Credit Unions vs Banks: The Benefits that Make a Difference

Where you choose to save your money will have a substantial impact on your financial future. At Create Credit Union, we know there are plenty of financial institutions to choose from and perhaps your first big decision is to explore the benefits between credit unions vs banks.

Here are a few of the most notable differences between these two financial institutions:

Membership

Nearly anyone can walk into a traditional bank and open up an account; however, credit unions require membership typically based on an employer or geographic location. These not-for-profit institutions are member-owned, and therefore have certain qualifications that must be met. Don’t let this discourage you from applying – at Create, there are many ways to qualify for membership. Visit our webpage to learn more about eligibility.

Rates & Fees

Because credit unions are not-for-profit, they don’t have to keep shareholders happy with increased profits year after year. This means they’re able to offer higher savings rates and lower interest rates on credit cards and loans which are often significantly less than rates at traditional banks. Larger banks will often have more expensive services and ATM fees than credit unions.

Customer Service 

While both institutions strive to provide exceptional customer service, credit unions go the extra mile to deliver unparalleled service to their members. Since the members help direct the future of the company, they are more than just customers — they’re partners.

Dividends 

Perhaps one of the biggest differences between banks and credit unions is how credit unions reward their members’ loyalty with lower interest rates, fees and share their profits in the form of dividends.

 Join the Create family or contact us at 702-228-2228 to learn more about becoming a Create Credit Union member.