At first glance, a credit union appears to be the same as a bank, but there are some key differences which can impact whether it is the right choice for you. Credit unions are non profit financial institutions that are owned by their members.
As a credit union member, you can access many of the same products and services offered by a traditional bank, such as checking accounts, savings accounts, credit cards and loans.
Unlike banks, which aim to produce profits for their shareholders, credit unions offer competitive products for their members, reinvesting profits into their product line to further enhance their services.
However, in order to access these services, you do need to become a member and this means that you’ll need to meet the eligibility requirements for the specific credit union, which we will discuss in more detail.
What’s Generally Needed for Credit Union Membership?
The members of a credit union must have something in common to join. You’ll need to meet the specific eligibility requirements to open an account, which can differ across different credit unions. However, some of the common requirements include:
- Employees of an Organization or Group: Many credit unions are designed for employees of a specific organization or a group of organizations. For example, there are credit unions that are only open to federal employees and their immediate family members.
- Industry or Field: This is a little different from the above point, as you can qualify for some credit unions by working in a particular field or industry.
- Special Common Background: There are credit unions that are for groups with a common, special background. For example, the Navy Federal Credit Union is open to active and retired U.S Defense Department and Military personnel and their families.
- Geographical Location: This is one of the most common membership requirements for credit unions. You’ll need to live, work or worship in a specific community or area.
However, even if you meet the specific membership criteria, credit unions are still financial institutions. This means that you will also need the same documents that you typically need to open a bank account. This includes a government issued ID to confirm your identity, proof of address, such as a utility bill and your Social Security Number.
Credit Unions (Almost) Anyone Can Join
If you don’t meet the requirements of group specific credit unions above, there are still some options that could be available to you. There are some popular credit unions that open to almost anyone. These include:
1. Alliant Credit Union
Alliant Credit Union offers a wide variety of financial products including:
- Interest bearing checking accounts
- High interest savings accounts
- CDs
- Home loans
- Personal loans
- Vehicle loans
- Insurance
- IRAs
Alliant is available to current or retired employees of Alliant partners, or their immediate family members. The Alliant Credit Union is also open to those who live or work in one of the communities near its Chicago Corporate Headquarters. However, if you are not eligible through these options, you can still join Alliant by becoming a member of Foster Care to Success or FC2S.
FC2S serves U.S foster teens with a focus on those who are aging out of the system. It awards grants and scholarships with care packages, internships, and mentoring. There is a one time $5 membership fee to join FC2S, but Alliance may cover this on your behalf.
Those who live outside the United States can also become a member if they hold a Social Security Number or have an unexpired ITIN.
Alliant Credit Union Pros & Cons
Pros | Cons |
|---|---|
Interest Bearing Checking |
No Branches |
Competitive Rates |
Age Restrictions for Kids Savings Accounts |
Large ATM Network | Paper Statement Fee |
ATM Fee Rebates |
- Interest Bearing Checking
With a traditional bank, it is quite unusual to get an interest bearing checking account unless you carry a high balance.
However, the Alliant checking account offers a decent rate with no minimum balance requirements or monthly service fees. You simply need to make one or more electronic deposits into the account each month to earn dividends on your balance.
- Competitive Rates
Alliant offers high yield savings and other saving account options that offer highly competitive rates.
- Large ATM Network
Members can access over 80,000 fee free ATM locations. Participating ATMs are available at some banks, grocery stores, and convenience stores. However, deposits are not accepted at all locations.
- ATM Fee Rebates
If you don’t have access to a fee free ATM, you can receive up to $20 per month in fee rebates. These can be applied to withdrawals, deposits, balance inquiries, and transfers.
- No Branches
Alliant does not have a physical branch network. So, you will need to be prepared to conduct all your banking activity by phone, online or using the mobile app.
- Paper Statement Fee
If you opt for a paper statement, there is a fee of $1 per month.
- Age Restrictions for Kids Savings Accounts
If you want to open a kids savings account for your child, it must be opened before they turn 12.
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2. NASA Federal
NASA Federal offers a variety of checking and savings accounts, along with a limited selection of credit card options. You can access the NASA Federal credit union if:
- You’re a current or retired NASA employee
- You're married to or a relative of a NASA credit union member
- You’re a member of one of the the NASA credit union associations
- You’re a member of the National Space Society.
This last member requirement is likely to be the easiest route of entry for most people as anyone can join the National Space Society. Membership starts at $25 and you can also support advances in space development.
The great thing about NASA Federal is that it makes it simple to complete the entire application online. It takes less than one hour to complete the application form and become a member.
NASA Federal Pros & Cons
Pros | Cons |
|---|---|
Impressive Selection of Products | Fee Issues |
Superb CD Selection | Lack of Locations |
Low Loan Rates | |
Reward Credit Card |
- Impressive Selection of Products
NASA Federal aism to offer products and services that fit your specific financial goals to help you achieve your financial aspirations
- Superb CD Selection
You can select a CD term of six months to 60 months, with rates tiered to incentivize taking on a longer term. This allows you to earn far more than is typically available with traditional banks.
- Low Loan Rates
NASA Federal offers a variety of loan products with low rates, particularly on the auto loans. This could make the difference between struggling to qualify and driving away in your dream car
- Reward Credit Card
NASA Federal has a selection of credit cards including a reward card that offers points towards cash back and gift cards for everyday purchases
- Fee Issues
There are some customer complaints about fee and charge errors on consumer review sites.
While complaints about financial institutions are commonplace, there is an apparent pattern of random charges, which could suggest an underlying issue
- Lack of Locations
This is fairly common with many credit unions, but NASA Federal has limited locations, so you will need to conduct your business online or via phone.
3. Consumer Credit Union
Consumer Credit Union is a well established credit union dating back to 1930. This credit union is based in Illinois and has a number of branches throughout the Chicago suburbs. It offers a wide variety of consumer products including saving accounts, checking accounts, home loans, auto loans, CDs, IRAs and credit cards.
While you can access these banking services if you live near a branch in Illinois, the Consumer Credit Union is available nationwide. All you need to do is become a member of the Consumers Cooperative Association. This membership is available for a modest $5 fee and it allows you to perform some banking activities through partner organizations.
Consumer Credit Union Pros & Cons
Pros | Cons |
|---|---|
Widely Available | Rewards Checking is a Little Confusing |
Vast ATM Network | Higher Minimums |
Shared Branches | Low Savings APY |
High APY Checking Account | |
Low Minimum Balance Requirements |
- Widely Available
Consumer Credit Union is available to anyone in the U.S provided you pay the $5 Consumer Cooperative Association membership fee.
- Vast ATM Network
As part of the Consumer Cooperative Association, members of the Consumer Credit Union can access a network of over 30,000 ATMs.
- Shared Branches
Likewise, while the official Consumer Credit Union branches are all in Illinois, you can access over 5,000 shared credit union branches
- High APY Checking Account
One of the main draws of the Consumer Credit Union is its Rewards Checking account. This is a tiered reward account that allows you to earn more on your balance if you meet the various tier requirements.