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If you're looking for an alternative to traditional banks, the best credit unions could be a good choice for you. Unlike with a bank, at a credit union, you're a member - which also makes you an "owner".
As such, credit unions have a reputation for taking care of their customers better, offering solid rates on loans, and not "nickel and dime-ing" their customers with fees.
We break down our favorite credit unions - with a focus on those that are available nationwide. Many credit unions are small, and focus on local customer areas. However, the credit unions below are available nationally, and some even have branches in most major cities.
Note: The savings offers that appear on this site are from companies from which The College Investor receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The College Investor does not include all savings companies or all savings offers available in the marketplace.
Our Top Best Credit Unions Picks Of 2024
We evaluate credit unions on their annual percentage rate (the interest you receive), the minimum balance requirements, and the terms and conditions of having the account. We also look at their availability, products and services, and more.
1. First Tech Federal Credit Union
First Tech Rewards Checking® is a solid option for high-interest checking. The account has no minimum balance requirements, no monthly maintenance fees, and a network of 30,000 CO-OP fee-free ATMs.
First Tech Federal Credit Union also has a unique rewards program where you can earn upwards of $60 per month based on account activity. You can earn these rewards through additional cash back on credit card purchases, cash back on minimum loan payments, and more.
Plus, you can earn 3.50% APY on balances up to $15,000 (then 0.05% APY after that)*. To earn the high APY, you must do the following:
20 transactions with a minimum monthly spend of $500Monthly direct deposit of at least $1,000Be enrolled in eStatementsThey also offer competitive options for student loans and other banking products!
Read our full First Tech Credit Union review here.
2. Navy Federal Credit Union
Navy Federal Credit Union is a popular choice for service-members and DOD employees - and for good reason! They offer everything that any major bank offers, but with lower fees than you'd find elsewhere. Plus, they have a nationwide footprint of locations - with branches around most DOD facilities.
Navy Federal offers free checking options, loans, student loan refinancing (see our Navy Federal student loans review), and even business products like business checking and business savings.
If you're eligible to join Navy Federal, it can be well worth it. That's why we consider them one of the best credit unions.
3. Consumers Credit Union
Consumers Credit Union is our top pick because of their awesome Rewards Checking Account that offers an amazing interest rate on your checking account.
Right now, you can earn up to 5.00% APY on your checking account for the first $10,000. The account also has no fees, no minimum balances, and reimburses your ATM fees.
Consumers Credit Union also has a solid savings account, and offers a variety of competitive loan products.
Read our full Consumers Credit Union review here.
4. American First Credit Union
If you're looking for a solid credit union to park your savings, American First may be the right choice for you. In partnership with SaveBetter, they are opening up their money market account and CD accounts to savers nationwide.
Right now, you can earn 4.45% APY on your savings in their money market account.
They also have a top notch 12-month CD that can earn you 4.00% APY.
Read our full American First Credit Union review here.
5. Sky One Federal Credit Union
Sky One Federal Credit Union is a nationwide credit union that has been around for over 70 years. They are branching into offering more competitive online products, and their money market account is one of the highest rates you can earn right now.
Right now, you can earn 4.60% APY on your savings in their money market account. It only takes a $1 minimum deposit to get started, and they don't charge any monthly maintenance fees.
6. PenFed
PenFed (which stands for Pentagon Federal Credit Union) is another nationwide credit union that originally was focused on military members and their families. However, today you don't have to be in the military to join - and there are multiple ways you can do it.
PenFed offers the full range of products and services - checking, savings, auto loans, mortgages, and PenFed even has student loan refinancing.
PenFed checking also pays interest, has access to a large network of ATMs, and PenFed has physical branches in many locations. The only drawback to PenFed banking is that they do have minimums and fees. For example, their Access America checking requires $500 minimum daily balance, or a monthly direct deposit of at least $500.
Read our full PenFed Checking and Saving review here.
7. Alliant
Alliant is another well known nation-wide digital credit union - with full service offerings of checking, savings, loans, and more. They even offer some of the best 12 month CD rates available.
They offer a solid High Rate checking account - which earns interest and has no monthly fees or monthly account minimums. They also offer up to $20/mo in ATM rebates, mobile deposit, and more.
Alliant also offers loan products, including credit cards, auto loans, mortgages, and even personal loans.
8. Connexus
Connexus is one of the largest credit unions in the United States, with over 300,000 members across all 50 states. Like others on this list, they offer high yield checking accounts, savings accounts, and loan products. They are also a solid digital credit union.
They have two levels of checking account - one that is completely free but it doesn't earn interest. Their Xtraodinary Account also doesn't have any monthly fees, but does have some basic requirements (such as $400 in debit card spending or 15 monthly purchase) to earn interest.
Their savings account isn't as competitive as the top high yield savings accounts right now.
They also offer a variety of loan products, such as auto, mortgage, and more.
Best Credit Union And Savings Accounts
These aren't all necessarily credit union products, but if you want the highest yield savings accounts right now, check this out:
Credit Union FAQs
Here are some common credit union questions and answers.
What is the difference between a bank and a credit union?
A credit union is basically a member-owned bank. Banks have specific owners (shareholders or individuals) and customers, while the customers of a credit union are also the owners of the credit union. As such, credit unions have earned a reputation for superior customer service, more flexibility for small businesses, and in some cases, higher interest paid on accounts.
Are credit unions insured?
Yes! Credit unions are insured by the National Credit Union Association (NCUA). This is similar to banks, who are insured by the Federal Deposit Insurance Corporation.
Are credit unions worth it?
They can be – it all depends on what you’re looking for in a financial product. Credit unions typically offer fee-free checking products, low-interest auto loans, mortgages, and more.
What is a credit union membership?
Credit union customers are members – and that membership is restricted to the rules of the credit union. Many credit unions were designed to serve certain groups of individuals (such as the military, teachers, people in a local area). However, some credit unions have broadened their membership opportunities.
How to join a credit union?
Each credit union sets its own membership rules. Some credit unions require you to live in a certain geographic area, work for a certain employer (or type of employer), or be a family member of someone who meets that criteria. Other credit unions allow you to become a member simply by opening an account at their credit union.
Do credit unions have ATMs?
Yes. Most credit unions not only have their own ATMs, but they are part of a network of ATMs called CO-OP. This gives members access to a large nationwide network of ATMs.
Do credit unions pay more interest than banks?
Sometimes. Credit unions are known to pay higher interest than banks on checking accounts. However, the amount of interest is typically limited to lower dollar amounts of deposits (such as on balances below $10,000). When it comes to savings accounts, credit unions can’t really compete with the best online savings accounts available today.
Final Thoughts
A credit union is very similar to a bank, so you really shouldn't think of banks and credit unions as different. What you should be looking for is an account that matches your needs. Whether you need a checking account, savings account, auto loan, mortgage, or other type of financial product, you should look to see if credit unions can meet your needs, while also not charging you excessive fees or having tough requirements to meet.
And if you're looking for a credit union for your business accounts, check out our guide to the best credit unions for small business.
Methodology
The College Investor is dedicated to helping you make informed decisions around complex financial topics like finding the nationwide credit union. We do this by providing unbiased reviews of the top banks and credit unions for our readers, and then we aggregate those choices into this list.
We have picked credit unions based on our opinions of how easy they are to use and sign up at, their costs and fees, any interest rates and bonuses provided, and a variety of other factors. We believe that our list accurately reflects the best nationwide credit unions in the marketplace for consumers.
First Tech Federal Credit Union
* As Of November 15, 2024
Editor: Clint Proctor Reviewed by: Richelle Hawley
The post Best Credit Unions Nationwide Of 2024 appeared first on The College Investor.
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