Credit unions are member-owned non-profits; banks are usually for-profit companies. Both can be good choices, and both are insured when they're federally covered.
Credit unions often offer
- Lower fees
- Better rates on savings and loans
- A local, community focus
- Membership based on where you live, work or belong
Banks often offer
- More branches and ATMs, especially national banks
- More features in their apps
- Open membership
Check insurance
Banks are insured by the FDIC and federally insured credit unions by the NCUA, both up to $250,000 per depositor, per institution, per ownership category.
General educational information, not financial advice. Rates and fees change; check with your bank or credit union. Nickel Savings isn't paid by any bank or financial company.