It’s important to start positive habits early in life. One good way to do this is to start saving and borrowing from a credit union. They are able to offer more benefits to young people than traditional banks. Stagnant wages for those young people entering the workforce is a great concern, so finding ways to cut costs and find higher returns is important. And banking with a credit union can be a great way to achieve those goals.
Four reasons Millennials should consider a credit union:
1. A Better Deal on Savings Accounts and CDs
The average five-year CD rate is .85 APY at regular banks, while for credit unions it is 1.55% APY.
2. Cheaper to Borrow
Credit unions tend to have lower rates and fees on loans.
3. Lower Account Fees
Only 37% of banks have free checking accounts without any strings attached, while 72% of the 50 largest credit unions offer free checking.
4. More Personal Attention
The staff at credit unions tend to give greater attention to their customers and will be more familiar with your unique situation.
Why Credit Unions Are More Competitive
One of the biggest advantages of credit unions is that they are owned by their members. And as nonprofits they can return their revenues back to their owners through more services for reduced costs.
Credit unions have membership requirements to join, however many of them are broad so don’t hesitate to look into joining.
Locating Credit Unions
Credit Union National Association website – SmartChoice.org or the National Credit Union Association website – MyCreditUnion.gov
Are you looking for a career opportunity in the banking industry?
Contact the Rhonemus Group to discuss your options. We skillfully guide candidates through the recruitment process and help them advance their banking careers.