Choosing where to keep your money is a major decision. While many people go with big banks simply out of habit, that may not be the best option.

Credit unions offer a compelling alternative. As member-owned, not-for-profit institutions, they focus on people over profits. While they offer many of the same services as banks, credit unions can provide a more personal, affordable, and community-driven experience.

Here are 10 key benefits of joining a credit union

Profit vs Not-For-Profit

Banks exist to make money for their shareholders, not their members. That often means focusing on profits over people. Flashy ads and big marketing budgets may grab attention, but they don’t always reflect the level of service or value you’ll receive.

Credit unions, however, work differently. As not-for-profit, member-owned institutions, their priority is serving members. Credit union profits don’t go to Wall Street investors. Instead, profits are funneled back into business operations or used to offer additional benefits for members.

Member Ownership

In general, banks tend to charge more and higher fees. According to Smart Asset, the average checking account fee for larger banks is $9.60/month. That is $115.20/year just to have an account! That is money that you should instead put towards your financial goals.

Credit unions see things differently. Many credit unions, including Belco, offer FREE checking account options to their members. This gives you the ability to set up your account and keep it running without it costing you a dime.

Credit unions tend to have less overhead than banks, so there is less reason for them to try squeezing more money out of each consumer. Why, then, would you fork over your hard-earned money to help keep a bank profitable, when you can use it to help grow your own net worth?

Lower Fees

Big banks often come with big fees. According to the Consumer Financial Protection Bureau (CFPB), the average monthly fee for a checking account at a major bank is around $9.87, which translates to roughly $118 a year just to access your own money. Credit unions take a different approach. Many, like Belco, offer free checking with no hidden costs. Because they have lower overhead and no pressure to turn a profit for shareholders, they’re able to pass savings on to members.

Better Rates

Credit unions typically offer what everyone’s looking for: lower loan rates and higher savings yields. Because they are not-for-profit, credit unions tend to offer better rates than banks. Whether you’re looking to buy a house or a new car, a lower rate can potentially translate to thousands of dollars in savings over the course of the loan.

Fewer Strings Attached

Banks often require a hefty minimum balance just to open or keep a checking account active. Credit unions make it easier. In 2024, 75% of credit unions surveyed by Bankrate reported no minimum balance requirement at all. If you want a hassle-free place to manage your money (without the fine print), credit unions are the clear choice.

Federally Insured

Just like banks, credit unions are federally insured (up to $250,000 per account) through the National Credit Union Administration (NCUA). That’s the same level of protection the Federal Deposit Insured Corporation (FDIC) offers for bank accounts. But here’s the bonus: credit unions are held to even stricter rules on how they invest and lend money. That means they’re extra cautious with your funds, so you can feel confident that your money is not only insured but handled with care.

Community Focus

Credit unions serve their members as well as their communities. From volunteering at local food banks to supporting organizations like Big Brothers Big Sisters and The Salvation Army, credit unions stay actively involved in making a difference. When you join a credit union, you become part of a financial institution that truly cares about where you live and work. It’s banking with heart, and with your best interests in mind.

Cooperative

Credit unions are built on cooperative principles, owned and run by the people who use them. That means you are part of a community that unites to benefit everyone. Credit unions work together by sharing resources. For example, Belco is part of the Credit Union ATM Alliance Network, letting members use many credit-union-owned ATMs without paying surcharge fees (though Belco’s regular transaction charges still apply). This cooperation between credit unions helps keep banking convenient and affordable for everyone involved. By working together, credit unions provide a big network of support while still offering personal, member-focused service.

Financial Education

Credit unions are committed to helping you build financial confidence. Many offer free workshops, seminars, and online resources like financial calculators designed to boost your money skills, whether you’re budgeting, saving, or planning for the future. Financial education is part of the member experience. Credit unions have employees, tools, and resources dedicated to helping members at every stage in their financial journey. When you understand your money better, you can make smarter decisions.

Personalized Experience

Because banks often focus on high-balance accounts and business clients, everyday customers are left feeling like just another number. Credit unions take a different approach: you’re not just a customer, you’re a member. When you join a credit union, you become part of a community. You get personalized service, access to financial education, and even a voice in how the credit union is run. From helpful staff to easy-to-use online tools, credit unions are built to serve you, not the bottom line.

Ready to Join?

If you’re done being treated like just another anonymous customer, it’s time to see what credit unions bring to the table. With member ownership and a focus on your financial wellbeing, they make managing money smarter, simpler, and a lot more rewarding. Join a credit union today and start giving your money the VIP treatment it deserves.