Three big differences between a bank and a credit union

Your parents and grandparents encourage you to save your money in a savings account.

It’s confusing to know which one to pick — a credit union or a bank.

“When you are deciding where to take your hard earned money, the difference between a bank and a credit union is like day and night,” said Katie Scofield, Financial Education Officer at Numerica Credit Union. “A credit union is like a bright sunny day where you can choose what you want to do and who you are hanging out with. You are part of a family when you choose a credit union! To those other guys, you might just be a checking account.”

Here are the top three differences between a bank and a credit union:

1. Ownership

Credit unions are owned by you, the member. Credit unions have members, not customers – because we are all in this together.

2. Local

Credit unions are committed to education and teaching. Knowing how to manage your money is important to living well, so they work with members at branches and help teach financial education at schools and community centers.

“Concern for community is a credit union priority,” said Scofield. “Numerica is committed to giving back at least 5 percent of our earnings to causes that lend a helping hand, create leaders and celebrate the community. Last year, that was over $1 million!”

3. Better rates

Banks are for-profit corporations — meaning their goal is to make as much money for their investors as possible. Credit unions are not-for-profit. That means they work to keep more money in your pocket, not investors’ wallets.

“Numerica helps members live well with better savings rates and lower loan rates,” said Scofield.

Numerica Credit Union will be joining credit unions across the world to celebrate International Credit Union Day on Thursday, October 19. We will have special treats at all of our Numerica branches and you’re invited to come and join us to see the credit union difference. Find out more at numericacu.com