Credit unions received high marks in the latest survey of financial institution members and customers from Consumer Reports.
“Americans are generally happy with their banks. And those with accounts at credit unions and online-only banks are even more satisfied,” Consumer Reports said in the article introducing the survey.
Consumer Reports surveyed more than 72,000 of its members, who shared their impressions of 148 financial institutions, including 69 traditional banks, 70 credit unions, and nine online banks.
“Overall, our members relied more on credit unions than banks for savings accounts, credit cards issued by the financial institution, loans, CDs, and mortgages,” Consumer Reports said.
Consumer Reports said that credit unions generally charge lower interest rates on loans.