The best credit union in the country pays 7 times the average interest rate

by Kerri Anne Renzulli, Money

More than 121 million Americans belong to a credit union, and if you’re not in that group, it’s worth asking yourself how come.

Membership at these nonprofit financial institutions has been steadily climbing over the past several years, according to data from the Credit Union National Association, thanks to a combination of superior interest rates and minimal fees as compared to the country’s biggest banks.

Because credit unions typically restrict membership to a specific geographic area, employer, or community, MONEY focused on credit unions that allow members to join from anywhere in the country, usually through a donation to a specific charitable organization, when picking the winner for our 2019 best credit union rankings.

MONEY also weighed whether credit unions offered free checking and savings accounts, competitive ATM fees and interest rates, and robust online and mobile banking tools, using account data provided by our partner MagnifyMoney.com.

 

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