Credit Uniions vs Banks

Credit Unions vs. Banks

Credit Unions are ideal for people looking to save money through the many products they offer which are designed to help increase their savings, usually with fewer or lower fees than banks. Credit Unions also have disadvantages which may not appeal to people who are customers of banks.

Credit Unions, although similar to traditional banks through the offering of different financial products to its customers, differ from larger chain banks in these following ways:

* Credit Unions are not-for-profit institutions. As a nonprofit, this allows them to offer higher interest rates on Cd’s and savings accounts, and lower interest rates on credit cards and loan products.

* Member-Focused institutions that is a cooperative. Meaning, it’s owned and operated by its members, not like banks which are owned by its stockholders.

The financial institution best suited for my financial position:

Considering there are few options available with a Credit Union with loan and investment products, I would like to open a savings account with a Credit Union to take advantage of the higher interest rates, and even though there are fewer options for loan and credit card products than banks, the fees are lower which is very appealing to me. Going with a Credit Union would fit me quite nicely for my financial position.

A Credit Union in my area: Arizona Federal

* Website: https://www.arizonafederal.org/

Run by a member-elected Board of Directors. Using the union to best plan my finances, I would schedule a financial coach to help reach my financial goals.

* Eligibly of Requirements:

* 18 years or older and want an account with up to one joint owner with our online application.

* Trust, business, or other types of accounts, visit one of our in-branch ServUs Centers.

1). A Large National Bank: JPMorgan Chase & Co.

* Website: https://www.chase.com/

* Services:

* Checking

* Savings and CD’s

* Credit Cards

*...