Before we talk about the Notable Credit Unions across the U.S, what is a credit union? A credit union is a nonprofit lending and savings cooperative that is owned by the members. Some of the credit unions provide savings and checking accounts, mortgages, auto loans, credit cards, home equity loans, and other financial services and products. As a financial institution-owned its member, the credit union offers a safe place to save and borrow from at affordable rates. The credit union members often share a connection through their employer or another affiliation group or their geographic location. Some of the examples include religious organizations, labor unions, homeowner associations, and schools. Some family members who meet the requirements of the credit union are allowed to join the credit union.
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Notable Credit Unions across the U.S
The fact is that most of the credit unions especially the ones mentioned in this article have some similar advantages to banks, including mobile apps that are rated high. They also have a wide range of products to pick from. You might even get more personalized and better service at a small, local credit union. Credit unions have a reputation for paying more interest than banks that are often deserved. When it comes to banking, some people may prefer banks while others may prefer credit unions. However, the only problem with credit unions is that they do not offer nationwide availability.
Top Five Credit Unions Of 2020
Below are the lists of five selected and notable credit union with the standard;
- PenFed (Pentagon Federal Credit Union); this is a nationwide credit union that was originally created to focus on the military members and their families. Although, you do not need to join the military to become a credit union member of PenFed as there are other ways to join. PenFed offers great products and services for checking, savings, mortgages, auto loans, and they even have student loan refinancing. For more information on PenFed check their site; https://www.penfed.org/accounts?s_cid=51589-_-PG27-_-DDX-_-ntve-_-tci-_-txt-_-GT2-_-06222020-_-12312021.
- Consumers Credit Union; the reason Consumers Credit Union is among the top five is because of their amazing Rewards Checking Account that offers an awesome interest rate on your checking account. They also have a solid savings account and offer a lot of competitive loan products. Get more information about the Consumers Credit Union via this link; https://thecollegeinvestor.com/32459/consumers-credit-union-review/.
- Connexus; this one of the largest credit unions in the whole United States, having over 300 thousand members across fifty states. Like the other credit unions on this list, they offer high yield savings accounts, checking accounts, and loan products. Connexus are also one of the solid digital credit union. They have two levels of checking accounts, one of which is doesn’t earn interest and is completely free. The second is their Xtraordinary Account also does not have any monthly fees, but they require some basic requirements to earn interest. They also provide different loan products and lots more. For more inquiries about Connexus Credit Union check via this link; https://www.connexuscu.org/.
- Alliant; this another well-known and reputable nationwide digital credit union with a high level of service offers of savings, checking, loans, and more. They render a solid and high rate of checking accounts. That earns interest and has no monthly account minimums or monthly fees. They also have other various offers in mobile deposits, ATM rebates, and more. Even so, Alliant also gives loan products like credit cards, mortgage loans, auto loans, and even personal loans. You can check for more information via this link; https://thecollegeinvestor.com/go/alliantcreditunion.
- Lastly on this list is Navy Federal Credit Union; the Navy Federal Credit Union is a very popular and well-known credit union. It is the choice of most service members and among the employees of the Department of Defense (DOD). The reason they are rated among the best is that they offer any product and service offered by a bank, but without the regular fees and gimmicks that you will find elsewhere. In addition, they have their location nationwide with branches around most of the DOD facilities. For more information visit the following link; https://www.navyfederal.org/services/business/checking-savings.php.
So, if you are in the market for the best credit union to pick from, the above have different credit unions with great offers and rewards.
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