Keeping your money in a bank is considered the norm by many people, but that’s not your only option. More than 100 million Americans are members of credit unions, which have many benefits that traditional banks don’t offer.
If you don’t know the difference between a bank and a credit union, you’re not alone. Credit unions are not-for-profit financial cooperatives and are owned by their members. They provide several of the same services that banks do including checking and savings accounts, mortgages, certificates of deposit, auto loans, and much more. There’s also a lot you can get from a credit union that you can’t get from a bank:
Credit Unions Often Give Better Rates
One major reason to belong to a credit union is that they can often offer you better rates on your investments and lower interest rates on products like credit cards, auto loans, and home mortgages. When you compare the rates of share certificates at credit unions against the CD rates banks are offering, you’ll most likely find a credit union to be your best choice.
Credit Unions Often Have Lower Fees
Keeping your money in a bank likely means paying lots of fees. While only about one-third of banks provide free checking accounts, more than two-thirds of the largest credit unions offer checking accounts to members at no cost. Some credit unions aren’t as picky when it comes to ATM fees and even charge lower fees on loans.
Credit Unions Often Provide Better Service
Typically credit unions have fewer customers than large banks, so they’re able to provide more personalized attention and assistance. In other words, at a credit union, you’re a name and not just a number or a dollar sign. The non-profit status of credit unions means they aren’t only concerned with profit but are more interested in helping members of the community be financially successful.
Connexus Credit Union
Connexus Credit Union was founded in 1935. Over the years we have changed names and merged with other credit unions but our dedication to our members has remained the same. Kiplinger Personal Finance named Connexus the Runner-Up for Best Credit Union in both 2017 and 2018.
There are many ways to become a member of Connexus Credit Union. The first way is by being an employee, retiree, family member, or member of one of several groups. The second way is by being a resident of one of many communities in Minnesota, Wisconsin, or in Cincinnati, Ohio (the full list of groups and communities can be found here).
Spouses, family members, and those living in the same household of an existing member are also eligible to become a member. If none of these criteria apply to you don’t worry. You can also join by becoming a member of the Connexus Association by making a one-time $5 donation*.
Connexus Credit Union offers several products and services including:
- Checking Accounts
- Savings Accounts
- Money Market Accounts
- Credit Cards
- Auto Loans
- And More