5 Ways a Credit Union Can Significantly Help Your Finances

If you are interested in optimizing your finances, it can be a good idea to look into what a credit union can do for you. Credit unions offer a number of advantages over banks, and keeping some of these in mind can help you plan for your future financial growth.

Lower Fees

To begin, credit unions typically have much lower fees than banks. This can save you a significant amount of money over time, especially if you frequently use services that come with fees, such as ATM withdrawals or wire transfers. If you plan on frequently using your account to move around your earnings, working with a credit union can be ideal.

Higher Interest Rates

Credit unions also tend to offer higher interest rates on savings accounts and certificates of deposit or CDs. This means that you can earn more money on your deposits over time. Those who would like to passively grow their finances will benefit from this type of savings account, especially if they do not like their options at a local bank.

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Personalized Service

A credit union membership can offer more personalized services than a bank membership. This means that you can get help with your finances from someone who knows you and your situation, rather than from a faceless customer service representative. This degree of personal care is ideal for those who would like to have opportunities for investment, as there will be a more accessible degree of financial advice available.

Fewer Restrictions

Credit unions often have fewer restrictions than banks. For example, you may be able to get a loan from a credit union even if you have bad credit. However, not all credit unions will have the same restrictions. As such, it is important to consult with your branch in order to learn more about your specific options. Aiming for a good credit score should always be a priority regardless.

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Better Perks

Credit unions often offer better perks than banks. For example, some credit unions offer free checking accounts or rewards programs. Many credit unions also provide clients with bonuses for opening different types of cards and accounts. Plan for your finances by taking advantage of as many available perks as you can.

If you are not sure where to begin, it is strongly recommended for you to plan for a consultation with your credit union’s representatives as soon as possible. They can provide you with a plan that will help you achieve your future financial goals.

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