Why a Credit Union vs. a Bank

Although banks and credit unions share similarities, there are specific attributes that set them apart. Whether you’re a first-time account holder or contemplating a switch from a bank, here are a few reasons why credit union could be the perfect local banking option for you.

Open an account and become a Member-Owner.

When you open an account at a credit union, you officially become a Member-Owner. This means you have a say in the institution’s ownership, vision, and profits. Not only that, but you help shape the impact on your local community –we only succeed if we succeed together.

Not-For-Profit means better rates & services.

While banks are for-profit institutions, credit unions are a “Not-For-Profit” organizations, meaning that all money earned goes directly into better serving its Member-Owners. This results in lower loan rates, higher returns on your savings, and fewer fees.

Commitment to community.

As a Member-Owned institution, many credit unions have a great respect and desire to strengthen the communities they serve.  Northeast Credit Union for instance is a purpose-driven credit union.

We strive to do well by doing good. Through the elimination of food insecurity, improving access to affordable housing, and supporting education, we put our money where our heart is — into the communities that make us who we are.

Friendly and accessible. 

A common misconception when comparing banks vs. credit unions is that credit unions are not as accessible as big banks. With locations all over New Hampshire and Southern Maine, 24/7 online & mobile banking, and over 30,000 co-op shared branches & ATMS from coast to coast – you’ll never find yourself short of getting access to all your banking needs.

To learn more about becoming a member-owner, visit necu.org/become-member. If you think a Credit Union may be a good fit for you, we look forward to the opportunity to be your financial partner.