Last Updated on March 16, 2025 by admin
Credit unions in the United States have become increasingly popular due to their member-focused approach and competitive financial offerings. Unlike traditional banks, credit unions are not-for-profit institutions that reinvest their earnings into member benefits, resulting in lower fees and better interest rates on savings and loans.
This community-oriented banking experience is a significant draw for many individuals seeking personalized service and financial education resources
Currently united states have more than 6,000 credit unions with higher savings rates, lower loan rates, and lower fees. Credit unions are not-for-profit organizations that exist to serve their members. They encourage members to save money and offer loans to members.
Navy Federal Credit Union is the largest credit union in the United States, serving over 14 million members and holding $180 billion in assets.
It primarily caters to military members and their families, offering a wide range of financial services, including checking and savings accounts, loans, and credit cards. Navy Federal is renowned for its competitive rates and extensive branch and ATM network, making it a popular choice among its members.
Other notable credit unions include SECU, PenFed, and SchoolsFirst, which rank among the top five largest credit unions in the country. SECU, based in North Carolina, has $57 billion in assets and is known for its strong regional presence and high member satisfaction.
PenFed, or Pentagon Federal Credit Union, offers nationwide accessibility and competitive rates, holding $32 billion in assets. SchoolsFirst, located in California, serves educators and their families with $31 billion in assets
Credit unions like BECU, America First, and Alliant also feature prominently among the largest in the U.S. BECU, or Boeing Employees Credit Union, has $29 billion in assets and offers a comprehensive range of services.
America First and Alliant both hold around $20 billion in assets and are praised for their competitive rates and strong member satisfaction. These credit unions, along with others like Mountain America, Golden 1, and Suncoast, continue to attract members with their commitment to providing quality financial services and community-focused programs.
purpose of a Credit Union
Credit unions are member-owned, not-for-profit financial institutions that prioritize the financial well-being of their members. Unlike traditional banks, which are for-profit entities owned by shareholders, credit unions focus on providing financial services that meet the needs of their members and support community involvement.
This unique structure allows credit unions to offer lower fees, higher interest rates on savings, and more personalized customer service
One of the primary purposes of joining a credit union is to benefit from lower fees and better interest rates on savings accounts and loans.
Credit unions are able to offer these advantages because they reinvest profits back into member services rather than distributing them to shareholders.
This results in more favorable financial products for members, such as higher savings rates and lower loan rates, which can significantly improve their financial health.
Credit unions also play a crucial role in supporting local communities and economies. They provide business loans to local businesses, create jobs, and keep money circulating within the community.
By partnering with local organizations and funding initiatives that improve quality of life, such as affordable housing and public transportation, credit unions contribute to the overall economic stability and development of the areas they serve
Credit unions offer financial education and resources to help members make informed decisions. They provide support to underserved communities by offering access to financial products and services, which helps establish wealth and financial stability.
Through volunteering and charitable efforts, credit unions strengthen community bonds and promote social responsibility, making them valuable contributors to the well-being and prosperity of the areas they serve
1. To promote financial well-being within the local area by providing access to affordable 2. savings and loan products
3. To create a source of credit facilities for the benefit of its members at a fair and reasonable interest rate
4. To use and control members’ funds for the mutual benefit of all members
For the purpose of this content will shall taken a look at 10 Biggest Credit Unions in united states of America
Read: List of Banks in United states USA
1. Navy Federal Credit Union
The Navy Federal Credit Union provide customers with Mobile and Online Banking which allow them Manage their Money like Mobile Deposits of Checks From Anywhere, Anytime , Rates & Loans, Transfers and Bill Pay.
To be a member of the credit union, you must be a veteran, have current ties to the armed forces, Department of Defense, or National Guard, or have an immediate family member who has a membership with Navy Federal.
1. Navy Federal Credit Union provides members with Personal Expense Loan from $250 to $50,000 loan amounts
2. Home Improvement Loan ranging from $25,000 minimum loan amount for 61 to 84 months and $30,000 minimum loan amount for 85 to 180 months Home Improvement Loan Student Loans
3. Debt Consolidation Loan: $250 to $50,000 loan amounts from 37 to 60 mos. 14.79-18.00%
4. Savings Secured Loan of $25,000 minimum loan amount for 61 to 84 months and $30,000 minimum loan amount for 85 to 180 months
5, Certificate Secured Loan: Borrow 100% of their certificate’s principal balance for a variety of terms at 2.00% APR above the certificate’s rate.
6. Savings Secured Loan:$25,000 minimum loan amount for 61 to 84 months and $30,000 minimum loan amount for 85 to 180 months
7. Student Loans & Refinancing
Also read: How to get a loan with no credit Check
2. State Employees’ Credit Union
The State Employees’ Credit Union (SECU) is a member-owned cooperative that provides a wide range of financial services to its members. With over 2.8 million members across North Carolina, SECU offers savings accounts, checking accounts, credit cards, personal loans, auto loans, mortgages, and home equity lines of credit.
Members can access their accounts through online banking and the SECU Mobile App, and they benefit from competitive rates, low fees, and personalized financial solutions
They also offers a wealth of different services such as Summer Cash Account,Youth Saving Challenge , Insurance Products and mortgage options for borrowers, depending on their situation.
To become a member of SECU, individuals must meet specific eligibility requirements. These include being an employee or retiree of the state of North Carolina, related entities, or an immediate family member of an existing SECU member.
Membership is initiated by opening a Share Account with a minimum deposit of $25, which represents the member’s share of ownership in the credit union. This process can be completed online, in person, or by mail.
3. Pentagon Federal Credit Union
Pentagon Federal Credit Union, commonly known as PenFed, is one of the largest credit unions in the United States. It was originally established to serve military and government employees,but has since expanded its membership eligibility to include all U.S. citizens and permanent residents who are at least 18 years old.
To join PenFed, individuals can open a savings account with a minimum deposit of $5. Additionally, those who do not meet specific eligibility criteria can join by becoming a member of an affiliated organization, such as the National Military Family Association, for a small fee.
PenFed offers a wide range of financial products and services to its members. These include checking and savings accounts, credit cards, personal loans, auto loans, mortgages, home equity loans, and student loans.
The credit union is known for providing competitive interest rates on savings accounts and certificates of deposit. Additionally, PenFed offers investment and wealth management services through its partnership with LPL Financial. Members can also benefit from online and mobile banking services, allowing them to manage their accounts, deposit checks, and find ATMs through the mobile app
4. Boeing Employees Credit Union
Boeing Employees Credit Union (BECU) is a member-owned, not-for-profit financial cooperative that offers a wide range of services to its members.
These services include free checking and savings accounts with no minimum balance or maintenance fees, as well as various loan options such as auto, home improvement, student, and personal loans. BECU also provides mortgages and lines of credit, along with online and mobile banking services.
Members can benefit from a cash back credit card and a personal line of credit, making BECU a comprehensive financial institution for its members.
BECU offers competitive interest rates on its loan products, which include auto loans, personal loans, and mortgages. As of March 2025, auto loan rates start at 6.99% APR for new vehicles and 7.99% APR for used vehicles.
Personal loans have interest rates starting at 9.99% APR, while mortgage rates vary by loan type, with 30-year fixed rate mortgages at 6.628% APR and 15-year fixed rate mortgages at 6.105% APR. These rates are subject to change and may vary based on factors such as credit score, loan term, and loan amount.
To become a member of BECU, individuals must meet certain eligibility criteria. Membership is open to those who live, work, worship, or attend school in Washington state, as well as residents of select counties in Oregon and Idaho. Employees, volunteers, or retirees of Boeing and its subsidiaries are also eligible.
The application process involves providing personal information, a valid government-issued ID, and a minimum deposit of $5 to open a Member Share savings account, which establishes membership
5. SchoolsFirst Federal Credit Union
SchoolsFirst Federal Credit Union is a member-focused financial institution that primarily serves school employees and their families in California. It offers a wide range of financial services, including checking and savings accounts, credit cards, personal loans, auto loans, mortgages, and home equity products.
Additionally, SchoolsFirst FCU provides investment and retirement services, such as 403(b) and 457(b) plans, as well as insurance products and financial education resources. The credit union is committed to providing world-class personal service and financial security to its members
To become a member of SchoolsFirst Federal Credit Union, individuals must meet specific eligibility requirements. These include being a current or retired school employee, an immediate family member of a member, an employee of a service provider to eligible schools, or a college student in an education program.
Applicants need to provide valid identification, documentation of eligibility, and make an initial deposit of at least $5. Membership applications can be submitted online, in person at a branch, or by mail
You may also like to read: How to deposit Wells Fargo mobile check and Limits
6. First Technology Federal Credit Union
First Tech Federal Credit Union offers members digital banking which come along with mobile and online banking.The service also include emergency loans, and different payment options for low-income borrowers.
First Tech offers a great checking account with no monthly fees and a top interest rate of 1.00%. It’s headquartered in California, anyone can apply for membership….First Tech Federal Credit Union includes Addison Avenue Investment Services. First Tech Insurance Services is the business name of Addison Avenue Financial Partners, LLC.
First Tech account product includes:
. Carefree Savings account, a minimum opening balance of 1 cent and no monthly with a minimum balance of $5 but has no monthly maintenance fee and an APY of 0.05%.
. Dividend Rewards Checking: Apart from saving, they also offer checking accounts known as Carefree Checking and an HSA Checking option, for people who want an easy way to pay for medical expenses
. First Tech’s certificates: rates is higher than national averages and minimum deposit requirement is higher than that of some of other certificate and certificate of deposit providers.
7. Golden 1 Credit Union
Golden 1 Credit Union is a member-owned financial cooperative that offers a wide range of financial services to its members. It is one of the largest credit unions in the United States, providing services such as checking and savings accounts, personal loans, auto loans, home loans, and credit cards.
Members can also access investment services, insurance products, and financial planning assistance. The credit union is known for its competitive interest rates, low fees, and extensive ATM network, making it a popular choice for Californians and eligible non-residents
To become a member of Golden 1 Credit Union, individuals must meet certain eligibility requirements. Californians can join by opening a savings account with a minimum deposit of $1. Non-Californians can also become members if they are immediate family members or registered domestic partners of current members, or if they belong to one of nearly 1,000 Select Employee Groups. The application process requires a Social Security number, date of birth, and a government-issued ID with the current address
Read: How to enroll for Wells Fargo Online banking and Mobile App
8. Alliant Credit Union
Alliant Credit Union is a member-owned financial cooperative that offers a range of banking services to its members. To open a new account with Alliant Credit Union online, you need to apply and indicate your eligibility for membership.
This process involves gathering your driver’s license and Social Security number, and then setting up your account by providing your information. You will also need to fund your account using your current bank information, and the process should only take a few minutes
The Chicago base credit union have high-quality savings accounts also also offers its members personal loans that can be used to consolidate debt or for home expenses and emergencies.
Alliant Credit Union provides competitive interest rates across various accounts, making it an attractive option for many customers.
Their High-Rate Savings account offers a 3.10% Annual Percentage Yield (APY) for balances of at least $100. For certificates of deposit (CDs), Alliant offers rates ranging from 3.10% to 4.25% APY for regular CDs and 3.10% to 4.30% APY for jumbo CDs, with terms from 3 months to 5 years. The High-Rate Checking account earns 0.25% APY if certain conditions are met
9. America First Credit Union
America First Credit Union is a member-owned financial cooperative that provides a wide range of financial services to its members.
It operates primarily in the western United States, with eligibility for membership based on location or affiliation. Members can benefit from various services, including low loan rates, free services, and exclusive member deals.
The credit union is committed to offering personalized assistance and financial education resources to help members achieve their financial goals.
To become a member of America First Credit Union, individuals must meet specific eligibility requirements. These include living, working, worshiping, volunteering, or attending school in certain counties in Utah, Nevada, Arizona, Idaho, Oregon, and New Mexico.
Additionally, employees of the Utah food industry, members of Select Employer Groups, and immediate family members of existing members are eligible. The application process is straightforward and can be completed online, through a mobile app, or at a branch location.
America First Credit Union offers a variety of loan products with competitive interest rates. Auto loans start at 5.74% APR for a 5-year term, while personal loans have fixed rates starting at 12.99% APR for a 1-year term.
Home equity lines of credit (HELOCs) and mortgages are also available, with rates starting at 6.99% APR and 6.5% APR, respectively. These rates are subject to change and may vary based on factors such as credit score and loan amount
10. Suncoast Credit Union
Suncoast Credit Union is a member-owned financial cooperative that offers a wide range of financial services to its members. These services include savings and checking accounts, personal loans, auto loans, mortgages, credit cards, and insurance products.
Members can also benefit from digital banking options, allowing them to manage their accounts conveniently through online platforms and mobile apps. Additionally, Suncoast is committed to community support initiatives, providing scholarships and donations to local causes
To become a member of Suncoast Credit Union, individuals must meet certain eligibility criteria, such as residing in one of the 21 eligible Florida counties or having a family member who is already a member.
Once membership is established, members can access a variety of loan options, including signature loans, student loans, and technology loans. The application process is straightforward, with no application fees, and can be completed online or at a branch location.
Suncoast Credit Union offers several savings account options with varying interest rates. The Regular Share Membership savings account requires a $5 minimum opening deposit and earns 0.25% APY. For those seeking higher yields, the High Yield Savings Account offers 4.50% APY on balances up to $500, provided the member also has a High Yield Checking account. Additionally, the Money Market Account features tiered rates, ranging from 1.15% APY for balances under $1,000 to 3.00% APY for balances of $500,000 and greater.
