Financial Benefits of Membership in a Credit Union
Credit unions provide you with the financial services you need – savings accounts, checking accounts, loans, access to ATMs, and more. The “more” is a real benefit for you as a member.
The key difference between local credit unions and other financial services providers is credit unions’ not-for-profit, cooperative structure. We are owned and driven by members like you. Unlike for-profit financial institutions that must answer to stockholders, we exist only to serve you and our other members’ financial needs. With no Wall Street stockholders to pay, we are uniquely positioned to return direct financial benefits to members, including better interest rates and lower fees.
What does that mean to you? Consider this: In the 12 months ending March 31, 2017, Washington’s credit unions provided a whopping $398.7 million in direct financial benefits to this state’s 3.6 million members. That’s equivalent to $114 per member, and $216 per household. Financing a $25,000 new automobile for 60 months at a Washington credit union would save you an average of $127 per year in interest expense, compared to what you would pay at a banking institution in the state.
Do you want more examples of the financial benefits of belonging to a Washington credit union? How does earning a better return on your savings sound? In the year ending in March 2017, the collective member benefit arising from higher interest rates on savings topped $83 million.
Your credit union is a safe place for you to save money. Deposits are insured up to at least $250,000 per individual depositor by the National Credit Union Share Insurance Fund (NCUSIF).
Tell your friends to join today!
Source: Informa Research Services, NCUA, and the Credit Union National Association (CUNA).