branch	25 Old Mill Rd	Suffern	NY
XCEL Xcel Federal Credit Union Xcel Federal Credit Union Branch	26 Federal Plz Ste 1702	New York	NY
JOVIA FINANCIAL Valley Stream Valley Stream Branch	264 E Merrick Rd	Valley Stream	NY
QUORUM Quorum Fcu Headquarters Quorum Fcu Headquarters Branch	2500 Westchester Ave, Suite 113	Purchase	NY
XCEL Xcel Federal Credit Union Xcel Federal Credit Union Branch	26 Federal Plz Ste 1702	New York	NY
MUNICIPAL Municipal Municipal Branch	22 CORTLANDT STREET	NEW YORK	NY
HUDSON RIVER FINANCIAL Main Office Main Office Branch	3563 Mohegan Ave	Mohegan Lake	NY
US Alliance American Express American Express Branch	200 Vesey St World Financial Ctr	New York	NY
EMPOWER Purchase Purchase Branch	100 Manhattanville Rd	Purchase	NY
BETHPAGE Bethpage Bethpage Branch	1633 Dutch Broadway	Elmont	NY
XCEL Xcel Federal Credit Union Xcel Federal Credit Union Branch	26 Federal Plz Ste 1702	New York	NY
JOVIA FINANCIAL Valley Stream Valley Stream Branch	264 E Merrick Rd	Valley Stream	NY
US Alliance American Express American Express Branch	200 Vesey St World Financial Ctr	New York	NY
HUDSON RIVER FINANCIAL Main Office Main Office Branch	3563 Mohegan Ave	Mohegan Lake	NY
QUORUM Quorum Fcu Headquarters Quorum Fcu Headquarters Branch	2500 Westchester Ave, Suite 113	Purchase	NY
BETHPAGE Bethpage Bethpage Branch	1633 Dutch Broadway	Elmont	NY
RIDGEDALE Suffern Office Suffern Office Branch	25 Old Mill Rd	Suffern	NY
US Alliance American Express American Express Branch	200 Vesey St World Financial Ctr	New York	NY
PEOPLE'S ALLIANCE Brooklyn-atlantic Ave Brooklyn-atlantic Ave Branch	69 Atlantic Ave	Brooklyn	NY
QSIDE Qside Qside Branch	35-30 FRANCIS LEWIS BLVD	FLUSHING	NY
HUDSON RIVER FINANCIAL Main Office Main Office Branch	3563 Mohegan Ave	Mohegan Lake	NY
PALISADES Palisades Palisades Branch	401 North Middletown Road	Pearl River	NY
PEOPLE'S ALLIANCE Brooklyn-atlantic Ave Brooklyn-atlantic Ave Branch	69 Atlantic Ave	Brooklyn	NY
QSIDE Qside Qside Branch	35-30 FRANCIS LEWIS BLVD	FLUSHING	NY
SUMA Suma Yonkers Suma Yonkers Branch	16 Twin Ave	Spring Valley	NY
PALISADES Palisades Palisades Branch	401 North Middletown Road	Pearl River	NY
US Alliance American Express American Express Branch	200 Vesey St World Financial Ctr	New York	NY
NAVY FEDERAL CREDIT UNION Merchant Marine Academy Merchant Marine Academy Branch	300 Steamboat Rd	Kings Point	NY
CFCU COMMUNITY Cfcu Community Cfcu Community Branch	1001 West Tower, Ithaca College	Ithaca	NY
QSIDE Qside Qside Branch	35-30 FRANCIS LEWIS BLVD	FLUSHING	NY
CFCU COMMUNITY Cfcu Community Cfcu Community Branch	1001 West Tower, Ithaca College	Ithaca	NY
PALISADES Palisades Palisades Branch	401 North Middletown Road	Pearl River	NY
CFCU COMMUNITY Cfcu Community Cfcu Community Branch	1001 West Tower, Ithaca College	Ithaca	NY
PARTNERS 1ST Partners 1st Fcu, Br. 3 Partners 1st Fcu, Br. 3 Branch	345 Scarborough Rd	Briarcliff Manor	NY
GREATER METRO Greater Metro Greater Metro Branch	423 East 23rd Street	New York	NY
BETHPAGE Bethpage Bethpage Branch	1633 Dutch Broadway	Elmont	NY
HUDSON RIVER FINANCIAL Main Office Main Office Branch	3563 Mohegan Ave	Mohegan Lake	NY
QSIDE Qside Qside Branch	35-30 FRANCIS LEWIS BLVD	FLUSHING	NY
JUSTICE Justice Justice Branch	290 Broadway 10th Floor	New York	NY
UKRAINIAN NATIONAL Ukrainian National Ukrainian National Branch	215 SECOND AVENUE	NEW YORK	NY
JOVIA FINANCIAL Valley Stream Valley Stream Branch	264 E Merrick Rd	Valley Stream	NY
US Alliance American Express American Express Branch	200 Vesey St World Financial Ctr	New York	NY
GREATER METRO Greater Metro Greater Metro Branch	423 East 23rd Street	New York	NY
PALISADES Palisades Palisades Branch	401 North Middletown Road	Pearl River	NY
SPERRY ASSOCIATES Sperry Associates Sperry Associates Branch	2400 JERICHO TPKE	GARDEN CITY PAR	NY
JUSTICE Justice Justice Branch	290 Broadway 10th Floor	New York	NY
ADVANTAGE FINANCIAL Dva Dva Branch	179-00 Linden Blvd	Jamaica	NY
BETHPAGE Bethpage Bethpage Branch	1633 Dutch Broadway	Elmont	NY
US Alliance American Express American Express Branch	200 Vesey St World Financial Ctr	New York	NY
XCEL Xcel Federal Credit Union Xcel Federal Credit Union Branch	26 Federal Plz Ste 1702	New York	NY
GEICO Woodbury Woodbury Branch	750 Woodbury Rd	Woodbury	NY
PARTNERS 1ST Partners 1st Fcu, Br. 3 Partners 1st Fcu, Br. 3 Branch	345 Scarborough Rd	Briarcliff Manor	NY
PEOPLE'S ALLIANCE Brooklyn-atlantic Ave Brooklyn-atlantic Ave Branch	69 Atlantic Ave	Brooklyn	NY
PALISADES Palisades Palisades Branch	401 North Middletown Road	Pearl River	NY
JOVIA FINANCIAL Valley Stream Valley Stream Branch	264 E Merrick Rd	Valley Stream	NY
SPERRY ASSOCIATES Sperry Associates Sperry Associates Branch	2400 JERICHO TPKE	GARDEN CITY PAR	NY
US Alliance American Express American Express Branch	200 Vesey St World Financial Ctr	New York	NY
GEICO Woodbury Woodbury Branch	750 Woodbury Rd	Woodbury	NY
CFCU COMMUNITY Cfcu Community Cfcu Community Branch	1001 West Tower, Ithaca College	Ithaca	NY
MUNICIPAL Municipal Municipal Branch	22 CORTLANDT STREET	NEW YORK	NY
PALISADES Palisades Palisades Branch	401 North Middletown Road	Pearl River	NY
ISLAND Island Island Branch	1 Metro Tech Center, 2nd Floor, Rm 02-41	Brooklyn	NY
JUSTICE Justice Justice Branch	290 Broadway 10th Floor	New York	NY
UNITED NATIONS United Nations United Nations Branch	24-01 44th Road	Long Island Cit	NY
ADVANTAGE FINANCIAL Dva Dva Branch	179-00 Linden Blvd	Jamaica	NY
PALISADES Palisades Palisades Branch	401 North Middletown Road	Pearl River	NY
PARTNERS 1ST Partners 1st Fcu, Br. 3 Partners 1st Fcu, Br. 3 Branch	345 Scarborough Rd	Briarcliff Manor	NY
MUNICIPAL Municipal Municipal Branch	22 CORTLANDT STREET	NEW YORK	NY
GEICO Woodbury Woodbury Branch	750 Woodbury Rd	Woodbury	NY
UKRAINIAN NATIONAL Ukrainian National Ukrainian National Branch	215 SECOND AVENUE	NEW YORK	NY

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

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.