What is the diffrence between getting a credit union savings account and bank savings account, which is better

Answer 1

Normally, credit unions give a better interest rate..The reason is because each member is a part owner of the bank and they don't make as large a profit margin.

Answer 2

Well in ye days of old the Banks accounts were guaranteed against theft/fraud by the federal government for up to 100,000 dollars each and credit unions weren't. But after several credit unions crumbled in the 70's leaving some people financially devastated the government started to provide some insurance to Credit Unions too. Ask the credit union you are interested in about the federal insurance for loss and see how much each account is guaranteed for. If it is a reputable credit union it should have this insurance and your accounts will be safe up to the insurance limit. Quite often local credit unions offer higher interest rates and good loans/credit cards.

Answer 3

At a credit union, you are actually part owner with a share. That's what your savings acct is called. You can elect board members and have a say in what goes on to a certain extent. It's also not-for -profit whereas a bank is operating for profit. With most credit unions you have to belong to a SEG group which is a select employee group. However many are now being open to the public.

Answer 4

you want to envision out some mutual money that would pastime you. also CD's are secure and make more suitable than any affordable charges account so seem into those to boot AT your credit union. The credit unions were more suitable constructive than any monetary employer I truly have discovered. per chance on your section you'll locate variety. : ) chuffed Saving !

Answer 5

I have founf that a lot of bank savings accounts can CHARGE you (I was charged 10$ a month) for an idle account. I have been told that the credit union banks do not do this(and yes - charge until it is all gone)

Answer 6

Whoever has the best interest rate. It's that easy.