Having worked at banks both large and small as well as having been part of the credit union world, I can compare the two worlds with reasonable detachment and accuracy. Most differences are due to the fact that banks are owned by stockholders, who want to maximize the return on their investment dollars, while credit unions, operating as cooperatives, are owned by the membership. Credit unions therefore operate to the benefit of their members, translating to better interest rates and lower fees, meaning that you will usually:
- Earn more interest on your savings accounts, including money market accounts and time deposits (CDs). In addition, fewer banks are offering a free checking account unless they attach certain caveats to it, such as 10 or 12 debit card transactions per month or minimum balances. UKFCU still has a checking account with no monthly service fees and no minimum balance requirements.
- Pay less for loans in terms of lower interest rates and payments. For example, UKFCU has car loans as low as 2.99% APR* and Home Equity rates as low as 3.00% APR*.
- Pay lower Credit Card rates and fees, such as late or over limit fees. Some credit card companies raise your rate if you have one or two late payments; UKFCU does not do that.
- Be a member/owner instead of a customer.
- It’s easier to join than you think. Check out our membership page to see how you can join.
In addition to better interest rates and really free checking, UKFCU offers other benefits such as no UKFCU charges for using other institution’s ATMs, first box of basic checks free, a member discount page, free home banking and bill pay, and much more! Check us out! It’s easy to join and you’ll be glad you did!
*Annual Percentage Rate, subject to credit approval and based on credit history, effective Oct 1, 2012. Limited time offer.