Joining a credit union has unique benefits that you won’t receive if you were to join a bank or other financial institution due to the nature of credit unions. While banks operate on a for-profit basis, credit unions do the opposite by operating on a not for profit basis. Credit unions are able to offer these benefits because as a not for profit businesses, when any profits are made, that money is reinvested into the credit union in different forms like lower interest rates on loans, higher interest rates on savings accounts, and other benefits.
Keep reading to find out the top four benefits of joining a credit union like Camino Federal Credit Union.
Joining a Credit Union Could Mean Lower Interest Rates
When it comes to interest rates on mortgages and auto loans, credit unions typically can offer lower and more competitive rates.
Finding a lender that can offer lower rates on mortgages and auto loans means that when you are approved for these loans that are typically for a large amount of money and a long period of time, you will end up paying back less interest. Interest is additional charges on the loan over and above the principal loan amount.
Joining a Credit Union Could Mean Higher Interest Rates on Savings
When it comes to your savings funds, you want to have these grow in accounts with the highest interest rates possible so that your money can grow over time.
Credit unions will typically be able to offer higher interest rates on different types of savings accounts including traditional savings accounts, money market accounts, share certificate accounts, and individual retirement accounts.
Joining a Credit Union Means You’re Joining a Community
While many banks operate on a large, national scale, credit unions are usually very rooted in their immediate community. This can be due to a variety of reasons, but most often credit unions were formed due to their location or to bring people of the same profession together.
Just as is true within any community, joining a credit union community can lead to more personalized member service and deeper care about yourself and your financial accounts.
Joining a Credit Union Means Additional Benefits
Some credit unions offer additional benefits to joining their branch over and above the standard benefits like lower interest rates on loans, higher interest rates on savings, and joining a financial community.
At Camino Federal Credit Union, we offer ongoing education like our Camino Workshop Series, other events, and benefits visit our website at caminofcu.org for more information.
If you’re ready to get started with a financial institution that is invested in a high level of member service and providing the best financial services for your needs, join Camino Federal Credit Union today.
Do you need help managing your finances? Let us know!
It can be challenging to balance your savings, loans, and other accounts all in one place. However, we offer many ways to manage your finances at Camino Federal Credit Union through our branch location, online banking, and mobile banking app. Please give us a call at 800-835-3400 to speak with one of our Member Advisors, or contact us online at caminofcu.org for more information.