One example: Fully financing a $30,000 new car
over five years would cost about $1,250 less in
interest with a credit union auto loan compared
with a bank auto loan, based on national
average rates.
Competitors — megabanks, small community
banks and online banks — have their strengths
and weaknesses. But this isn’t a binary choice:
You can use a credit union for the things it excels
in and use other financial institutions, too.
Here are six reasons to add a credit union
to the mix.
NOT A BANK
Credit unions have the same basic products and
services as banks, and its deposits are insured.
But you’re not just a customer at a credit union,
you’re a member and part owner.
Finding a bank alternative might be important
to many. Some 71% of millennials, for example,
would rather go to the dentist than listen
to what banks have to say, according to the
Millennial Disruption Index, a three-year
study of 10,000 millennials released several
years ago.
If you’re mad at big banks for their role in the
Great Recession or any other reason, you have
choices, including credit unions, for taking your
business — and money — elsewhere.
“It’s an ideal choice for millennials because it aligns
with our values,” said Jacqueline Ortiz Ramsay,
a millennial and spokeswoman for the National
Association of Federally Insured Credit Unions.
“It’s not about bamboozling you with fancy looks.
They invite you to join to be part of the story.”