Why Should You Choose a Credit Union Checking Account Over a Bank

When managing your money, there are many options available. A credit union checking account is an attractive and secure option that may offer more advantages than a traditional bank. This article will discuss the benefits of choosing a credit union checking account over a bank and why it might be the right fit for you.

Credit union checking accounts vs. bank checking accounts

What’s the difference between credit unions and banks? First, credit unions are often not-for-profit organizations or are affiliated with the government and do not have the same motivation to turn a profit as brick-and-mortar banks or online banks.

While banks are insured by the Federal Deposit Insurance Corporation or FDIC, credit unions are insured by the National Credit Union Administration (NCUA). Credit unions can offer higher interest rates on deposits, lower interest rates on loans, and fewer fees than traditional banks.

Credit union checking accounts also often come with added perks such as free or discounted services like bill pay and online banking services. Additionally, credit unions are typically more customer-oriented than banks and may offer a personalized experience for credit union members.

Choosing a credit union checking account over a bank can be an excellent way to save money while still having access to all the same services.

Advantages of credit unions vs. banks

Finding the right financial institution can seem like a daunting decision. It’s important to consider all the options and find the best fit for your needs. Banks and credit unions offer similar services, but there are some distinct benefits that come with choosing a credit union over a bank. Let’s explore three of those advantages. 

Lower fees 

One of the biggest benefits of credit unions is lower fees. Credit unions tend to have lower fees for services such as checking accounts, overdraft protection, and ATM access than banks do. This can be especially beneficial if you’re looking to save money by avoiding hefty fees. 

Higher savings rates 

Another advantage of credit unions is higher savings rates on products such as certificates of deposit.. Credit union certificates generally offer more competitive rates than those offered by traditional banks, which means more money in your pocket at the end of the day. 

Lower loan rates

Credit Unions offer a great way to get a loan at an affordable rate. Most credit unions have lower loan rates than banks, so if you are looking for a cost-effective way to take out a loan, you should explore your options at your local credit union. They typically provide more individualized attention and will work with you to find the best loan rate possible.

Benefits of the Interior Federal 

The Interior Federal offers a great option for anyone looking to save money and have access to secure financial services. With lower loan rates, higher savings rates, and fewer fees than most banks, it’s an attractive choice for many customers. The credit union is committed to helping its members save money, build wealth, and achieve their financial goals. Here are a few of the benefits of the Interior Federal.

No checking account fees

There is no monthly checking account fee or savings account fee associated with being a member, meaning members will save money in comparison to what you would pay elsewhere. Furthermore, there aren’t any minimum balance requirements on checking accounts.

Wide network

The Interior Federal offers its members access to 95,000 ATMs across the US, and 5,400 shared branches nationwide for personalized service, making it an excellent option for those who travel often or who need access to cash in different locations.

Convenience

The Interior Federal has a 24/7 mobile banking services app, allowing you to manage your money wherever and whenever—all from the convenience of your phone.

Mobile banking

Taking advantage of Interior’s mobile-first strategy means members can quickly and efficiently conduct banking activities from any device and stay up-to-date via emails and statement notifications.

Snapshot of key checking account features offered by Interior Federal

• Highly competitive savings and loan rates
• Free checking account and e-statements
• No Balance Transfer Fee, No Cash Advance Fee, and No Foreign Transaction Fees on any Visa® Platinum credit card
• Free digital banking*
• Over 95,000 totally free ATMs 
• 5,400 Shared Branches nationwide for personalized service 
• Free financial education resources
• Free Mobile Insiders Club that updates you with credit union news, events and promotions. Sign up for a chance to win $50!^
• Member-only discounts on insurance, car rentals, and much more! 

*Data charges may apply. 

^Message and data charges may apply

How does Interior Federal compare to national banks & other financial institutions 

The Interior Federal offers many advantages over national banks and other financial institutions. Let’s look at a few of them.

Lower fees

With no monthly fees or minimum balance requirements, this credit union offers lower rates than national banks or other financial institutions which makes it easier for individuals who need financing services but cannot afford the high fees associated with national banks or other financial institutions.

High reviews & ratings

Interior Federal Google business listing has 185 member reviews with an average rating of 4.7/5, proving that the credit union is an excellent choice for anyone looking for reliable banking services.

Streamlined user experience designed for maximum efficiency and convenience

Interior Federal offers various banking services that can be accessed from your mobile device or online, including your checking and savings accounts, loans, investments, and more.

The website offers a streamlined user experience designed for maximum efficiency and convenience. With our mobile-first approach, members can easily manage their finances with just a few taps on their smartphone or tablet. Online banking is easy and secure from viewing account activity to transferring funds and using your digital wallet.

Fast, convenient, and treated like family

Members are treated like family with fast and personalized service. Staff members have the knowledge to answer any questions regarding banking services, but they also have the passion to ensure each individual receives the best customer service possible.

Summary

Choosing a credit union checking account over a bank can be an excellent way to improve your financial health. Credit unions have several benefits that banks don’t, from lower fees and better interest rates to more personalized service. Ultimately, the best option for you will depend on your needs, goals and budget. We recommend that you research the different options available to find the bank or credit union that best suits your individual needs.