Best Credit Unions of July 2024 (2024)

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Written by Sophia Acevedo and Kit Pulliam; reviewed by Evelyn He

  • Best Credit Unions of June
  • Comparing the Best Credit Unions
  • Best Credit Union Reviews
  • How Credit Unions Stand Out
  • Best Credit Union Criteria
  • Benefits of Joining a Credit Union
  • How to Become a Member
  • FAQs
  • Why You Should Trust Us

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Credit unions work like banks, but they're non-profit and member-owned. You need to become a member to use them, and they generally have better rates than banks, although there are usually limits on who can join. We reviewed several credit unions throughout the United States to find the best easy-to-join credit unions.

Best Credit Unions of July

  • Alliant Credit Union
  • Bethpage Federal Credit Union
  • Quorum Federal Credit Union
  • Connexus Credit Union
  • Wings Credit Union
  • Consumers Credit Union
  • Pentagon Federal Credit Union

These institutions have remained our top picks for the last few months because they continue to stand out for their minimal fees and top-notch features. Here are our top picks for the best credit unions.

Compare the Best Credit Unions

The best credit unions have lenient membership eligibility requirements, so you can join regardless of where you live in the United States. These institutions also stand out for their minimal bank fees, competitive interest rates, and strong customer support.

All of the credit unions on our list are protected by NCUA insurance. When a financial institution is federally insured, up to $250,000 per depositor is secure in a bank account. If a bank fails, your insured deposits are safe.

Alliant Credit Union

Read Review

Insider’s Rating

4.5/5

Perks

High interest rates on savings account and CDs with low minimum opening deposits

Annual Percentage Yield (APY)

Varies depending on account

Minimum Opening Deposit

Varies depending on account

Pros

  • High interest rates on savings account and CDs
  • Low minimum opening deposits
  • Interest-earning checking account
  • Reimburses up to $20 in out-of-network ATM fees
  • No overdraft fees

Cons

  • No money market accounts

Insider’s Take

Alliant is one of the best credit unions out there, especially if you want to earn high interest rates on savings, checking, and certificates.

Alliant Credit Union review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • Online bank with no physical branch locations
  • Access to 80,000 free ATMs nationwide
  • Interest on interest-earning accounts compounds monthly
  • NCUA insured

Bethpage Federal Credit Union

Read Review

Insider’s Rating

4.5/5

Annual Percentage Yield (APY)

Varies depending on account

Minimum Opening Deposit

Varies depending on account

Pros

  • Open accounts at a branch or online from anywhere in the US
  • Large free ATM network
  • Easy to become a member (just open a savings account with $5)
  • High interest rates on checking, certificate, and money market accounts
  • No monthly service fees
  • Doesn’t charge out-of-network ATM fees

Cons

  • Only branches are in New York State
  • Low interest rate on savings account
  • No free overdraft protection ($5 fee for transferring money from savings)
  • Doesn’t refund any fees charged by out-of-network ATM providers

Insider’s Take

Bethpage Federal Credit Union is on our list of the best credit unions. It's a good option if you want to earn high interest rates on checking, certificate, or money market accounts. It pays a low interest rate on the savings account, so you may either want to save with the money market account instead or consider a different bank.

Bethpage Federal Credit Union review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • 32 branches around New York State
  • Non-New York residents can still open accounts online
  • 5,000 shared branches and 30,000 shared ATMs in the Co-op network
  • Become a member by opening a savings account with $5
  • Federally insured by the NCUA

Quorum Federal Credit Union

Read Review

Insider’s Rating

4.5/5

Annual Percentage Yield (APY)

Varies depending on account

Minimum Opening Deposit

Varies depending on account

Pros

  • Easy to qualify for membership
  • Several types of checking, savings, and term accounts available
  • Pays high rates on certain accounts
  • Most accounts have no monthly fees
  • Doesn't charge a fee for 10 out-of-network ATM withdrawals each month

Cons

  • After initial 10 out-of-network ATM withdrawals each month, Quorum charges $2 per withdrawal
  • Doesn't reimburse any fees charged by out-of-network ATM providers
  • Overdraft fees as high as $37
  • Interest compounds monthly, not daily

Insider’s Take

Quorum Federal Credit Union may be a smart choice if you're looking for a no-fee, high-interest savings account or term account. Quorum's term accounts are similar to CDs and come with nine term options. Quorum is featured in our best CD rates guide, but depending on the term, you can find higher rates elsewhere.

Quorum Federal Credit Union review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • No physical branches
  • 90,000 free ATMs through MoneyPass ATMs, Allpoint ATMs, and ones at many CVS and Walgreens locations
  • To become a member, be an employee of a Select Employee Group-affiliated company (or the family member of someone who is) or a member of the American Consumer Council or Select Savers Clubs; it's free to join the ACC, and Quorum will cover the $5 cost for a lifetime membership with the SCC
  • Dividends compound monthly
  • Federally insured by the NCUA

Connexus Credit Union

Read Review

Insider’s Rating

4.25/5

Annual Percentage Yield (APY)

Varies depending on account

Minimum Opening Deposit

Varies depending on account

Pros

  • Easy to become a member
  • High interest rates
  • No monthly service fees
  • Several overdraft protection options

Cons

  • Branches are only available in Illinois, Minnesota, and Wisconsin
  • High minimum opening deposit for certificates
  • Interest compounded monthly or quarterly, not daily

Insider’s Take

Connexus Credit Union is featured in our best credit unions guide. It's an excellent choice if you'd like to bank with an online credit union, and it pays competitive interest rates on its accounts.

Connexus Credit Union review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • 15 branches in Illinois, Minnesota, and Wisconsin
  • 5,000 shared branches in the Co-op network; 67,000+ free ATMs in the Co-op and MoneyPass networks
  • To become a member, be an employee, retiree, family member, members, student, or student alum of certain companies and organizations; live in certain counties or cities in Illinois, Ohio, Minnesota, or Wisconsin; be a family member, household member, or spouse of existing Connexus member; or join the Connexus Association with $5
  • Dividends compounded monthly or quarterly
  • Federally insured by the NCUA

Wings Credit Union

Read Review

Insider’s Rating

4/5

Annual Percentage Yield (APY)

Varies depending on account

Minimum Opening Deposit

Varies depending on account

Pros

  • Easy to become a member of the credit union and bank online
  • Pays high interest rates on checking account and certificates
  • No monthly service fees
  • Multiple overdraft protection options
  • 10 free out-of-network ATM withdrawals per statement cycle

Cons

  • Branches are available only in Florida, Georgia, Michigan, Minnesota, and Washington
  • High minimum opening deposit for money market account
  • No debit card, ATM card, or check-writing included with the money market account
  • Interest compounded monthly or quarterly, not daily
  • $30 overdraft fee
  • After reaching your limit of 10 free out-of-network ATM withdrawals per month, $2.50 fee per withdrawal

Insider’s Take

Wings Credit Union is one of the best credit unions out there. It offers many types of bank accounts, including high-yield checking and savings accounts. You'll like Wings if you meet the requirements for at least one of the high-yield bank accounts.

Wings Credit Union review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • 29 branches in Florida, Georgia, Michigan, Minnesota, and Washington
  • Over 80,000 free ATMs in the Allpoint, MoneyPass, and Co-op networks
  • Become a member when you or a family member work in the aviation industry or live in an eligible county/metro area; or join by donating $5 to the Wings Financial Foundation
  • Dividends compounded quarterly for balances under $100,000 and monthly for balances of $100,000 or more
  • Federally insured by the NCUA

Consumers Credit Union

Start banking

On Consumers Credit Union's website

Insider’s Rating

4/5

Annual Percentage Yield (APY)

Varies depending on account

Minimum Opening Deposit

Varies depending on account

Pros

  • Membership is open to anyone in the US (pay a $5 membership fee)
  • Immigrants and non-US citizens may be eligible to join
  • Free rewards checking account
  • Competitive interest rates on CDs and checking
  • Low minimum opening deposits on all accounts
  • No monthly service fees

Cons

  • Branches only available in specific cities in Illinois
  • Low interest rates on savings account
  • Interest compounded monthly, not daily

Insider’s Take

You'll find Consumers Credit Union appealing if you enjoy online banking or live near Chicago, Illinois. The credit union has one of the best high-yield checking accounts right now, with a low minimum opening deposit and zero monthly fees.

Consumers Credit Union review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • 15 branches in Chicago, Illinois, and surrounding areas; you can also open accounts online from anywhere in the US
  • 5,000 shared branches and 30,000 free ATMs in the Co-op network
  • To join, pay a one-time membership fee and open the Consumers Credit Union Membership Share Savings Account with at least $5
  • Dividends compounded and paid monthly
  • Federally insured by the NCUA

Pentagon Federal Credit Union

Read Review

Insider’s Rating

4/5

Annual Percentage Yield (APY)

Varies depending on account

Minimum Opening Deposit

Varies depending on account

Pros

  • Higher interest rate on savings accounts and share certificates than other accounts at brick-and-mortar financial institutions
  • Interest earned on your checking account balance
  • CD terms longer than five years

Cons

  • Other online banks may offer higher interest rates on savings accounts or CDs
  • Interest compounded monthly, not daily
  • Must qualify to earn interest on your checking account balance
  • Low interest on money market account
  • Monthly fees for the checking account (possible to waive them)
  • $1.50 out-of-network ATM fee

Insider’s Take

If you prefer a credit union over a bank, Pentagon Federal Credit Union is a good choice. It's one of the best credit unions out there, and it's easy to become a member regardless of where you live in the US. You'll also earn a higher interest rate with Pentagon Federal Credit Union bank accounts than with the average bank account. However, other online banks may still offer more competitive interest rates.

Pentagon Federal Credit Union review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • Around 50 branches in California, Florida, Georgia, Hawaii, Maryland, Nebraska, New Jersey, New Mexico, New York, North Carolina, Pennsylvania, Texas, Virginia, and DC
  • Branches on military bases in Guam, Puerto Rico, and Japan
  • Around 85,000 free ATMs in the US
  • You're eligible for membership if you have served in the military or work at qualifying associations or organizations; or simply open a savings account with a $5 minimum deposit
  • Dividends compounded monthly
  • Federally insured by the NCUA

Compare the Best Credit Unions

  • Best Credit Unions of July 2024 (8)

    Alliant Credit Union

  • Best Credit Unions of July 2024 (9)

    Bethpage Federal Credit Union

  • Best Credit Unions of July 2024 (10)

    Quorum Federal Credit Union

  • Best Credit Unions of July 2024 (11)

    Connexus Credit Union

  • Best Credit Unions of July 2024 (12)

    Wings Credit Union

  • Best Credit Unions of July 2024 (13)

    Consumers Credit Union

  • Best Credit Unions of July 2024 (14)

    Pentagon Federal Credit Union

Editor's Rating

4.5/5

Standout Feature

High-yield bank accounts

Editor's Rating

4.5/5

Standout Feature

ATM card included with savings account

Editor's Rating

4.5/5

Standout Feature

High-yield bank accounts

Editor's Rating

4.25/5

Standout Feature

Low minimum opening deposits on bank accounts

Editor's Rating

4/5

Standout Feature

High-yield bank accounts

Editor's Rating

4/5

Standout Feature

Low minimum opening deposits on bank accounts

Editor's Rating

4/5

Standout Feature

Low minimum opening deposits on bank accounts

Start banking

Alliant Credit Union, Member NCUA

Start banking

On Bethpage Federal Credit Union's website

Start banking

On Quorum Federal Credit Union's website

Start banking

On Connexus Credit Union's website

Start banking

On Wings Credit Union's website

Start banking

On Consumers Credit Union's website

Start banking

On PenFed Credit Union's website

Best Credit Union Reviews

Alliant Credit Union

Alliant is an online-only credit union, and it's ranked as one of Business Insider's best online banks. There are over 80,000 free ATMs, and if you use an out-of-network ATM, Alliant will reimburse up to $20 per month in any fees charged by providers.

You can find a higher savings interest rate at other financial institutions, though.

How to join: Join Foster Care to Success, and Alliant will cover your $5 joining fee. Or be an employee, retiree, or member of certain organizations; live in specific parts of Illinois; be a relative of an Alliant member.

Alliant Credit Union Review

Bethpage Federal Credit Union

Bethpage pays competitive rates on checking and savings accounts. It's rare that institutions make it easy to access your savings, but Bethpage sends you an ATM card when you open a savings account. Bethpage has over 5,000 shared branch locations in New York you can visit if you want to speak with a banker face-to-face.

Bethpage's savings interest rate is higher than what you'll find at brick-and-mortar banks, but you can find higher savings rates at some of our other top picks.

How to join: Open a savings account with $5.

Bethpage Federal Credit Union Review

Quorum Federal Credit Union

Quorum Federal Credit Union doesn't charge monthly service fees if you get the Quorum Federal Credit Union HighQ Savings Account or Quorum QClassic Checking Account.

Keep in mind Quorum has an interest-earning checking account, but it pays lower interest rates than our other rewards checking account mentioned in our top picks. The Quorum QChoice Checking Account only pays 0.01% APY on account balances under $20,000 and 0.05% APY on account balances over $20,000.

How to join: At Quorum, you or a family member have to work for a Select Employee Group on this list, or you must join the American Consumer Council or Select Savers Club.

Quorum Federal Credit Union Review

Connexus Credit Union

Connexus pays competitive rates, and its Connexus Xtraordinary Checking Account could earn you a very high rate if you use your debit card frequently and/or spend at least $400 per month with your debit card.

You can find a higher savings interest rate at other credit unions, though.

How to join: Become a member of the Connexus Association with a one-time $5 donation; be an employee, retiree, member, student, student graduate, or relative of a member of certain organizations; residents of areas in Minnesota, Ohio, or Wisconsin; be a relative, spouse, or housemate of a Connexus member.

Connexus Credit Union Review

Wings Credit Union

Wings has several checking and savings accounts. You can earn high rates if you follow a few guidelines with your checking account, and if you maintain a high balance in your savings account. You have free access to ATMs nationwide, and to branches in Florida, Georgia, Michigan, Minnesota, and Washington.

Wings ATM fee policy is still more lenient than many banks' rules, but not as impressive as what you'll see with many of our top credit union picks. You can withdraw from out-of-network ATMs 10 times per month; after that, you'll pay a $2.50 fee each time. Wings doesn't reimburse any fees charged by out-of-network ATM providers, like some credit unions do.

How to join: Donate $5 to join the Wings Financial Foundation; or live, work, worship, or volunteer in certain parts of Florida, Georgia, Michigan, Minnesota, or Washington; be an employee or retiree of the aviation industry; have a family member who is a member of Wings.

Wings Credit Union Review

Consumers Credit Union

Consumers has the Consumers Credit Union Free Rewards Checking Account, whichis one of our top picks for the best rewards checking accounts. You'll earn a high rate if you use your debit card frequently, and an even higher rate if you use your Consumers Credit Union credit card.

The checking account works on a tiered system, and you'll need to use a Consumers Credit Union credit card to qualify for the top two interest rate tiers. This might not be a great fit if you don't want to open a credit card. But it's worth noting that the third tier, which just requires debit card purchases, still has a pretty good rate.

How to join: Pay a $5 membership fee to the Consumers Cooperative Association, then deposit and keep $5 in a Consumers savings account.

Consumers Credit Union Review

Pentagon Federal Credit Union

PenFed has branches in 13 states, DC, Guam, Puerto Rico, and Japan, but you can also bank digitally if you don't live near a branch. It pays good savings rates overall, and its minimum deposits are low.

That said, the best high-yield savings accounts pay even higher savings account rates right now.

How to join: You can be a member of the military, employee of an eligible association or business, employee of certain US government agencies, worker or volunteer at the American Red Cross, resident of certain areas, or family member of anyone who falls into one of these groups.

Otherwise, you can become a PenFed member by opening a savings account with $5.

Pentagon Federal Credit Union Review

Credit Unions Trustworthiness and BBB Ratings

We review the ethics of each company so you can see if a specific financial institution aligns with your values.

We also include the settlement history of the last 3 years so you're aware of any recent public controversies involving the bank.

The Better Business Bureau grades companies, from F to A+. The BBB looks at responses to customer complaints, advertising, and transparency about business practices when assigning grades. All our top picks have an A+ from the BBB:

Credit unionBBB grade
AlliantA+
BethpageA+
ConnexusA+
ConsumersA+
PenFedA+
Quorum Federal Credit UnionA+
WingsF

Wings has an F rating because it has failed to respond to several customer complaints and has a few unresolved customer complaints.

What Makes a Credit Union Stand Out

Member-Owned Structure

One of the major differences between banks versus credit unions is that credit unions are member-owned. Whereas banks have shareholders to answer to, credit unions only have to answer to their members. That means that they can provide more specialized services than banks can.

Lower Fees and Better Interest Rates

In addition to being member-owned, credit unions are generally not-for-profit. This means that the profits the credit unions do make get passed down to members, usually through less expensive loans, higher deposit account interest rates, and low fees overall. While exact interest rates and fees will depend on the bank or credit union, generally, you can expect credit unions to provide better rates and charge fewer fees than banks.

Criteria for Choosing the Best Credit Unions

Financial Health and Stability

You'll want to make sure the credit union you're interested is financially healthy before you go with them. Before you go with a credit union, you'll want to make sure it's NCUA-insured. NCUA insurance is a lot like FDIC insurance for banks; if a credit union is NCUA-insured, your money is safe up to $250,000 per depositor, per account type.

Other ways to check on the stability of a credit union include seeing how long they've been open and checking their Better Business Bureau rating to see if they receive a lot of complaints, and if they're responsive.

Range of Products and Services

The best credit unions offer a large range of products to their members, such as checking accounts, high-yield savings accounts, money market accounts, share certificates, home loans, auto loans, and credit cards, among others. Many good credit unions offer other types of services, too, such as extensive free ATM networks, financial education resources, and even insurance.

You'll also want to keep an eye out for how involved your chosen credit union is in your local community. Most credit unions participate in their local community, whether by donating some of their funds to specific causes, volunteering, providing lowpersonal loan rates to underserved communities, or hosting programs.

Accessibility

Many credit unions are local institutions, which means they might not have many branches or ATMs. If you know you'll travel a lot, or if you want to bank in multiple states, you'll want to see if your credit union avoids ATM fees by partnering with free ATM networks, offers branches outside of your state, or has an agreement with other credit unions that would let you use their branches to bank.

You might also want to check to see if your credit union offers online banking, or if they have a mobile banking app you can use. That way, you'll have access to your banking information even if you're not in a state with a branch.

And, of course, you'll want to make sure you qualify to become a member of the credit union in the first place.

Benefits of Joining a Credit Union

Personalized Banking Experience

Because credit unions are member-owned and have eligibility requirements, they can personalize their banking products and services to their community's needs. For example, a military credit union might offer VA loans or other services that more generalized banks wouldn't.

Consider what membership benefits of joining a credit union matter to you the most, such as opening a high-yield savings account at a credit union to receive a strong rate, banking with an environmentally friendly credit union, or joining a credit union with the best loan rates.

Profit Sharing and Lower Loan Rates

Because a credit union's profits are shared with its members, members can expect to pay lower loan rates on anything from home loans to small business loans to credit cards. This is especially helpful if the credit union is part of an underserved community, such as a Black-owned credit union.

This means that, by joining a community-focused credit union, you'll be able to receive better rates on loans while simultaneously helping your credit union provide support to others in your community.

How to Become a Member

Membership Eligibility and How to Apply

Most credit unions will list the requirements to join on their website. You'll also generally be able to apply for membership on the website, too. If you've checked the website and you're not sure if you qualify, or if you don't see a way to apply, you can always call the credit union or go to a local branch. They'll be able to help you find out if you're qualified and step you through the application process.

Common Requirements

The requirements to join a credit union vary, but the most common requirements are related to your location, your employer, and your other organization memberships.

One of the most common ways you can join a credit union is by living, working, worshipping, or studying in a specific area. For example, America First Credit Union lets people who are in specific counties of Utah, Nevada, Arizona, Idaho, Oregon, and New Mexico join. Depending on the size of the credit union, this geographic area can span multiple states or be just one city. You can also be eligible by working for a specific organization.

Some of the credit unions with nationwide access ask you to join by having you become a member of another organization. Typically, becoming a member of this organization comes with a small fee, although some credit unions will let you waive that fee or reimburse you once you join them.

Best Credit Unions FAQs

How do credit unions differ from traditional banks?

Credit unions are different from traditional banks because they are not-for-profit financial institutions that are owned by their members. Credit unions often have lower fees, higher savings rates, and a more personalized banking experience than a traditional bank.

Are funds deposited in credit unions insured?

Yes, funds in credit unions are usually insured by the National Credit Union Administration, or NCUA, up to $250,000 per owner, per type of account. This works very similarly to banks' FDIC insurance.

Who can join a credit union?

Credit unions typically have membership eligibility requirements, so not everyone can join every credit union. These can be based on where you live, work, study, or worship, or can be based on your affiliation with specific organizations. Many of the biggest credit unions provide ways for anyone in the US to join them.

What types of accounts and services do credit unions offer?

Credit unions offer many different types of accounts in service. For example, you can get checking and savings accounts, loans, credit cards, and mortgages, often with competitive terms.

How do I find the right credit union for me?

Think about what you want from your banking experience. Some features that might sway your top pick include branch and ATM access, online and mobile banking features, loan rates, and savings account rates. You also might choose a credit union based on their values or commitments to their community.

What is the best credit union to use?

The best credit union for you to use will likely depend on your location, place of employment, and personal values. However, we chose Alliant, Bethpage, and Quorum as some of the best easy-to-join credit unions.

Why You Should Trust Us: Expert's Advice on the Best Credit Unions

Best Credit Unions of July 2024 (15)

BI

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best credit union for your needs.

In choosing a credit union, ask yourself the following questions, informed by our experts' advice:

  • Do I meet the membership eligibility requirements to open an account at the credit union?
  • What am I looking for in my banking experience (an extensive branch network, high interest rates on savings accounts, a variety of bank products and services, or strong online banking features)?
  • Do the bank accounts have any monthly service fees? Can the fee be waived?
  • Is the interest rate on the savings account higher than the national average? Are there any requirements to earn interest? How is interest paid (quarterly, monthly, daily)?
  • When is customer support available?
  • Does the credit union have high mobile app ratings?

Methodology: How We Chose the Best Credit Unions

At Business Insider, we aim to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don't have to.

We chose credit unions that are easy to join, rather than ones that are limited to residents of certain states or employees for specific organizations. We also selected credit unions that shine in areas where credit unions are supposed to shine, such as high rates and strong customer support. All of our picks are federally insured by the NCUA, which means your money is protected (up to $250,000 for an individual account) should the institution fail.

See our full ratings methodology for checking, business checking, savings, and money market accounts »

Best Credit Unions of July 2024 (16)

Sophia Acevedo

Banking Editor

Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circ*mstances and overcoming their fears around money.ExpertiseSophia's expertise includes:

  • Bank accounts
  • Savings and CD rate trends
  • Budgeting
  • Saving
  • How banks operate

EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.

Evelyn He

Compliance and Operations Associate

Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.

Kit Pulliam

Personal Finance Insider editorial fellow

Kit Pulliam (they/them) is a banking expert who specializes in certificates of deposit, savings accounts, and checking accounts. They’ve been reporting, editing, and fact-checking personal finance stories for more than four years.ExperienceKit has spent their career making complicated concepts more accessible to the average person. As a tutor in math and reading comprehension after college, they melded the certainty of numbers with the flexibility of words, a skill that has served them in the personal finance field since.Before Business Insider, Kit was an editorial specialist for Tax Analysts, diving into the tax code to help readers get the best information about a confusing but necessary subject.They find banking similar to taxes in that way: There are some things everyone needs to know because just about everyone needs to work with a bank — and you don’t want to end up with an account that doesn’t serve your needs.As interest rates change, they enjoy the fast pace of reviewing rates for products like CDs and high-yield savings, which can change daily and have a direct impact on readers’ money.ExpertiseTheir expertise includes:

  • Certificates of deposit
  • Savings accounts
  • Checking accounts
  • CD rates
  • Bank reviews

EducationKit is an alumnus of Vanderbilt University, where they studied English and psychology and received the Jum C. Nunnally Honors Research Award for their senior thesis.Outside personal finance, Kit enjoys reading, film, video games, and cross stitching. They are based in the DC area.

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Best Credit Unions of July 2024 (19)

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FAQs

What credit union is the highest recommended? ›

Alliant Credit Union.

Alliant offers an above-average interest rate for savings. Membership is not restricted; you can join with a $5 donation to a nonprofit. Alliant's mobile app is highly rated, and members have fee-free access to an 80,000-ATM network.

Are credit unions safe during this banking crisis? ›

Credit unions are insured by the National Credit Union Administration (NCUA). Just like the FDIC insures up to $250,000 for individuals' accounts of a bank, the NCUA insures up to $250,000 for individuals' accounts of a credit union.

How do you know if a credit union is good? ›

Make sure your account will be insured—Whether it is a state or federally licensed (or chartered) financial institution, you want to ask if it's a member of, or that is insured by, either the Federal Deposit Insurance Corporation (or FDIC) or, in the case of a credit union, the National Credit Union Association (or ...

What is the downside of banking with a credit union? ›

Limited accessibility. Credit unions tend to have fewer branches than traditional banks. A credit union may not be close to where you live or work, which could be a problem unless your credit union is part of a shared branch network and/or a large ATM network such as Allpoint or MoneyPass.

Should I have more than one credit union? ›

You can have more of your money covered by federal insurance. By spreading your accounts around to different federally insured banks and credit unions, you can get access to having more of your money insured by the NCUA or the FDIC. You can better manage your money and build your savings.

What is a good credit score for a credit union? ›

A good FICO Score falls between 670 and 739, while an exceptional score measures 800 and above. A good VantageScore ranges from 700 to 749, while an excellent score is 750 and above. The higher the number, the lower the perceived credit risk.

Which is safer, FDIC or NCUA? ›

One of the only differences between NCUA and FDIC coverage is that the FDIC will also insure cashier's checks and money orders. Otherwise, banks and credit unions are equally protected, and your deposit accounts are safe with either option.

Are any credit unions in financial trouble? ›

National Credit Union Administration (NCUA) credit unions had five conservatorships/liquidations in 2023, and one so far in 2024. Similarly, there were five Federal Deposit Insurance Corp. (FDIC) bank failures in 2023 and one bank failure so far this year.

What happens if my credit union collapses? ›

If a credit union is placed into liquidation, the NCUA's Asset Management and Assistance Center (AMAC) will oversee the liquidation and set up an asset management estate (AME) to manage assets, settle members' insurance claims, and attempt to recover value from the closed credit union's assets.

How to choose between credit unions? ›

Dividends

That means credit unions have the potential to pay out competitive rates on savings products. It's important to research the interest rates on savings accounts, share certificates and interest-bearing checking accounts. That way, you can compare options and get the best return on your savings.

What are 3 things they should consider when choosing a bank credit union? ›

Look at checking, savings, CD, loan, and investment account offerings to ensure it matches your banking needs. Also consider ATM access and fees, locations, and fees. Most credit unions have very low fees and competitive loan ra...

Should I keep my money in a credit union? ›

Your money is safer in a Credit Unions hands because all accounts are federally insured up to $250,000 and backed by the U.S. government.

Can a credit union crash like a bank? ›

Just like banks, credit unions are federally insured; however, credit unions are not insured by the Federal Deposit Insurance Corporation (FDIC). Instead, the National Credit Union Administration (NCUA) is the federal insurer of credit unions, making them just as safe as traditional banks.

Should I move all my money to a credit union? ›

What Are the Major Advantages of Credit Unions? Credit unions typically offer lower closing costs for home mortgage loans, and lower rates for lending, particularly with credit card and auto loan interest rates. They also have generally lower fees and higher savings rates for CDs and money market accounts.

What is the largest credit union in Maryland? ›

About SECU (State Employees' Credit Union of Maryland)

SECU (“see-Q”), Maryland's largest state-chartered credit union, serves over 250,000 members via 25 branches across the state. As a member-owned, not-for-profit organization, SECU puts its members first.

Is my money more safe in a credit union? ›

Just like banks, credit unions are federally insured; however, credit unions are not insured by the Federal Deposit Insurance Corporation (FDIC). Instead, the National Credit Union Administration (NCUA) is the federal insurer of credit unions, making them just as safe as traditional banks.

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