Most people choose to go to a traditional bank when they want to create a saving account. Although doing business with a big bank has some advantages, it has its downside. Opening a credit union savings account gives you access to a more personalized, community-oriented, and less expensive service. Below are some benefits a credit union offers to help you reach your savings goal.
Financial planning requires the right account and a credit union savings account can help you earn interest as you save. Saving money with a credit union also offers online tools; more importantly, you’ll always have the local access you need.
Credit unions are usually active in their community and aim to create long-term personal relationships with their members. When you need guidance for planning and making the right decision for your financial goal, your credit union can help you.
Lower Account Requirements
Another way credit unions help you achieve your savings goal is with low requirements to open a credit union savings account. You can also withdraw and transfer funds without restriction as long as you comply with federal laws. Credit unions typically place the lowest account requirement required by law to make life easier for users.
Low Fees or No Fees
One of the ways that credit unions help their members save money when they open and maintain a savings account is by providing accounts with low fees or no fees. Alternatively, banks come with monthly maintenance and transaction fees, preventing you from reaching your saving goals. Credit unions also do not charge fees when members make ATM withdrawals.
It Helps You with Monthly Goals
To help you achieve your savings goals, a credit union savings account usually comes with an automatic transfer feature. Once you determine how much you need to save each month, making it happen with the monthly budget will be easy. Additionally, credit unions also offer guidance on how you can improve your saving goals.