Top 5 Benefits of a Credit Union Checking Account
Pretty much everyone needs a personal checking account – but, you may be wondering, do you open a checking account at a bank or a credit union?
Banks and credit unions each have their own positives and negatives, but the key difference between them is that banks are shareholder owned… whereas credit unions are member owned. If you have an account at a credit union, that makes you a member, which means you have equal share of ownership.
Being member owned, credit unions work explicitly in favor of their members. They are not beholden to a third party who may not even have an account with them, whereas banks must show a profit to their shareholders.
A credit union’s profits are returned directly to their members and the surrounding communities in a variety of ways – most notably with higher deposit rates, lower loan interest rates and fewer overall fees.
Still, banks can offer their own benefits to their accountholders, so why choose a credit union for your checking account? Here are 5 good reasons.
- Fewer Fees
Most credit union checking accounts come with no monthly maintenance fees and very low (if any) minimum balance requirements. As a credit union ourselves, we look for every opportunity to reduce or completely eliminate fees for our members, no matter what type of checking account you have. At Buckeye State Credit Union, You can enjoy a totally free checking account.
- Better Rates
On average, a deposit account at a credit union earns you higher returns than a deposit account at a bank. That means the more you have in your account, the more money you earn back just by keeping it there.
- Accessibility
As a full-service financial institution, most credit unions include many, if not all, of the same digital banking tools and services as banks. This ensures you always have access to your accounts, no matter where you are or what time of day it is. With Online and Mobile Banking, you can easily and securely view your balances, make loan and bill payments, transfer funds, deposit checks and more.
- Community Benefit
Banking at a credit union doesn’t just benefit you – it benefits the community you call home, too. The profit a credit union earns is returned not just to members in the form of dividends, but also to the surrounding area via sponsorships, low-rate loans, scholarships and more. We are an active part of the community, and we wouldn’t be here without our members’ support.
- Personalized Service
Credit unions are made by members, for members. That means the members themselves are our most important asset, and this is reflected in our service.
Our employees are your neighbors. They’ll be able to really get to know you in a way a big bank can’t, and provide tailored help for your specific situations and unique needs.
Your Money is Safe
Your funds are just as safe at a credit union as they would be at a bank. Just as bank accounts are FDIC insured, credit union accounts are similarly insured. In our case, all Buckeye State Credit Union accounts are privately insured by American Share Insurance and Excess Share Insurance Corporation for a total of $5,000,000.
Apply Online or In Person
We’re here for you! At Buckeye State Credit Union, we offer three different types of free checking accounts:
- Free Checking: A simple, straightforward account with no hidden fees
- Empowerment Checking: Designed for those who have had challenges in the past establishing a checking account
- Youth Empowerment Account: Helping our younger members learn crucial money management skills
When you’re ready, we’re ready. Get started with our online application to open your account, or stop by one of our locations to talk through your options today.
