From the outside, credit unions appear very similar to banks. They both offer similar financial products and services, from savings and checking accounts to loans and credit cards. However, it’s essential to recognize the significant distinctions between these two entities because they can greatly influence your day-to-day financial well-being. For example, credit unions are not-for-profit, and their loan rates are generally lower than competing banks. This variance alone can save you a significant amount of money. Keep reading to learn about all the perks that accompany credit union membership. What is a Credit Union? Credit unions are not-for-profit financial cooperatives…
How Credit Unions Differ from Banks
From the outside, credit unions appear very similar to banks. They both offer similar financial products and services, from savings and checking accounts to loans and credit cards. However, it’s essential to recognize the significant distinctions between these two entities because they can greatly influence your day-to-day financial well-being. For example, credit unions are not-for-profit, and their loan rates are generally lower than competing banks. This variance alone can save you a significant amount of money. Keep reading to learn about all the perks that accompany credit union membership. What is a Credit Union? Credit unions are not-for-profit financial cooperatives…