Did you know you’re saving money—maybe hundreds of dollars a year—just by being a White Sands Federal Credit Union member?
Credit unions typically charge fewer and lower fees than other financial institutions, according to the Credit Union National Association’s (CUNA) latest membership benefits report. Of course, the amount you save has a lot to do with your financial habits and the number of [credit union name] products and services you use. On average, credit union member households in the U.S. save about $159 a year.
Some of those savings comes from higher rates on savings products. For example, according to CUNA’s latest report, money market accounts at credit unions earned an average interest rate of .18%, while the same accounts at banks earned .09% interest. Lower rates on credit cards also benefit the bottom line. CUNA reported that the average rate for a classic credit union credit card is 11.70% versus 17.16% for a bank credit card.
Consider this: Financing a $25,000 new automobile for 60 months at a credit union will save members an average of $171 per year in interest expense compared to what they would pay at a banking institution. That’s approximately $855 in savings over five years.
Credit unions offer better value because they are non-for-profit institutions owned and controlled by their members. Banks are owned by stockholders who want solid returns on their investments.
Bottom line: If you’re looking for a safe place to save and borrow, without getting nickeled and dimed to death, credit unions are the best deal—bar none.