What sets them apart is that their members are also part owners, enabling them to provide exclusive benefits that large banks simply can’t match. Think low fees, higher interest rates on deposit accounts, and exceptional member perks. If you’re in the market for a financial partner, consider the unrivaled advantages of credit unions.
Unlocking the World of Credit Unions
The allure of credit unions lies in their member-centric approach, but it’s essential to remember that each institution has specific eligibility requirements. Typically, to become a member, you’ll need to open a savings account with a minimum deposit, often as low as $5. This ensures you enjoy the full spectrum of benefits these financial gems offer.
Let’s dive into the top credit unions for 2023-2024:
Low Opening Balances | 85,000-ATM Network | High APYs | Accessibility
Once again, PenFed stands out as the premier choice for the best credit union in 2023-2024. It earns its top rank by offering a unique blend of low fees, a vast ATM network, and impressive interest rates on deposit accounts. Despite having fewer physical branches, PenFed is part of the Co-op shared branch network, ensuring convenient access.
When you join PenFed, you unlock the potential to earn up to 3% APY on a Premium Online Savings Account and up to 0.35% on an Access America Checking account. This credit union is renowned for its modest fee structure, and any fees it does charge tend to be significantly lower than other credit unions. Joining is a breeze; all it takes is opening a savings account with a mere $5 deposit, making PenFed the easiest credit union to join.
High APY on Checking Account | Low Fees | Extensive ATM Network | High-Interest Savings
For those seeking the best high-yield checking account, Lake Michigan Credit Union (LMCU) shines as the top pick. LMCU’s Max Checking Account offers an impressive 3% interest on balances up to $15,000, making it the credit union with the highest standard APY among our top contenders.
LMCU’s appeal extends beyond its checking accounts; it provides access to over 55,000 fee-free ATMs, boasts minimal account fees, and offers seamless online and mobile banking. You can also explore their Max Savings Account, which allows you to earn between 0.10% and 2.25% APY, dependent on your account balance.
High APY on Savings | Vast ATM Network | Low Fees | Reimbursed ATM Fees
Digital Federal Credit Union (DFCU) secures the title for the credit union offering the best high-yield savings account. With DFCU’s Advantage Savings Account, you can earn an astonishing 3.56% on all balances, the highest among all the credit unions in our analysis. Notably, there are no minimum balance requirements to open an account once you’ve become a member.
DFCU also ensures a friendly fee structure, sparing you from numerous account charges. Additionally, when you open DFCU’s Free Checking Account, you stand to gain up to $300 in out-of-network ATM fee reimbursements annually.
High APY | Low Opening Balance | No Service Fees
Mountain America Credit Union presents a winning option for high yields with its Money Market Account. This tiered account requires no minimum opening balance and imposes no monthly service fees. Depending on your account balance, you can enjoy an APY ranging from 0.5% to an impressive 4.25%.
Furthermore, Mountain America Credit Union offers a remarkable 5.5% APY on its Standard Certificate, one of the highest rates available among financial institutions. The best part? There’s no early withdrawal penalty, ensuring you have access to your funds when you need them most.
1% to 5% Cash Back | No Monthly Service Fee | Competitive APY
GreenState Credit Union claims the throne for the best rewards checking account. With GreenState, you can earn between 1% and 5% cash back on Platinum Rewards or World Mastercard purchases. The account opens with as little as $50 and features no monthly service fee.
On top of that, GreenState Credit Union offers a compelling 2% APY on balances up to $20,000 and 0.15% on higher balances when required account activity is met. Currently, GreenState is running a promotional rate of 5% APY for the first six months after opening. Keep in mind that if you fail to meet the requirements for higher APY, it drops to 0.01%.
Earn APY | Member Discounts | Free Services | Identity Theft Expense Reimbursement
Security Service Federal Credit Union takes the crown for the best perks, thanks to its Power Protected Checking Account. This remarkable account offers a wide array of benefits, including earning between 0.05% and 1% APY, depending on your account balance. Besides earning interest, you gain access to free mobile phone protection, co-pay telehealth services, store and airline discounts, and up to $1 million in identity theft expense reimbursement.
However, it’s essential to note that there’s a monthly $9 service fee that can’t be waived.
Few Account Fees | 80,000-ATM Network | Easy Membership | ATM Fee Rebates
Alliant Credit Union claims its place as the best credit union for low membership fees. Even if you don’t meet the residency requirements for membership, you can join Alliant by making a $5 donation to Foster Care 2 Success— a fee that Alliant will cover for you.
Moreover, Alliant keeps account fees to a minimum, boasting no monthly service fee, free overdraft protection, and no insufficient funds fees. With their High Rate Checking Account, you’ll receive your first box of checks at no charge while earning a 0.25% APY. Additionally, you’ll benefit from up to $20 in ATM fee rebates per month.
Easy-to-Use Mobile App | Accessible Membership | High APY on Checking
Bethpage Credit Union secures its spot as the top choice for the best mobile banking app. Their mobile app boasts the highest customer ranking on both Google Play and Apple stores. Notably, nearly anyone can join Bethpage by opening a savings account with just $5.
Customers rave about the app’s user-friendliness and the extensive account management tools it offers. A standout account at Bethpage is the Free Checking account, which pays asolid 0.4% APY when you meet the account activity requirements. Additionally, you’ll gain access to over 30,000 ATMs nationwide, ensuring convenience and accessibility.
High APYs | Exciting Perks | Easy Account Opening
First Technology Credit Union captures the spotlight for the best checking and savings combination. They offer high-interest rates on their Rewards accounts and include enticing perks when you meet account activity requirements.
With the First Tech Rewards checking account, you can earn a remarkable 4% on balances up to $15,000. The benefits continue with the First Tech Rewards Savings Account, which offers another 4% on balances up to $24,999.99. For higher balances, the APY drops to 0.10%. Both accounts require a minimal opening balance and come with no monthly service fees.
Moreover, First Technology Credit Union sweetens the deal with additional perks, including up to 0.5% cash back on credit card purchases (up to $15 per month on spending and $10 per month on streaming services) and 0.25% cash back on loans and home equity line of credit (HELOC) payments (up to $15 per month).
How We Selected the Best Credit Unions for 2023-2024
Our methodology for determining the best credit unions for 2023-2024 involved a rigorous evaluation process. Money staff scrutinized 273 of the largest retail banks, credit unions, and regional and state banks based on their assets. We also assessed 20 of the most popular online banks. Our evaluation considered factors such as opening balance requirements, interest rates, fees and features to ensure we present you with the top choices.
When it comes to choosing a financial institution, credit unions undoubtedly offer an array of unique benefits. In 2023-2024, these select credit unions have proven themselves as the leaders in low fees, high yields, and unmatched perks. Your path to financial excellence begins with your choice of credit union, so explore these options to find the one that aligns with your financial goals and aspirations.
Violet & Daisy, a captivating action-comedy directed by Geoffrey Fletcher, revolves around the lives of…
MBC's latest release, the trailer for episode 5 of "Wonderful World," showcases the captivating performances…
Deadpool 3 & Wolverine Super Bowl Trailer Easter Eggs The Deadpool 3 Super Bowl trailer…
The Nagi Nagi no Mi is a Paramecia-type Devil Fruit with the unique ability to…
Recent images from the set of a canceled Game of Thrones spin-off have surfaced, showcasing…
The forthcoming installment in the Jurassic World movie series has been slated for release, along…