How do you join a credit union?

Credit unions have membership eligibility requirements that vary by institution. In some cases, a one-time donation is required in lieu of membership to an organization or group the credit union is affiliated with. Look for a link on the credit union's website that directs you to join and read the eligibility requirements.

Can you have both a credit union account and a bank account?

Yes, you can open an account at a credit union while having an account with a commercial bank. Savvy savers maintain multiple accounts as a strategy to take advantage of high-yield savings accounts and to build wealth.

Are credit unions safe?

Credit unions are insured by the National Credit Union Administration, which is responsible for regulating credit unions, insuring deposits for up to $250,000 per individual and protecting members from loss due to credit union failure.

Do credit unions offer competitive rates on loans, such as home and auto, compared with banks?

Credit unions tend to offer lower rates on loan products compared with banks. However, rates vary and it’s worth researching both banks and credit unions when searching for the best loan.