SUPERIOR RATES
Credit unions don’t have to return money
to shareholders like publicly held banks, so
they plow profits back into offering high rates
on savings, low rates on loans and generally
fewer and lower fees.
Auto loans, especially, have traditionally been
far superior to those at banks on average —
often a full percentage point or more cheaper.
Credit unions also offer mortgages and
personal loans. On the savings side, including
CDs and money market accounts, you’ll
generally find higher rates than megabanks.
If you carry a credit card balance, interest is
often far lower with credit unions.
“The natural, inherent structure of credit
unions is to give back to the members,”
Ramsay said.
EASIER TO JOIN THAN BEFORE
Becoming a customer of a traditional bank is
still easier than for a credit union. With credit
unions, you must qualify. But that could be
based on where you live or an organization
you belong to. Some credit unions even allow
you to become a member by making a modest
donation to a nonprofit.
To find a credit union, try these websites:
mycreditunion.gov and yourmoneyfurther.
com/cu-finder.
ATMS & BRANCHES
Many credit unions have banded together to
offer nationwide access to ATMs and branches.