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If you’re looking for a financial institution with low fees, a plethora of banking products and a vast ATM network, a credit union might fit your needs. Credit unions generally provide a more personalized, community approach to banking compared to traditional banks, while incorporating state-of-the-art mobile banking options most people expect today.
Credit unions are known for low fees, friendly service and membership perks. Keep in mind, though, that not every credit union is available to every U.S. consumer. Some have stringent membership requirements based on where you live or work. Others, though, simply require a token donation or membership fee to join.
GOBankingRates evaluated the best credit unions, considering their size and overall financial stability, accessibility, fees and offerings. Keep reading to find out which credit unions made the list.
Best Credit Unions for September 2024
When you’re choosing a credit union, consider what banking needs are most important to you, whether that’s lots of local branches, no-fee checking or high dividends. There is likely an institution on this list of best credit unions that fits the bill.
Best Overall: Alliant
Ranked as the number one credit union by many publications and consumer organizations, Alliant Credit Union is one of the few online-only credit unions. Yet, the organization has an 85-year banking history and is ranked as the 8th largest credit union in the U.S., with assets totaling over $20 billion.
Pros
- No-fee checking
- Up to $20 per month in out-of-network ATM rebates for some accounts
- Open multiple, linked savings accounts to stay focused on your goals
- High-Rate Savings account has a APY
- Anyone can join
Cons
- Minimum $1,000 to open a share certificate
- No branches
- No business checking option
Who It’s Best For
Alliant is best for consumers seeking the convenience and low fees of an online bank with the friendly service of a credit union. If you’re looking for high-yield checking and savings, along with credit cards and loan products from the same financial institution, Alliant could be a good choice.
Best for Rewards: First Tech Federal Credit Union
It’s not easy to find savings accounts that deliver more than 3% APY. First Tech Federal Credit Union scores big points for high-yield checking and savings accounts, plus enticing sign-up rewards you might expect from a much larger, traditional bank. The First Tech Rewards Checking and Savings account offers APY to qualified members, as does the Start Up Savings account for kids.
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Pros
- High-yield checking and savings
- High-yield savings for kids
- Easy to join
Cons
- Shared branches through a credit union Co-op
- Locations in only eight states
Who It’s Best For
First Tech Credit Union is open to individuals who work for one of 900+ partner tech companies, including Amazon and Microsoft, or their household members or family. You can also join as a member of the Computer History Museum or Financial Fitness Association. If you’re looking for high-yield checking and savings with no fees and easy online banking, First Tech could be the right choice for you.
Best for Free Checking and Savings: Bethpage Federal Credit Union
Bethpage Federal Credit Union is a regional credit union that started more than 80 years ago serving Grumman employees and their families on Long Island, NY. Today, anyone can join the credit union with just a $5 savings account deposit. Take advantage of free checking and savings, plus access to over 5,000 shared branch locations and over 30,000 Co-op network ATMs.
Pros
- Anyone can join
- Interest-earning checking — when you meet requirements
- No minimum balance for checking account
Cons
- $5 minimum to open a new savings account
- Direct deposit and point-of-sale debit transactions required to earn interest on checking
- Low rates on share certificates
Who It’s Best For
Bethpage is ideal for anyone seeking free checking and savings accounts with no minimum balance requirements. If you’re looking for a credit union with a large ATM networks and access to shared branches, Bethpage is a solid option.
Best for Military Members: Navy Federal Credit Union
The largest credit union in the U.S. based on asset size, Navy Federal Credit Union provides a host of perks and benefits for qualifying members, including low loan rates, dividend-earning checking accounts, rewards credit cards and more.
Pros
- No-fee checking
- No minimum balance requirements
- Earn dividends on checking and savings balances
- Wide variety of accounts
Cons
- Can find higher yield savings elsewhere
- Not everyone qualifies for an account
Who It’s Best For
Navy Federal Credit Union serves members of all U.S. Armed Forces branches, their families and government contractors. With a wide variety of products, Navy Federal is best for those who want a one-stop shop for their financial service needs.
Best for Credit Cards: Pentagon Federal Credit Union
Pentagon Federal Credit Union, or PenFed, offers tons of benefits to members, including no-fee checking with no minimum balance requirements, a high-yield savings account with a APY, and an array of rewards credit cards to help members manage cash flow. Unlike many credit unions that use the Co-op Network of 30,000 ATMs, PenFed members gain access to more than 85,000 fee-free ATMs through the AllPoint and Co-op Networks.
Pros
- High-yield savings with dividends
- Free checking options
- Overdraft protection
- Early direct deposit
Cons
- Dividend-earning checking has a $10 fee (which can be waived)
- Branches not in every state
Who It’s Best For
Consumers looking for rewards credit cards with no annual fee can find multiple options at PenFed, making it a top choice for people who want their checking, savings and credit cards all with one financial provider.
Best for Car Loans: Boeing Employees Credit Union
GOBankingRates recognized Boeing Employees Credit Union (BECU) as one of the best credit unions for car loans. In addition to low rates for auto loans, the credit union offers free checking with no maintenance fees and no minimum balance, high-yield savings and many other benefits for members.
Pros
- Competitive auto loan interest rates
- ATM card for savings account
- Free checking
Cons
- Not everyone qualifies for membership
- Branches only in Washington and South Carolina
Who It’s Best For
With the BECU Reprice Program, your auto loan interest rate could drop as your credit score improves. Combined with low interest rates and easy financing at participating car dealerships, BECU represents a solid choice for qualifying members looking for auto loans on new or used cars.
Best for Personal Loans: Digital Federal Credit Union
Rated one of the best credit unions for personal loans by GOBankingRates in 2024, Digital Federal Credit Union offers loans starting at 11.99% for up to 60 months. But that’s not all DCU has going for it. Enjoy free checking with no minimum balance requirements, a wide range of high-yield savings products and friendly service across New England.
Pros
- Savings as high as
- Tax-advantaged HSA checking
- No minimum balance requirements
Cons
- Branches limited to New Hampshire and Massachusetts
- Not everyone qualifies for membership
Who It’s Best For
If you live, work, worship, or attend school in specific counties of New Hampshire or Massachusetts or work for a partner organization, you may qualify. A DCU account is best if you are looking for high-yield savings, low rates on loans and a wide range of banking products.
Best for High CD Rates: America First Credit Union
Just as banks offer CDs for higher savings rates with locked in terms, credit unions offer share certificates to members. America First Credit Union offers certificate rates as high as for short, 3- to 5-month terms, making it one of the best credit unions you can find for high rates. Members enjoy other benefits like low rates on mortgages and home equity loans and dividend-earning checking accounts with overdraft protection.
Pros
- Dividend-earning checking
- Wide range of savings options
- Industry-high certificate rates
Cons
- Minimum $500 deposit to earn high APY on share certificates
- Membership largely limited to residents of Southwest or Northwest states
Who It’s Best For
If you live in certain Southwest states (Arizona, Utah, New Mexico, Idaho, Nevada or Oregon) and are looking for a financial services company with a wide range of products, perks and benefits, America First Credit Union could be for you.
Best Nationwide Credit Union: Connexus Credit Union
While many credit unions have broad eligibility requirements not reliant on your location, employment or other limiting factors, Connexus is open to anyone in the U.S. willing to pay a one-time, $5 donation to the Connexus Association. As a member, you’ll gain access to free checking with up to APY in dividend yields if you meet certain criteria, investment services and financial consulting, and an ATM network with more than 67,000 locations.
Pros
- Access to over 67,000 ATMs
- Interest earning checking account with no fees
- Free overdraft transfers with a linked account
Cons
- Branches only in Wisconsin
Who It’s Best For
Connexus Credit Union is perfect for those looking for nationwide access to free checking with competitive APYs. With over 67,000 ATMs and the option to join for a low one-time donation, Connexus is a great choice for anyone seeking broad accessibility.
Final Take
Whether you’re looking for high-yield savings, low fees or specialized products like car loans and rewards credit cards, these top credit unions offer a range of benefits that can meet your financial needs. With personalized service and competitive rates, there’s likely a credit union on this list that suits you best.
FAQ
Here are the answers to some of the most frequently asked questions about credit unions.
- What credit union is the highest recommended?
- Alliant credit union is a digital credit union ranked in one of the top 10 credit unions based on assets. A winner of multiple awards, the credit union is highly recommended by top finance sites, including GOBankingRates.
- What credit union is paying the highest CD rates?
- America First Credit Union currently offers 5.25% on share certificates with terms of 3 to 5 months.
- What are the top five credit unions in the U.S.?
- Based on asset size, the top five credit unions in the U.S. are Navy Federal, State Employees' Credit Union, Pentagon Federal Credit Union, SchoolsFirst Federal Credit Union and Boeing Employees Credit Union.
GOBankingRates is a personal finance and consumer interest rate website and an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of GOBankingRates, which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.
GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circ*mstances.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 5, 2024.
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- DepositAccounts. "U.S. Banks and Credit Unions Ranked by Size."
