Credit Unions vs. Banks: What's the Difference?
Credit Unions vs. Banks: An Overview Bank and credit unions have several similarities and differences to consider. Both offer the same general services such as checking and savings accounts as well as various loan options. Your deposits in both credit union and bank accounts are federally insured for up to $250,000 per account, per account holder. However, you will find differences in fees, interest rates, product offerings, convenience, and customer service, although each financial intuition is different. Credit unions tend to offer lower rates and fees as well as more personalized customer service. However, banks may offer more variety in loans and other financial products and may have larger networks that can make banking more convenient.Key TakeawaysCredit unions tend to have lower interest rates for loans and lower fees.Banks often have more branches and ATMs nationwide.Many credit unions have shared branches and surcharge-free ATMs provided through the CO-OP Shared Branch network...