{"id":8746,"date":"2017-03-14T06:30:47","date_gmt":"2017-03-14T13:30:47","guid":{"rendered":"http:\/\/add-vodka.com\/?p=8746"},"modified":"2017-02-28T13:33:28","modified_gmt":"2017-02-28T21:33:28","slug":"choosing-credit-union-bank","status":"publish","type":"post","link":"https:\/\/add-vodka.com\/choosing-credit-union-bank\/","title":{"rendered":"Choosing Between a Credit Union and Bank"},"content":{"rendered":"<p class=\"p3\"><span class=\"s1\"><img decoding=\"async\" class=\"size-full wp-image-1987 aligncenter\" src=\"http:\/\/add-vodka.com\/wp-content\/uploads\/2012\/06\/file0001073724081-e1488317565716.jpg\" alt=\"credit union\" width=\"955\" height=\"716\" \/>Interest rates remain low, though that\u2019s no reason to stow your money under your mattress.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Hiding your money at home won\u2019t earn you any interest on it, and that\u2019s one of the benefits \u2014 no matter how small \u2014 that banks and credit unions can offer customers. But banks and credit unions have different benefits and drawbacks, and knowing how each work can make it easier to decide where to <a href=\"http:\/\/add-vodka.com\/give-kids-savings-tools-and-theyll-save-their-money\/\" target=\"_blank\">put your cash<\/a>.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Here are some differences between credit unions and banks:<\/span><\/p>\n<h2 class=\"p3\">Profit vs no profit<\/h2>\n<p class=\"p3\"><span class=\"s1\">The first thing to note when comparing banks to credit unions is that<span class=\"Apple-converted-space\">\u00a0 <\/span>banks are in business to make money and credit unions are not for profit. This can allow credit unions to offer better interest rates, as we\u2019ll get to shortly. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Credit unions are cooperatively owned by all members and run democratically by members who volunteer as board members, who decide interest rates and other factors.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">To join a credit union, you may have to be a member of an employee group, association or some other specific affiliation, and may have to live in a specific geographic area.<\/span><!--more--><\/p>\n<h2 class=\"p3\">Interest rates<\/h2>\n<p class=\"p3\"><span class=\"s1\">Credit unions have slightly better interest rates than banks on CDs, money market accounts, regular savings accounts and interest checking accounts, according to the <a href=\"https:\/\/www.ncua.gov\/analysis\/Pages\/industry\/credit-union-bank-rates.aspx\" target=\"_blank\"><span class=\"s2\">National Credit Union Administration<\/span><\/a>.<\/span><\/p>\n<h2 class=\"p3\">Better loans at credit union<\/h2>\n<p class=\"p3\"><span class=\"s1\">Credit unions also have either the same or better rates on home loans, and their car loans can be half the rate of what a bank charges, according to the NCUA data.<\/span><\/p>\n<h2 class=\"p3\">Deposit insurance<\/h2>\n<p class=\"p3\"><span class=\"s1\">Both credit unions and banks have the same protection from the federal government through the Federal Deposit Insurance Corp., or <span class=\"s3\">FDIC<\/span>. It insures up to $250,000 per account for checking, savings, money market and CD accounts.<\/span><\/p>\n<h2 class=\"p3\">Lower fees at a credit union<\/h2>\n<p class=\"p3\"><span class=\"s1\">Credit unions generally charge less in fees than banks, according to the NCUA, though its website didn\u2019t offer specific examples. <\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">When looking into banking fees, ask about minimum balance requirements to avoid a monthly fee, if you\u2019re limited to withdrawals from a savings account each month, what debit card fees it charges, and if you\u2019re reimbursed for fees at an ATM not affiliated with your account.<\/span><\/p>\n<h2 class=\"p3\">More options at banks<\/h2>\n<p class=\"p3\"><span class=\"s1\">From a retirement plan to business loans and investing services, and everything in between, most banks will often offer more services than credit unions do. Banks also have more brick-and-mortar locations and ATMs that are spread around the country and are free to customers.<\/span><\/p>\n<p class=\"p3\"><span class=\"s1\">Wherever you decide to put your money, <a href=\"https:\/\/research.fdic.gov\/bankfind\/\" target=\"_blank\"><span class=\"s2\">check online with the FDIC<\/span><\/a> to ensure that the bank or credit union you want to do business with is insured by the FDIC and is a legitimate financial institution.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Interest rates remain low, though that\u2019s no reason to stow your money under your mattress. Hiding your money at home won\u2019t earn you any interest on it, and that\u2019s one of the benefits \u2014 no matter how small \u2014 that banks and credit unions can offer customers. But banks and credit unions have different benefits &hellip;<\/p>\n","protected":false},"author":18,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[284,231],"tags":[312],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Choosing Between a Credit Union and Bank<\/title>\n<meta name=\"description\" content=\"Picking a credit union or a bank can take some thought, including checking on deposit insurance and if you expect to someday get a loan there.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/add-vodka.com\/choosing-credit-union-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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