The best credit unions offer the same accounts and services as banks, but often with much better terms. Research into some of the country’s top institutions, both national and local determines the picks for this year.
This year’s best credit unions offer great rates, low fees, a good banking experience, and generous perks. Some offer access to a shared network, meaning members can visit and use other credit unions’ branches and ATMs. Our options are easy to join, too.
Top Credit Unions and Features
- Alliant Credit Union
- Checking Account: Earns 0.25% APY if you receive e-statements and make at least one electronic deposit per month.
- Savings Account: Earns 3.10% APY on balances of $100 or more.
- Fees: No monthly fees if enrolled in e-statements.
- Access: Provides access to over 80,000 fee-free ATMs nationwide.
- Membership: Open to anyone, with options such as living or working near its headquarters in Chicago or supporting the Alliant Credit Union Foundation.
- Checking Account: Earns 0.25% APY if you receive e-statements and make at least one electronic deposit per month.
- Andrews Federal Credit Union
- Checking Account: Kasasa Cash Checking earns 6.00% APY on balances up to $25,000 if you make at least 15 debit card purchases and one electronic transaction per month.
- Savings Account: Offers 4.00% APY with no minimum balance requirement.
- Fees: No monthly fees.
- Access: Part of the Co-Op shared branch and ATM network; Kasasa Cash Checking members receive up to $25 in ATM fee refunds per month.
- Membership: Open to employees of select groups or through the American Consumer Council.
- Checking Account: Kasasa Cash Checking earns 6.00% APY on balances up to $25,000 if you make at least 15 debit card purchases and one electronic transaction per month.
- Connexus Credit Union
- Checking Account: Xtraordinary Checking earns 1.75% APY on balances up to $25,000 if you enroll in e-statements and make 15 debit card purchases or spend $400 monthly.
- Savings Account: Offers a lower APY than checking but requires only a $100 balance to earn interest.
- Fees: No monthly fees.
- Access: Offers banking services at Connexus branches, shared branches, and 67,000+ free ATMs.
- Membership: Available through joining the Connexus Association with a one-time $5 donation.
- Checking Account: Xtraordinary Checking earns 1.75% APY on balances up to $25,000 if you enroll in e-statements and make 15 debit card purchases or spend $400 monthly.
- NASA Federal Credit Union
- Savings Certificates: Competitive APYs on certificates with term options. Offers add-on certificates for additional deposits and bump-rate certificates for potential rate increases.
- Minimum Deposit: Requires $1,000 to open a certificate.
- Fees: Some accounts have monthly fees.
- Access: Provides shared branch and ATM network access.
- Membership: Open to NASA employees and their families, or by joining the National Space Society through the credit union.
- Savings Certificates: Competitive APYs on certificates with term options. Offers add-on certificates for additional deposits and bump-rate certificates for potential rate increases.
- Service Credit Union
- Checking Account: Everyday Checking has three benefit levels based on account activity.
- Basic level earns cash back on debit purchases.
- Mid-level adds early direct deposits and loan discounts.
- Highest level includes additional ATM and foreign transaction fee rebates.
- Basic level earns cash back on debit purchases.
- Savings Account: Offers 4.00% APY, but only on balances up to $500.
- Fees: No monthly fees, and overdraft protection is free from a linked account.
- Access: Large ATM network through Allpoint and Co-Op networks.
- Membership: Primarily available to residents in certain regions or through military connections.
- Checking Account: Everyday Checking has three benefit levels based on account activity.
Key Considerations When Choosing a Credit Union
- Membership Requirements: Some credit unions limit eligibility to specific employers, locations, or groups, while others allow membership through small donations.
- Rates and Fees: Credit unions typically offer higher APYs than traditional banks, but online banks may sometimes provide better rates.
- Accessibility: Many credit unions participate in shared branch networks, but local branches may be limited.
- Technology and Services: Some credit unions may not offer advanced mobile banking features compared to larger banks.
Are Credit Unions Safe?
Deposits at federally insured credit unions are protected by the National Credit Union Administration (NCUA) up to $250,000 per depositor, per institution, per account type. This coverage applies to checking, savings, money market accounts, and share certificates.
Comparing Credit Unions and Banks
While both offer similar services, credit unions operate as not-for-profit institutions, often leading to lower fees and better savings rates. Banks may provide more product variety and digital tools but typically have higher fees. Online banks may compete with credit unions in interest rates, so it’s important to compare options.
Finding the Right Credit Union
If local branches are important, the NCUA’s credit union locator can help identify nearby options. Many credit unions also allow remote membership through affiliated organizations. Before joining, review the available accounts, interest rates, fees, and branch access to determine if the institution meets your financial needs.
