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Credit Union / Regular Banks

Which is better when it comes to savings?

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mamaofficer

Asked by mamaofficer at 11:49 AM on Oct. 22, 2010 in Money & Work

Level 31 (50,120 Credits)
Answers (8)
  • Credit Unions have a better yield for savings accounts. And they usually have much lower minimums if you're opening a checking account as well. Banks tend to have $100 minimum checking, otherwise you get hit with a $15 penalty fee. My credit union is I think $5 savings minimum and 5cents checking.
    SweetPieMama24

    Answer by SweetPieMama24 at 11:53 AM on Oct. 22, 2010

  • I think they only thing a regular bank is better for, is that you probably have access to more atm's. We have a credit union account, and everything else about it is better. Contact your credit union, and ask them specific questions, let them know what your bank accounts work like now, they can tell you the differences.

    I LOVE the credit union, for checking, savings and loans......
    ohwrite

    Answer by ohwrite at 11:53 AM on Oct. 22, 2010

  • Credit unions usually have better rates than banks. The downside is that they usually have fewer locations and atms than banks.
    andrea96

    Answer by andrea96 at 12:23 PM on Oct. 22, 2010

  • "The downside is that they usually have fewer locations and atms than banks"

    Agree! And the hours are usually a lot shorter - usually closing by 4, 4:30 - have one late night to 6:30. and then Saturdays open til 12 or 1. But it's definitely worth it! Now my credit union lets us deposit checks online and mail them in the same day, so you don'y have to go to the branch.
    SweetPieMama24

    Answer by SweetPieMama24 at 12:45 PM on Oct. 22, 2010

  • I worked in the CU and they def have better rate and better service
    Amy2079

    Answer by Amy2079 at 12:47 PM on Oct. 22, 2010

  • I have a bank and a credit Union......the credit union is much better when it comes to customer service...
    Anna92464

    Answer by Anna92464 at 3:52 PM on Oct. 22, 2010

  • Our local credit unions are open longer than the major banks in our area. I'm not sure if that's normal.

    As far as interest rate I'd go with a credit union. But you're really no earning much money right now.

    I also agree that the customer service is better. =)
    Erica_Smerica

    Answer by Erica_Smerica at 5:49 PM on Oct. 22, 2010

  • credit unions
    Mom2Rylin

    Answer by Mom2Rylin at 10:46 PM on Oct. 22, 2010

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