Ways to Save Money with a Credit Union

Posted by GO Federal Credit Union on June 22nd, 2018

In the endless debate of community-run credit unions vs bigger banks, one of the major reasons to choose a credit union is that they can save you money. Credit unions are different than traditional banks by design. Member-owned and driven, rather than corporate, credit unions are uniquely positioned to offer their members access to benefits that make a real difference in their lives.

How a Credit Union can Help you Save Money:

Credit unions also save you money with these practices:

•    Lower loan rates: More flexible lending terms to lower interest rates on borrowed money, credit unions make it easier for people to realize their goals while containing the costs associated with doing so.

•    No minimum balance to access an account or access rewards: You can open an account for   and then that’s it. No fees, no spending amounts to get rewards, and no monthly deposit that must be made to keep your benefits alive.

•    Higher return on savings – Credit unions don’t pay out their profits to shareholders. Money earned is money that is invested directly back into member services and member earnings. This can add up to higher interest rates on deposit accounts, which means money saved earns even more.

Helping the Consumer

Credit unions are designed to serve their members. In doing so, they funnel their earnings back into providing better services, terms and financial tools. From lower-cost loans and credit cards to more generous terms and enhanced earnings on savings, credit unions make a sound financial choice for personal financial accounts.

About Author

Based in Dallas TX, GO Federal Credit Union has committed itself to empowering its members through meeting their various financial needs. Like any other credit union, GOFCU is also a not-for-profit financial institution.

Federally insured by NCUA and Equal Housing Lender