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18 Sep

Three Great Reasons (and How) to Join a Credit Union

For many financial services, joining a credit union instead of a bank is a great option. Here are three big reasons why:

Why join a credit union?

Better interest rates

Credit unions are not-for-profit institutions, which means any profits earned are put toward raising interest rates for member accounts, lowering loan interest rates, and reducing or eliminating service fees. The credit union works for its members, rather than stockholders. Want to understand more differences between a bank and credit union? Click here!

Lower and fewer fees

Because profits are used only to benefit members, credit unions often charge lower and fewer fees for members than banks. For example, in 2015, 72% of credit unions in the US offered free checking accounts, compared to just 37% of banks (source).

More personal attention

Credit unions are required by law to serve members of specific groups, such as residents of their local area or people in specific professions. As a result, credit unions are smaller and more focused than banks, which can serve anyone. This often results in better service and a more personal touch. After all, because credit unions are member-owned, they are the result of a community coming together for the common good.

How to join a credit union?

Does joining a credit union sound like the right financial choice for you? Just follow the steps below and you’ll be well on your way.

Check eligibility

If you work, live, worship or volunteer in Signet’s region, then you can fill out this form to check your eligibility. If you’re not in our service region there are a number of tools to help you find one, such ASmarterChoice.org’s credit union search. If there is a credit union for your industry or profession, you may be told about it by your employer or coworkers.

All credit unions have different requirements, but there is almost certainly a credit union out there for you!

Apply for membership

Once you find a credit union where you are eligible, all that’s left is to apply for membership. Much like their membership requirements, credit unions may have different ways to apply, whether online or in person. Signet takes applications in person at each of our seven locations.

Find a credit union near you and take ownership of your finances!

Become A Member