CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • Topics
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » CUs best place for loans, financial columnist says
CU System

CUs best place for loans, financial columnist says

September 11, 2015

NEW YORK (9/11/15)--Personal finance columnist and MoneyTalksNews founder Stacy Johnson received a question this week from a reader about whether she should go to a credit union for a loan.

In his response, Johnson was unequivocal.

“I’ve been urging viewers to join credit unions since I started doing TV news 24 years ago,” Johnson wrote, adding, “when it comes to both saving and borrowing, credit unions are typically much better than banks.”

Johnson, who also listed CUNA’s aSmarterChoice.org as a place to find a convenient credit union, rounded out his response by listing the myriad reasons to join a credit union, including:

  • Lower rates on loans. The National Credit Union Administration (NCUA) reports that the average rate on a 36-month car loan in June was 2.66% at credit unions, compared with 5.13% at bank;
     
  • Higher savings rates. Rates for 10 different types of savings accounts, from five-year certificates of deposit to checking accounts, were higher at credit unions on average, compared with banks, according to the NCUA;
     
  • Better deals on credit cards. The average interest rate on credit cards from credit unions came in at 11.64% as of June, compared with 12.71%, the NCUA said;
     
  • Convenience. With shared branch networks and shared ATM networks, credit unions can be just as convenient if not more so than their banking counterparts; and
     
  • Lower fees. Credit unions consistently charge lower or fewer fees than banks. Credit unions also offer free checking accounts at a rate nearly double that of banks.

Credit Union Magazine - Winter 2019

Winter 2019

Alternative lending, compliance management systems, and ideas for boosting credit card portfolios are among the topics of Credit Union Magazine’s Winter 2019 edition.
App •  Digital Edition •  Subscribe

Trending

  • Compliance: Using alternative data in underwriting

  • Turn mistakes into success

  • Concerns over credit union-bank mergers, CRA ‘inaccurate, misinformed’

Tweets by CUNA_News

Polls

What's the pace of staff turnover at your CU?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors