Showing posts with label Credit union. Show all posts
Showing posts with label Credit union. Show all posts

Saturday, June 1, 2024

5 Benefits of Working with a Credit Union

When it comes to managing your finances, choosing the right financial institution is crucial. While many people opt for traditional banks, credit unions offer a unique set of benefits that can make a big difference in your financial well-being. 

This blog post will explore the top 5 benefits of working with a credit union and why you should consider switching.

Lower Fees and Better Rates

One of the most significant advantages of working with a credit union is their lower fees and better interest rates than traditional banks. 

Credit unions are not-for-profit organizations, which means they prioritize serving their members rather than maximizing profits. This allows them to offer competitive rates on loans, savings accounts, and other financial products. 

Additionally, credit unions typically have lower fees for services such as ATM withdrawals, overdrafts, and account maintenance, saving you money in the long run.

Personalized Service

Credit unions, like Together Credit Union, are known for their personalized service and dedication to their members. Unlike big banks that treat customers as numbers, credit unions take the time to understand individual needs and provide tailored solutions. 

Whether you need help with budgeting, managing debt, or planning for retirement, credit union staff are there to guide you every step of the way. 

This level of personalized service can make a significant difference in your financial journey and help you achieve your goals faster.

Community Focus

Another benefit of working with a credit union is its strong focus on community involvement and support. Credit unions are deeply rooted in the communities they serve and often engage in local initiatives such as financial literacy programs, scholarships, and charitable events. 

By banking with a credit union, you are not only benefiting from their services but also contributing to the overall well-being of your community. This sense of giving back can create a positive impact.

Membership Benefits

As a member-owned institution, credit unions offer unique membership benefits that go beyond just banking services. Members often have access to exclusive discounts on insurance products, shopping deals, travel packages, and more. 

Some credit unions even provide free financial education resources such as workshops or webinars to help members improve their money management skills. 

These additional perks can enhance your overall banking experience and provide added value to being part of a credit union.

Financial Stability

Last but not least, working with a credit union can contribute to your long-term financial stability. Credit unions are known for their sound financial practices and conservative lending policies, prioritizing member safety over risky investments. 

This approach helps protect your money from economic downturns or market volatility while ensuring you receive steady returns on your deposits. By entrusting your finances to a credit union, you can feel confident that your funds are secure and well-managed.

Final Thoughts

Working with a credit union offers numerous benefits that can positively impact your financial well-being. From lower fees and better rates to personalized service and community focus, credit unions provide a holistic approach to banking that prioritizes member satisfaction above all else. 

If you're looking for an institution that truly cares about its members and values ethical business practices, consider joining a credit union today. 

Make the switch and experience the difference firsthand!

Thursday, May 23, 2024

Exploring the Unique Benefits of Credit Union Loan Programs

When it comes to securing a loan, many individuals are turning away from traditional banks and exploring the unique benefits offered by credit unions. 

Unlike banks, credit unions are member-owned financial cooperatives, which means their primary goal is to serve their members rather than generate profits. 

This member-focused approach often results in more favorable loan terms, lower interest rates, and a personalized service experience that is hard to match. 

In this article, we will delve into the distinct advantages of credit union loan programs and why they might be the perfect fit for your financial needs.

Lower Interest Rates

One significant benefit of credit union loan programs is the lower interest rates they offer. Since credit unions operate as not-for-profit organizations, they can afford to pass on their savings to members in the form of reduced interest rates. 

This lower cost of borrowing can make a substantial difference over the life of a loan, resulting in significant savings. Whether you're looking for a mortgage, auto loan, or personal loan, the competitive rates offered by credit unions make them an attractive option for many borrowers. 

By paying less in interest, members can allocate their funds towards other financial goals, making credit union loans a smart, budget-friendly choice.

Personalized Service

Another unique benefit of credit union loan programs is the personalized service provided to members. Since credit unions are member-owned, their primary focus is on meeting the financial needs of their members. 

This often translates into a more hands-on and customized approach when it comes to loan applications and approvals. Rather than being treated like a number, credit union members can expect a personalized service experience, with staff taking the time to understand their unique financial situation and work towards finding the best loan solution for them. 

This level of attention and care can make all the difference in securing a loan that meets your needs and fits within your budget.

Flexible Loan Options

Credit unions also offer a variety of flexible loan options to suit different financial needs. Unlike banks that may have strict eligibility requirements and limited loan options, credit unions often tailor their loan programs to the specific needs of their members. 

This means that whether you have excellent credit or a less than perfect history, there is likely a loan program available for you at a credit union. 

Additionally, credit unions may offer more flexible repayment terms and lower fees compared to traditional banks, making their loan programs more accessible and accommodating to different financial situations.

Member Perks

Lastly, credit union members can often enjoy additional perks and benefits beyond just lower interest rates. These may include discounted or waived fees, access to financial planning resources, and even profit-sharing dividends for active members. 

As a member of a credit union, you have a say in how the organization operates, and your voice is heard. This sense of ownership and community can be a valuable aspect of being a credit union member that goes beyond just securing a loan. 

Credit union loan programs, such as those offered at Bellco Credit Union, offer unique benefits that traditional banks often cannot match. With lower interest rates, personalized service, flexible loan options, and additional member perks, it's no wonder why more and more individuals are turning to credit unions for their borrowing needs. 

If you're in the market for a loan, consider exploring the options offered by credit unions in your area. You may be pleasantly surprised by the benefits and advantages that come with being a member of a financial cooperative.

Saturday, March 23, 2024

Understanding the Ins and Outs of a Money Market Bank Account

Money market accounts are a popular choice for many individuals looking to grow their savings while still having easy access to their funds.

In this blog post, we will delve into the world of money market accounts and break down how they work, their benefits, and how you can make the most of this financial tool.

What Is a Money Market Account?

A money market account (MMA) is a type of savings account offered by banks and credit unions that typically provides higher interest rates compared to standard savings accounts. 

These accounts combine the features of both savings and checking accounts, offering the ability to earn interest on deposited funds while still providing easy access to your money, often including check-writing capabilities and a debit card. 

The interest rates on MMAs are variable and tend to respond to changes in the overall interest rate environment, making them an attractive option for savers looking to maximize their returns. 

However, to take advantage of the higher interest rates, money market accounts usually require a higher minimum balance than traditional savings accounts, which is something to consider when choosing the best place to park your savings.

How Do I Open an Account?

Opening a money market account is a straightforward process that closely resembles setting up a standard savings or checking account. The first step is to research and select a banking institution that offers competitive interest rates and minimal fees. 

Once you have chosen a bank, you can usually initiate the application process online, over the phone, or in person. You will be required to provide personal information, including your Social Security number and a valid form of identification. 

Additionally, most banks will require an initial deposit to open the account, the minimum amount of which can vary depending on the institution's policies. After completing these steps, your account will be open, and you can begin enjoying the benefits of a money market account.

What Are the Big Benefits?

One of the primary advantages of a money market account is the higher interest rate it offers, which can significantly increase your savings over time compared to a traditional savings account. 

This makes MMAs particularly appealing for individuals looking to build their emergency funds or save for short-term goals without sacrificing accessibility to their funds. 

Additionally, money market accounts often come with the ability to write checks or use a debit card, providing flexibility and convenience for account holders who may need to access their money with ease. 

Furthermore, MMAs are typically insured up to $250,000 by the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA), offering a level of security and peace of mind that is valuable for savers.

In conclusion, money market accounts represent a savvy choice for individuals looking to beef up their savings while maintaining ready access to their funds. 

With their higher interest rates, convenience of access through check writing and debit cards, and the security of FDIC or NCUA insurance, MMAs strike a balance between the earning potential of a savings account and the flexibility of a checking account. 

Whether you’re saving for an emergency fund, a major purchase, or just looking to get more from your deposited funds, a high-interest credit union money market could give you an excellent addition to your financial strategy. 

As with any financial decision, it’s important to do your homework and choose an account that aligns with your savings goals and financial situation.

Sunday, October 8, 2023

The Advantages of a Credit Union Membership

When it comes to banking, most people opt for a traditional bank. However, a credit union can be a great alternative. Credit unions are not-for-profit institutions that are owned and operated by their members.

This means unlike banks, they don't exist to make money for their shareholders. Instead, they focus solely on their members and help them achieve their financial goals. 

In this blog post, we'll explore the many advantages of a credit union membership.

Better Fees and Interest Rates

When managing your finances, finding an institution that offers better fees and interest rates is key. This is where credit unions come in, offering a refreshing alternative to traditional banks. 

Their reputation for lower fees is well-deserved, with many credit unions waiving ATM and overdraft fees. This can make a significant difference in your finances over time. 

But what sets credit unions apart is their commitment to offering better interest rates. By offering higher interest rates on savings accounts and lower rates on loans and credit cards, credit unions help their members keep more of their hard-earned money. 

So, if you're looking for a better way to manage your finances, consider joining a credit union today.

Personalized Customer Service

Imagine walking into a financial institution and being greeted by name and asked about your family, your job, and the financial goals you have set for yourself. 

This may sound like a distant dream for many, especially those who have grown tired of the impersonal experience banks tend to offer. However, with credit unions, such as the Credit Union of Denver, customers receive personalized attention thanks to their smaller size and focus on building relationships with their members. 

Unlike anonymous banking giants, credit unions take the time to get to know their members’ financial situations, and the same representative often works with customers over time. 

With the more tailored approach of personalized customer service, credit unions offer a refreshing alternative to standard banking.

Access to Financial Opportunities

Access to various financial products is essential for anyone looking to take control of their finances. Credit unions have become popular for those searching for more options due to their extensive range of services. 

Credit unions have everything from savings accounts to loans and credit cards to investment opportunities. They often team up with other credit unions, giving their members even more benefits. 

Opting for a credit union over a traditional bank can give you greater financial flexibility and access to more financial products than you may have thought possible.

Community Involvement

Community involvement is an essential aspect of credit unions that sets them apart from other banking institutions. Unlike traditional banks, credit unions operate solely to benefit their members, so their focus is always on what is best for the community. 

This approach to banking enables credit unions to be deeply involved in their local communities, supporting them in various ways. They might sponsor locally organized charities, host seminars on financial literacy, or even provide loans to their members for small business ventures. 

Through these efforts, credit unions help foster a sense of interconnectedness in the community and encourage its growth and development. 

This community involvement also strengthens the trust and loyalty between credit unions and their members, making them a valuable part of the community.

Community Ownership

Community ownership is a fundamental aspect of credit unions. By becoming a credit union member, you are a customer and a co-owner of the institution. 

This unique structure means that every member has a voice in the credit union's operations. A small group does not make decisions of investors seeking profit but by elected board members representing the entire membership. 

It's a refreshing alternative to traditional banks, where profits are prioritized over customers' needs. Community ownership ensures that credit unions are always working to benefit their members rather than a select few at the top.

Final Thoughts

Credit unions offer many advantages over traditional banks. From personalized customer service to lower fees, credit unions put their members first in all finance matters. 

Moreover, they feature a more democratic approach to decision-making, are highly involved in their communities, and provide their members with access to a wider range of financial products. 

So, consider a credit union membership for all your banking needs.

Friday, August 11, 2023

Your Money, Your Community: The Strength of a Local Bank

Are you tired of feeling like just another number in the banking system? Are you ready to make a real impact with your money? If so, supporting a local bank may be the perfect solution. 

Today, more and more customers are recognizing the power of their spending and how it can make an economic difference within their community. Local banks understand this mission and strive to unite people through better financial options. 

From convenience to meaningful relationships, considering a local bank could benefit your wallet and your community.

The Advantages of Choosing a Local Bank

When it comes to choosing a bank, there are many options available. However, it's important to consider the advantages of choosing a local bank. 

Not only do you have the benefit of building a personal relationship with your banker, but you also support your local community. Local banks are invested in the community's success and often make decisions based on the community's needs rather than corporate interests. 

Another advantage is that local banks typically offer more competitive rates and fees than larger national banks. By choosing a local bank, you can feel confident in knowing your money is in good hands while also supporting the growth and development of your community.

Building Stronger Communities by Investing in Local Banks

As our world becomes more globalized, it's important to remember the value of investing in our local communities. One way we can do this is by supporting our local banks. 

By choosing to bank with a local institution, we're keeping our money close to home and helping to build a stronger community. 

Local banks often reinvest in the community through loans for small businesses and mortgages for residents. They're more likely to understand their customer's unique needs and challenges. 

So, next time you're considering where to open a new account or take out a loan, consider investing in your community by choosing a local bank.

The Benefits of Working with a Community Bank

Working with a community bank can be an excellent option for those seeking personalized financial solutions and a close relationship with their bank. 

Community banks prioritize building relationships with their customers and understanding their unique needs, unlike larger financial institutions. This personalized approach can lead to more flexible loan terms, lower fees, and higher interest rates on savings accounts. 

Plus, you're supporting your community's economy by working with a local bank. By working with a community bank, you'll have access to competitive financial products and peace of mind knowing that you're a valued customer. Why not give your local community bank a chance?

How to Get the Most out of Your Money at a Local Bank

Heading to your local bank is a great way to get the most out of your money. You can make the most of your banking experience in various ways. 

You can start by setting up a checking account that pays interest or a savings account, which allows you to earn more on your hard-earned money. Additionally, find out what kind of perks your bank offers, such as cash-back programs or waived ATM fees. One of the best ways to get the most out of your local bank is by taking advantage of their expertise. 

The professionals at your local bank have years of experience in the financial industry and can offer sound advice on investments, loans, and credit. Finally, feel free to ask questions or negotiate fees. 

Your local bank is there to help you and wants to see you succeed financially. With this advice, you'll be well on your way to getting the most out of your money at your local bank.

What You Need to Know Before Choosing a Local Bank

Are you in the market for a new local bank? It's an important decision that impacts your financial well-being, so it's essential to choose wisely. There are several factors to consider before making your choice. First, consider the bank's fees and policies. 

Will you be charged for ATM withdrawals or monthly maintenance fees? Be sure to read the fine print before committing to a particular institution. 

Second, pay attention to the bank's customer service and accessibility. Are their hours convenient for you? Can you easily reach a representative if you have a problem or a question? Lastly, take into account the bank's reputation. 

Are they well-respected in the community and known for providing quality services? With these factors in mind, you can choose the right local bank.

Tips for Making Your Money Work Harder in Your Community

If you want to make your money work harder in your community, there are a few tips to keep in mind. First and foremost, consider investing in local businesses or real estate. 

This supports your community's economy and can provide a solid return on your investment. Another way to make your money work harder is to take advantage of community resources, such as energy-saving initiatives or community banks with higher interest rates. 

Additionally, consider joining a credit union like the Credit Union of Denver. Also, consider investing in a local co-op, which can often offer more personalized and cost-effective financial services. 

By putting your money into your community, you benefit yourself financially and contribute to the growth and vitality of the place you call home.

Final Thoughts

Choosing a local bank is not only a great way to support your community, but it can also potentially lead to greater returns. With today's technology, staying connected to your accounts and using modern banking tools is easier than ever. 

Local banks are built on trust and relationships, providing customer service in an efficient manner that isn’t found elsewhere. Whether looking for lower interest rates on loans or faster access to money, partnering with a local bank is the perfect choice. 

Moreover, investing with a local bank allows you to make the most out of your money while knowing you’re integral in helping shape your local economy and maintaining strong community ties. 

All in all, choosing a local bank has all sorts of advantages, from better opportunities for savings and investments to support your community—so why not try it?

Wednesday, July 12, 2023

Unlock Your Financial Freedom With a Credit Union

Banking is a crucial aspect of your life, and managing it properly can bring about a sense of financial security. However, with so many options available, choosing the right financial institution can be overwhelming. 

One type of financial institution that is gaining popularity is the credit union. A credit union is a nonprofit organization that offers financial services to its members. 

It is a relatively new concept for many people, and at times it can be hard to understand what makes them different from a regular bank. This blog post will explore how credit unions can help you unlock your financial freedom.

Lower Fees and Better Rates

When it comes to managing your finances, one of the most significant concerns is the fees and rates you pay. Many credit unions offer lower fees than traditional banks, and they also have better interest rates on savings accounts and loans. 

Credit unions do not have to pay shareholders like traditional banks do, which means they can offer better rates and still make a profit. 

For example, credit unions may offer lower or no ATM fees, lower overdraft fees, and fewer account fees.

Personalized Service

Credit unions are member-owned and operated, which means their focus is on serving their members rather than maximizing profits. As a member, you are not just a customer, but an owner, which means you have a say in how the credit union is run. 

Credit unions, like Credit Union of Denver, often have a more personalized approach to customer service than traditional banks. 

They are generally smaller than banks, which allows them to be more closely attuned to individual members' needs, and they often offer financial education to help members with their financial goals.

Better Loan Options

If you need a loan, a credit union may be a better option than a traditional bank. Credit unions offer better interest rates on loans due to their nonprofit nature, and they typically have more flexible loan terms. 

Credit unions may also offer special loans such as home equity, student, or personal loans with lower interest rates than traditional banks. 

Plus, credit unions often have higher approval rates for loans, meaning you are more likely to get approved even if you have less-than-perfect credit.

Shared Branching and ATM Networks

Credit unions may have a smaller number of physical branches than traditional banks, but they often have access to a network of shared branches and ATMs. 

This means you can access your account and conduct transactions at other credit union locations and ATMs without incurring any additional fees. 

Additionally, many credit unions partner with other credit unions to create a shared ATM network, meaning you will have access to a large number of ATMs for no additional cost.

Participating in Your Financial Success

Credit unions are member-owned, meaning when you join, you become part of a community that works together to improve everyone's financial success. 

Many credit unions work with members to help them establish and achieve their financial goals. They offer financial education to help members learn valuable skills like budgeting and saving, and they may also offer seminars on topics such as buying a home or starting a business.

Final Thoughts

Credit unions offer many benefits to their members, including lower fees and better rates, personalized service, and better loan options. Additionally, credit unions offer shared branching and ATM networks and participate in their members' financial success. 

Joining a credit union may be a good option for those looking to save money or achieve their financial goals. So why not consider unlocking your financial freedom with a credit union?

Saturday, April 1, 2023

The Pros and Cons of Choosing a Credit Union Over a Bank

Choosing between a credit union and a bank can take a lot of work to make. It’s important to understand the differences between the two before making a commitment.

From interest rates to customer service, there are many factors to consider when deciding which institution is best for you. 

Let’s take a look at the pros and cons of credit unions versus banks.

The Pros of Credit Unions

Credit unions, like Credit Union of Denver, are typically smaller than banks, meaning that they offer more personalized services and more customized loan options that suit your individual needs. 

Credit unions also tend to have lower fees associated with their services, such as ATM withdrawal fees or overdraft protection fees. They also generally offer higher interest rates on savings accounts than what you would find at a traditional bank. 

Additionally, many credit unions are not-for-profit organizations, so they don't need to focus on increasing profits in order to stay afloat; instead, they can put their members' interests first by offering better rates and more personalized services without sacrificing quality or convenience.

The Cons of Credit Unions

One downside of using a credit union is that their branches may not be as widespread as those from traditional banks, which means it can be harder for customers to access physical locations when needed for deposits or withdrawals. 

Additionally, some credit unions may have stricter eligibility requirements than those found at traditional banks; this means that if you don't meet certain criteria (such as being employed in the same industry), you may be unable to join the credit union in question. 

Finally, some customers may feel limited by the range of banking products offered by credit unions; while most provide basic banking services such as savings accounts and loans, they may lack features like investment accounts or business banking options that some people might prefer over their traditional counterparts.

Credit unions are an excellent alternative to traditional banks in many ways. For example, they often feature lower fees and higher interest rates on savings accounts, as well as more personalized services and loan options designed specifically for individual customers' needs. 

However, it's important to consider the potential downsides of choosing a credit union over a bank before making your decision; these include fewer physical locations available for deposits or withdrawals and potentially stricter eligibility requirements than those found at traditional banks. 

Ultimately, it will come down to personal preference; if you’re looking for higher returns on your investments or easier access to physical locations, then a bank might be the better option for you. 

On the other hand, if personalized service is important, then choosing a credit union could be beneficial for you in the long run!

Tuesday, March 28, 2023

The Benefits of Banking With a Credit Union

Financial institutions come in all shapes and sizes, and one type of financial institution that is growing in popularity is the credit union.

Credit unions are member-owned, not-for-profit cooperatives that provide financial services to their members. If you’re looking for an alternative to traditional banking, then a credit union might be just what you need. 

Let’s take a closer look at why you should consider banking with a credit union.

Lower Fees

One of the biggest benefits of credit unions is that they typically have lower fees than traditional banks. When it comes to checking accounts, credit unions often have no monthly or annual fees, no minimum balance requirement, and free online banking. 

Credit unions also tend to offer lower loans and higher savings rates than banks. 

This means your money goes further when deposited in a credit union account than in a bank account.

More Personal Service

Another advantage of banking with a credit union is more personal service. Credit unions are typically smaller than banks and operate on a more localized level, so they can offer more personalized customer service. 

Since they are member-owned organizations, they also tend to be more community-focused than banks, so they may offer certain services or discounts specific to your area (such as discounted tickets for local sporting events). 

In addition, their smaller size allows them to respond quickly and effectively to any issues you may have with your accounts or transactions.

Membership Benefits

Another benefit of banking at a credit union is that you will become part owner in the financial institution as soon as you open an account. 

This means you have access to special member benefits such as discounts on loan rates, exclusive products and services, and even rewards programs that can help you save more money over time. 

You may also be eligible for additional perks such as free ATM transactions or waived overdraft fees if you maintain a certain balance in your account each month.

Range of Services

Finally, while many people associate credit unions primarily with checking accounts or loans, many have much broader offerings than that—including investments and retirement planning services, debit cards, and mobile banking options. 

So if you’re looking for an institution that can provide comprehensive financial services for all your needs in one convenient place, then a credit union could be the perfect choice for you.

In conclusion, there are many advantages to banking with a credit union instead of a traditional bank. 

Credit unions, like Credit Union of Denver, typically have lower fees than banks do; they offer more personalized service; offer membership benefits; and provide an array of services beyond just checking accounts and loans—allowing customers access to investments and retirement planning options as well as debit cards and mobile banking capabilities. 

For these reasons (and more), it pays to look into switching your financial institution over to a credit union today!

Wednesday, December 7, 2022

Bank or Credit Union? How to Pick the Best One for You

Whether you are looking to open your first savings account or take advantage of a loan from a financial institution, it can be difficult to decide between a bank and a credit union.

Both offer different services and products with varying fees and interest rates, so it’s important to know what sets them apart to make an informed decision. 

Let’s look at some differences between banks and credit unions that can help you pick the best one for your needs.

Services Offered by Banks and Credit Unions

The first difference between banks and credit unions is what they offer. Banks have more services than credit unions typically do. 

This includes investment options such as CDs, bonds, stocks, mutual funds, IRAs, and other products that allow customers to diversify their portfolios. 

Credit unions, such as Credit Union of Denver, usually don’t offer these services; instead, they focus on loan products such as mortgages, auto loans, personal loans, and business loans.


Another major difference between banks and credit unions is fees. Generally speaking, banks charge higher fees than credit unions do for their services. 

This includes ATM fees if you use an outside networked machine rather than one from your financial institution. Additionally, many banks will charge monthly maintenance fees on accounts with low balances or require minimum deposits for certain accounts that may not be required at a credit union.

Interest Rates

Finally, banks tend to have higher interest rates when it comes to loan products like mortgages or car loans compared to those offered by credit unions. 

Credit unions often have lower interest rates because they are non-profit institutions owned by members rather than shareholders who expect profits in return for their investments. 

Of course, there are always exceptions depending on the financial institution. However, this is generally true across the board when comparing banks versus credit unions regarding interest rates.

In conclusion, both banks and credit unions have their own unique set of benefits that make them attractive options when choosing a financial institution for your needs. 

It's important to consider all of the factors discussed here before making a final decision about which type of institution is best for you—from services offered to fees charged—as well as any other additional features or policies that may apply at either type of establishment. 

Ultimately it boils down to finding the right balance between price and value that meets your individual needs.

Wednesday, July 13, 2022

Is There A Difference From One Credit Union To Another?

If you are unhappy with banks, you may consider having a credit union membership. However, once you start looking around, you may notice there are more credit unions than you imagined. 

If so, you'll be wondering if there are any significant differences from one credit union to another. Are there differences? Let's find out.

Who Can Join?

While many credit unions are open to almost anyone, others offer memberships only to select individuals. For example, some credit unions may be open only to military personnel and their immediate families. 

In contrast, others may be open to students and staff from a certain college or university. Thus, before selecting a credit union, make sure you're eligible for membership.

Federal and State Credit Unions

When you examine credit unions, you will find some are federal credit unions, while others state credit unions. While federal ones are regulated by the National Credit Union Association, state credit unions are often supervised by state regulatory agencies. 

However, whether you choose the Credit Union of Denver or another credit union, be aware that all credit unions insure deposits up to $250,000, just as the FDIC does with banks.

Lower Interest Rates

Even though credit unions are well-known for offering interest rates on loans that are generally lower than those found on bank loans, remember that there will be differences in interest rates among various credit unions. 

Thus, if you are interested in pursuing a loan, it will be smart for you to check out several different credit unions before you pick one to join. By doing so, you'll get a loan at a low-interest rate, meaning more money will remain in your pocket.

Community Involvement

Finally, many local credit unions prioritize giving back to the communities in which they are located. For example, they may help support local food banks, do fundraisers for children's hospitals, or even help out the local animal shelter by donating food and other supplies. 

If this is also important to you, be sure to closely examine many community credit unions to find one that aligns well with your priorities and values.

Once you find a credit union to join, you will reap these and many other great benefits. Whether you are taking a class at the credit union to learn more about debt management or seeking a low-interest loan to buy a home or car, you will soon find belonging to a credit union was one of the best financial decisions you ever made for you and your family.

Wednesday, July 6, 2022

What Is the Ideal Breakdown Between Expenses, Savings, and Investments?

If you have a steady income that more than covers your monthly expenses, you should be planning a financial future. Experts recommend balancing your income between monthly expenses, short-term or emergency savings, and long-term investments. The following ideas might help you to get started.


These typically include your household costs each month, such as rent or mortgage payments, utilities, transportation, food, insurance, and medical care. 

You may need to include fluctuating expenses like school tuition, clothes, and entertainment. Financial gurus estimate that up to 80 percent of your income might need to be allocated to this part of your budget. 

Home maintenance and car repairs might fall into this category, although some people consider them part of a short-term savings plan or emergency fund.


Everyone needs a savings account to cover unexpected costs like replacing a home appliance that goes bad or paying for pet surgery. Short-term, occasional needs like birthdays and holidays might also draw funds from your savings account. 

Vacations, special purchases (like a great deal on a home freezer), or helping a family member through a financial setback are other uses for this fund. In addition, you should save approximately three months to six months of your current income in case you lose your job or have an accident that requires long-term convalescence when you can't work. 

You may want to save about ten to twenty percent of your monthly income if your household expenses average 70 to 80 percent.


An investment plan can start small and maintain a conservative pace with low risk. Talk to a financial adviser and carefully review stocks of interest to decide where to invest about 10 percent of your monthly income. 

You might also want to invest in windfalls like a job bonus or cash birthday gifts to grow your account more quickly. Stocks will rise and fall, so be prepared to be patient over the long haul.

Credit Unions

Coordinating your budget might seem challenging as you try to juggle these three components. Consider joining a credit union where member benefits are often stellar. 

You can expect prompt, friendly, professional service on a smaller scale that is more personal than what is typically experienced at a local bank. 

Members can get financial advice and guidance in establishing a budget that won't crimp their lifestyle or compromise their future. Interest rates are competitive with and sometimes better than a bank's rate, especially when promotional opportunities are offered.

Make the most of your money for current, occasional, and future expenses. Get professional advice and set up a budget that will financially protect your family and interests.

Tuesday, April 19, 2022

How to Save Money and Plan for Your Financial Future

Living from paycheck to paycheck is a leading cause of stress among much of the population. There are surveys that indicate nearly 50% of Americans would have trouble coming up with the money to pay for a $400 emergency.

This is not a good recipe for financial success. That's why saving money is so important.

Make Saving Automatic

David Bach popularized the concept of the latte factor, which suggests cutting out mindless spending to build wealth over time. While that is perhaps his most famous recommendation, he also encourages people to make their savings automatic. 

Signing up for automatic withdrawals to a savings or investment account is a great way to make sure the money actually gets saved. 

People who wait to save what's leftover at the end of the month generally have no money left over to put toward their long-term goals. Therefore, paying yourself first is a necessary step to start building some savings.

Consider a Credit Union

When most people think of where they might put their savings, a large commercial bank might come to mind. However, credit unions are also a great option. 

Some companies, like Credit Union of Denver, know that these financial institutions run just like a bank. They offer loans at competitive rates, and they also have accounts that allow for savings and investments. 

Sometimes, these accounts come with better interest rates for savers. Members run credit unions, rather than shareholders who may or may not use a commercial bank's services.

Track and Trim Expenses

Many Americans spend mindlessly. Sure, there are bills that you'll have to pay monthly that stay relatively stable. These include things like rent, car payments, and food. 

There are other expenses that are completely unnecessary. Going out to a movie theater every weekend and eating out for lunch every day can get expensive. 

Tracking these expenses and trimming them back a little could put $100 or more back into your budget every single month. Over time, what might not seem like a huge sum of money could grow into a significant nest egg.

Make More Money

There are several options for making more money. The easiest might be simply asking for a raise. It can also pay to do a bit of job-hopping. 

Sometimes, switching employers can lead to some pretty hefty pay increases. Another option is starting a new side hustle that can bring in a few bucks. 

Over time, a side hustle might turn into your primary income, which means that it doesn't hurt to start one.

Putting some money away for emergencies or for the future is key to your financial health. That's why it's important to make savings automatic. 

Taking these tips into consideration can be a great way to increase your financial freedom over time. The earlier you start, the more likely you are to succeed in stashing some cash for your long-term goals.

Wednesday, December 22, 2021

3 Reasons to Get a Credit Union Account

What is it that you'd like in a banking partner? Do you think about a bank with more personalized service and lower fees? If so, then it is time to switch your banking option. 

A credit union account is more than just a place to put your money. It's more like your own personal bank. Credit unions are cooperatives, which means they're owned by the people who use them. Hence, you get more say in how things are run.

Credit unions come with many benefits to you, the user. These benefits ensure that you gain optimally from what they have to offer.

Loans are More Affordable

Credit unions offer loans with lower interest rates, meaning they’re much easier for you to pay back. Not only that, but it’s much easier to obtain a loan from a credit union than it is a bank. 

This means that not only do you have the chance of getting the loan you need, but you have a chance of paying it back in a reasonable amount of time. 

This is compared to a bank, which will try every reason to not give you the money you need, and if you’re successful in getting it anyway, charging through the nose in interest rates to make their money back.

No Extra Fee

Most credit unions do not charge fees on accounts and services they provide. This contrasts with other banking options that charge a certain rate for small operational services. 

For instance, you won't have to worry about paying monthly or annual fees for checking or savings account funds. Even better, some have free ATM transactions included with these benefits.

Free Checking Accounts

For starters, free checking with no minimum balance required is one of the most popular perks offered at credit unions. Some even offer ATM fee refunds when using out-of-network ATMs. This is more than what you can get from other service providers.

Better Customer Service

Credit unions are community-based, meaning that it’s likely that you know several people who use the credit union, but also probably a few of the people who work there too. 

As a result, many credit unions pride themselves on providing excellent customer service since they either know the people who come in personally or are familiar with the family. 

You'll manage to get in touch with someone who can assist you immediately. They also offer 24-hour call services where you can contact them for more info on any inquiry you might have.

Higher Rebate on Purchases

You'll get extra points for every purchase when you use your credit union debit card. These points are added to the account by direct deposit or monthly activity. 

This means more savings in return. You can then redeem these points for gift cards and more with the cashback options offered at most locations. Not only does this help financially, but it also encourages better spending habits.

Reward Beyond Money

Credit unions go beyond offering their members monetary benefits. They provide other perks like discounts when shopping online through vendors they partner with, as well as fun activities across all age groups throughout its branches. Many opportunities exist where you can participate and enjoy more.

After reading this, it should be clear where is best to keep your money. Credit unions have revolutionized the banking sector, making it more appealing and trustworthy. 

As a result, those looking for a better financial partner should consider switching to a credit union, where it’s easier to obtain loans, many fees banks put in place are missing, and possible to pay them back, and the community-based structure means you’re treated more personably when interacting with them.

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