Investing in stocks has never been easier for credit unions members, as the best credit unions are now offering investment services. www.GoBankingRates.com, leading resource for personal finance news, investigates the new credit union trend.
EL SEGUNDO, CA (February 25, 2013) – Gone are the days when credit unions come in second place behind big banks in terms of services offered. The best credit unions today can now claim one more perk provided to members, which used to be exclusive to banks: investment services.
Findings show that credit unions are typically providing investment services through third party discount brokers, such as BestVest and CUNA Brokerage Services. Through these firms, members can manage their investment portfolios and receive assistance investing in stocks, bonds, and mutual funds.
However, investors should note that GoBankingRates found the biggest drawback to investing through credit unions are higher trade fees; commissions charged by credit union brokerage firms are often much higher than more common, household name discount brokerages like E*Trade and Trade King, often ranging between $15 and $25 per trade.
Even so, consumers who prefer credit unions over traditional banks will likely enjoy the investment services offered by credit unions. GoBankingRates managing editor, Casey Bond, states, "Investors looking to receive the credit union 'personal touch' when managing their portfolios and who will do anything to avoid dealing with banks, are the perfect candidates for investing with credit unions."
To find out more information about investing through credit unions, see the full report here.
For more information or questions about this report, or to schedule an interview with a GoBankingRates editor, please use the contact information below.
About GoBankingRates
www.GoBankingRates.com is a national website dedicated to connecting readers with the best interest rates on financial services nationwide, as well as informative personal finance content, news and tools. GoBankingRates collects interest rate information from more than 4,000 U.S. banks and credit unions, making it the only online rates aggregator with the ability to provide the most comprehensive and authentic local interest rate information.