MONEY: Why a CU may be best for you

October 31, 2014

NEW YORK (11/3/14)--MONEY magazine recently ran the results of its Best Banks survey, but in a companion article, it noted, "it's possible the best place for you to park your cash might not be on that list."

The best place might be a credit union, it said. Because of their size and membership requirements, credit unions weren't included in MONEY's survey.

The Oct. 31 article noted the benefits of better terms on savings and checking accounts, and more personal customer service. It suggested ways that consumers can find a credit union that fits them.

"We're pretty sure everybody in the country is eligible to join at least one credit union--and probably several," Bill Hampel, Credit Union National Association chief policy officer/chief economist, told MONEY.

The article suggested checking the and websites, comparing rates and account types, and locating nearby branches.

Even if the credit union of choice has only a small amount of branches, chances are good that it belongs to a shared-branching network, has surcharge-free ATM access or offers mobile and online banking.

"CUNA reports that 88% of credit union members are offered mobile apps and 55% allow check deposits via smartphone--so you might not need a teller after all," MONEY concluded.