What are the Perks of Opening a Credit Union Savings Account?

A number of people that are banking wonder if it is worth their time to consider a checking account with a credit union. The answer to this is yes. It is certainly worth it to explore options because credit unions run in a different manner than traditional banks.

Higher Interests Rates On Checking and Saving Accounts

Customers that sit down with a banking specialist for a credit union will quickly notice that the outlines of the accounts for checking and savings are going to be much different than that of the traditional bank. These accounts are going to be ones that actually have interest rates that are comparable with some online banks. Customers that want their money to grow must definitely consider the credit union savings account because this is the place where they have the opportunity to take advantage of compound interest. It is good to have a savings account that has an interest rate that allows the money to build without having it stuck inside of a certificate of deposit for a certain time frame. It is better to look at options that allow money to be earned while the money is not being utilized.

Lower Interest Rates on Loans

On the opposite side of the field, there are going to be lower interest rates on loans when a credit union account is open. Customers that have plans to finance a home or car will certainly benefit from the ability to get lower interest rates on things like this. People that do not have accounts with a credit union are not going to be as likely to get a loan from the credit union. Establishing a credit union savings account is a door that leads to a lot of different other possibilities. People that are trying to maximize their savings and lower the interest rates on loans that they acquire should certainly look at the options that are available for credit unions before making a decision on any type of bank account.

Certificates Of Deposit

It almost goes without saying, but credit unions that offer higher interest rates on checking and savings accounts are automatically going to be known for offering better interest rates on certificates of deposit as well. People that have only gone with traditional banks in the past will instantly notice a big difference when it comes to the amount of money that they can earn with a CD. Investors that want to spread their funds out will still like to put some of their money in slow growth options that do not have any risk. They may play around with the stock market, but they still want to have some funds that will be able to make money without losing any money. This is where these certificates of deposit with credit unions come into the picture. People that have access to these options are naturally going to have better luck with getting the right mix for their portfolio. Interest will be earned much easier with these types of credit union options.

Financial Counseling

People that make a decision to start an account with a credit union will also find out that there are more options for financial education. There are even wealth management advisors that can help customers build their portfolio. These advisers can assist those that are wondering what type of Investments they should make. These advisers have the ability to give customers a long-term plan for the funds that they are trying to invest. They provide financial counseling that can help customers see the benefits of things like traditional and Roth IRA accounts.