Introduction

Credit unions have become increasingly popular in recent years, thanks in part to their focus on member services and typically lower fees than traditional banks. These non-profit financial institutions, owned and operated by their members, offer various banking services ranging from savings and checking accounts to loans and credit cards. In this article, we highlight some of the best credit unions you should consider when looking for a new banking option.

1. Navy Federal Credit Union (NFCU)

As the largest credit union globally, with over 10 million members, Navy Federal Credit Union is a top choice for those affiliated with the military and Department of Defense. NFCU offers a broad range of products and services such as savings accounts, checking accounts, loans, insurance, and even investment opportunities. Their excellent customer service and competitive interest rates are two significant factors that put them ahead of the competition.

Eligibility: Membership is open to active duty military personnel, reservists, Department of Defense civilians, and immediate family members.

2. Alliant Credit Union

Based in Chicago with over 500,000 members nationwide, Alliant Credit Union provides excellent financial products and competitive rates on savings accounts and various loans such as home mortgages and auto loans. They offer online banking platforms that simplify account management and allow for mobile check deposits as well.

Eligibility: Membership is accessible through select employee groups or organizations (including freelancers). Alternatively, you can qualify by donating $5 to a partner charity.

3. PenFed Credit Union

Another significant player in the credit union world is PenFed Credit Union. Initially established to serve military personnel in 1935, today it caters to a more extensive membership base. They offer competitive rates on certificates (CDs), online savings accounts, auto loans, and personal loan options.

Eligibility: Membership is open to active-duty or retired military personnel, government employees, members of select organizations, and even residents of certain federal housing units.

4. Connexus Credit Union

Connexus Credit Union is a standout option due to its outstanding savings and loan rates on a variety of financial products. Their online platform offers a comprehensive mobile banking experience, 24/7 access to accounts, remote check deposits, and more.

Eligibility: Membership is accessible through working for or being related to someone working for a member organization or studying at a certain affiliated school. You can also join by donating $5 to an affiliate charity.

5. BECU (formerly Boeing Employees Credit Union)

Although its roots are in serving Boeing employees, BECU has since expanded its membership to allow for broader access. BECU offers services such as savings accounts, loans, credit cards, and financial planning assistance. They prioritize genuine customer care and reasonable fees for their members.

Eligibility: Membership is open to anyone who lives, works, worships, or attends school in Washington State — as well as past or present Boeing employees and their family members.

Conclusion

While there are many great credit unions out there, the five mentioned above are among the best based on their competitive rates, diverse financial services offerings, accessibility to membership, and customer service satisfaction. Good luck with your search for the perfect credit union that aligns with your specific financial needs!