There are a variety of reasons that you should consider joining a credit union. Credit unions can help you save money in a variety of ways. Saving money is always something people are interested in, so joining a credit union that lets you save money and that offer benefits that you need can help ensure that you are saving as much money as possible.
The following are some great reasons to join a South Houston credit union to help you save money:
Better Interest Rates on Your Savings:
If you are in the market for better savings rates and APYs, then becoming part of a credit union may be of great interest to you. Average interest rates for a 5-year CD are only about 0.85% whereas the interest rates offered by credit unions are up to as high as 1.55%, which can add up over the course of years and $1000s saved according to the National Association of Federal Credit Unions.
Some Credit Unions Make Borrowing Cheaper:
There are South Houston credit unions who will make borrowing money cheaper than a traditional bank would make it. Many credit unions will provide their members with lower rates and fees than traditional banks may give to their account holders. However, if you don’t belong to the credit union you will not get the lower percentages that you would if you belonged to the union. That is where the benefits of joining credit unions come into play.
They Charge Smaller Fees On Your Accounts:
Your credit union may also charge smaller fees on your accounts than traditional banks and other institutions. Bankrate’s 2015 survey found out that only a dismal 35% of banks offer free checking accounts without strings attached. On the other hand, 72% of the nation’s 50 top largest credit unions offer this perk to customers. If you are looking for free checking accounts without strings attached, then a credit union may be exactly the option you have been looking for!
They Provide Greater Personalization:
Many credit unions provide greater personalization to each customer than the large chain banks do. Credit unions specialize in treating each individual customers as individuals and many credit unions can do this as they deal with much smaller audiences. A South Huston credit union can provide you the personal treatment you wish for and can still ensure that you are having your personal needs met when it comes to borrowing.
You Save Money:
Ultimately, if you are not getting nickeled and dimed by banks you are spending money that you could otherwise be saving. Credit unions can help you save that money and ensure that you are putting as much as possible away for retirement. In the end, its all about money in your pocket and not the bank’s pockets. The more you save in fees the more you can put away for your future, and that is actually the ultimate goal.
The more you are putting away in your savings the more you are able to use to make your dreams come true. Bank fees may seem small, but over years they add up. Considering that the average American spends about $31.05 in banking fees such as overdrafts each year.
If you were to save this money for 20 years you would be able to put another $1956 in the bank, or almost $2000. That money, along with interest, could easily pay for something like a new car throughout your lifetime as the interest compounds. Use that money to work for you and not the bank by using a credit union!