.png?width=258&height=68&name=Harvard_Primary_Logo_Horiz_RGB%20(2).png){kind=logo}
Looking to make a fresh financial start in 2025? Joining a credit union is a great way to enjoy great rates, personalized service, and a community-oriented banking atmosphere. Read on to learn what makes a credit union unique, and what benefits members can enjoy.
Better Rates
Many people don’t know that credit unions often offer better rates than traditional banking institutions. For example, when banking with a credit union, members may be able to take advantage of lower interest rates on mortgages, auto loans and other loans, while also receiving higher yields on savings accounts or share certificates. The reason for credit unions’ great rates is simple: credit unions are not-for-profit institutions, so credit unions are more concerned with strengthening members’ financial lives as opposed to returning profits to private investors. That also means that credit unions often offer lower fees than traditional banks, or even no fees at all. Fees and rates can play a significant role in the financial institution one chooses, and so it’s important to know the options!
Personal Service
Credit unions pride themselves on building a financial community dedicated to helping members. With that goal in mind, many members find superior customer service when working with a credit union. It doesn’t hurt that credit unions tend to be local to a city, an organization or region, so members get a close-to-home experience with relationships that only grow stronger over the years.
Ownership Stakes
People who bank with a credit union aren’t just customers—they are members of a cooperative organization, and they are part-owners. Because credit unions are owned by members, instead of external stakeholders, members get a say in the credit union’s important decisions. Members can help to decide who is on the credit union boards and what policies are implemented—usually leading to lower fees and higher interest rates, and helping to keep credit union accountable to member needs.
Educational Resources
Credit unions are committed to enhancing their members’ financial health and financial literacy, which is why many credit unions take great efforts to connect members to educational resources. For example, Harvard FCU’s financial wellness program THRIVE brings award-winning personal finance education and expertise to members, including live webinars, video content and personal finance worksheets. As an additional benefit of belonging to Harvard FCU, members get access to the GreenPath Financial Wellness Program, with free counselors available for debt counseling, loan counseling, help creating a debt management plan, and more.
Safe & Sound
One common misconception is that credit unions are less safe to bank with as compared to a traditional institution, or that your money is not as well protected. In fact, federally chartered credit unions like Harvard FCU are organized under strict laws, which are monitored and enforced by the National Credit Union Association (NCUA). At Harvard FCU, for example, the NCUA insures each member account for at least $250,000, and accounts exceeding that amount are insured by the Massachusetts Credit Union Share Insurance Corporation.
Wide Variety of Products
Credit unions offer the basics, including savings and checking accounts—but they also offer so much more. A good credit union will connect its members to a suite of financial products which are easy to understand, easy to use, and offer excellent rates. From to single-purpose savings accounts to reach financial goals faster, to consumer-friendly credit cards with no gimmicks or hidden fees, to home, boat and student loans with competitive rates and flexible terms—banking with a credit union means getting the necessary products and support to lead your best financial life.
