Bank vs. Credit Union: Which is Best for You?

When comparing banks vs. credit unions, it’s important to consider which features you value most. While banks and credit unions have a lot in common, there are many things that make being a member of a credit union unique. If you’re opening your very first account or thinking of making the switch away from a bank, here are a few of our favorite reasons to “bank” locally with Northeast Credit Union.

1. Open an account and become a Member-Owner.
   When you open an account at Northeast Credit Union, you officially become a Member-Owner. This means you have a say in the institution’s ownership, vision, and profits. Not only that, but you help shape the impact on your local community –we only succeed if we succeed together.
2. Not-For-Profit means better rates & services.
   While banks are for-profit institutions, Northeast Credit Union is a “Not-For-Profit” organization, meaning that all money earned goes directly into better serving its Member-Owners. This results in lower loan rates, higher returns on your savings, and fewer fees.
3. Commitment to community.
   As a Member-Owned institution, we have a great respect and desire to strengthen the communities we serve. Through Northeast Credit Union’s Love Your Community Project, we help support non-profits that go above and beyond to make a difference in our local communities. We are also able to offer scholarships to our student members, and provide families with educational resources to reach financial wellness goals.
4. Friendly and accessible.
   A common misconception when comparing banks vs. credit unions is that credit unions are not as accessible as big banks. With locations all over New Hampshire and Southern Maine, 24/7 online & mobile banking, and over 30,000 co-op shared branches & ATMS from coast to coast – you’ll never find yourself short of getting access to all your banking needs.

To learn more about becoming a member-owner, visit necu.org/become-member. If you think a Credit Union may be a good fit for you, we look forward to the opportunity to be your financial partner.