Credit unions are member-owned nonprofits; banks are businesses. Either can be a good choice depending on fees, rates and how you like to bank.
Credit unions often offer
- Lower fees and lower loan rates
- Membership based on where you live, work or study
- Shared ATM and branch networks
Banks often offer
- Larger branch and ATM networks
- More app features
- Online banks with higher savings rates and fewer fees
Either way
Check for FDIC or NCUA insurance, and read the fee schedule.
General educational information, not financial or tax advice. Cents and Common Sense isn't paid by any bank, lender or card company.