Credit Union

Banking & Credit

A credit union is a member-owned, not-for-profit financial cooperative providing banking services. Members are typically grouped by shared field of membership (employer, geography, profession). Because credit unions don't pay shareholders, they typically offer better savings rates, lower loan rates, fewer fees, and more flexible underwriting than banks. Examples: Navy Federal, PenFed, Alliant. NCUA insurance covers deposits identically to FDIC. Joining typically requires meeting field-of-membership criteria (a small donation to a partner charity often satisfies this). Credit unions especially shine for auto loans, mortgages, and HELOCs.