In the past few years, credit unions have had a major impact on the financial landscape of America. Until recently, many banking consumers only looked to credit unions when they were looking for the best interest rates on such things as mortgages, auto loans, and other consumer loan products. Now, credit unions are able to offer a much wider range of financial services to their members, including CDs, money market accounts, credit cards, online banking, and more. Credit unions are a viable alternative to traditional banks for a lot of American consumers.
Because of the restrictions of charter membership, in order to become a credit union member, you must either be part of the charter group or be related to someone in the charter group. Most individuals who qualify for membership in a credit union do so either through their employer, trade organization, family, profession, or community. If you want to be a member of one of the top credit unions, you must also be part of the charter. As rated by total value of assets held, the top 10 credit unions in America are:
- Navy Federal Credit Union
- State Employees Credit Union
- Pentagon Federal Credit Union
- Boeing Employees Credit Union
- Orange County Teachers Federal Credit Union
- The Golden 1 Credit Union
- Suncoast Schools Federal Credit Union
- Alliant Credit Union
- American Airlines Federal Credit Union
- Security Service Federal Credit Union
As you can see from the above list, many of these credit unions are chartered according to a professional organization or employee group, such as a teacher’s union in the case of the Orange County Teachers Federal Credit Union, or a group of employees of the same company, such as the Boeing Employees Credit Union, or the American Airlines Federal Credit Union.
Because credit unions are not in the business or providing profit for stockholders, they are often able to provide the best interest rates on loans, CDS, and other investment vehicles. If you are able to qualify for membership in a credit union, it is worth investigating as credit union membership has many benefits.