Banking isn't just for banks — another type of financial institution that millions of people use every day is called a credit union. Credit unions operate like banks, with a few key differences that might make a credit union your perfect option.
A credit union is a not-for-profit, financial collective; members of credit unions are also considered part owners. Rather than operating with the goal of making a profit and providing value to shareholders — which are banks’ primary objectives — credit unions make their members the top priority.
Every credit union seeks to benefit a particular group of people or organization. There are credit unions for teachers, military personnel, residents of specific cities and more. However, that means that to join a credit union, you must qualify under its field of membership.
Sign up for more financial tips and tricks!
Are you saving for a house? Starting to invest? Whatever your 2021 financial goals are, we can get you on the right track!
Don't forget to add news@email.gobankingrates.com as a contact to ensure you receive our emails to your inbox!
