A credit union is a financial cooperative which mainly owned and operated by their members. It is a non-profit institution and provides most banking services only for its members. Members in a credit union are able to enjoy banking services such as savings/checking account, loans, and etc. In credit unions, they usually offer better interest rates comparing to other financial institutions. More than that, credit unions offer personalized financial advisory services to their members with low service fees. Normally, there are certain requirements to join a credit union, such as people who work in the same company or belong to the same community. Following are some well-known credit unions in the U.S.
Alliant Credit Union is being one of the biggest credit unions cross the U.S. Alliant is mainly operating online with no brick-and-mortar branch that offers in-person banking services. Most service requests can be completed online, and members have access to over 80,000 ATMs as well. Alliant offers monthly-fee-free checking account and an interest rate of 0.55% APY for its savings account.
To join the Blue Federal Credit Union, you need to donate $5 to the Blue Foundation in order to meet their requirement if you are not the family or employee of the union. Unlike Alliant, Blue Federal has accessible shared branches across the nation. The interest rate for its savings account is 0.8% APY which is comparably higher than most credit unions.
-Wings Financial Credit Union
Wings Financial Credit Union is best known for its customer service. This credit union is mainly serving people who live in Minnesota, Seattle-Tacoma, Detroit, Orlando, and Atlanta. People who are not living in the listed areas are eligible to apply if they work in aviation industry. Wings Financial Credit Union offers a variety of features and benefits including basic banking services plus investment and insurance products as well.