Credit unions are not-for-profit, member-owned, financial cooperatives, whose earnings are paid back to members in the form of higher savings rates and lower loan rates. Credit union members are, in that sense, both customers and owners.

The main difference between a credit union and a bank is that banks offer “customer-ship”, while credit unions offer “membership”. 

With credit unions you are more than just a customer, you are part of an organization.

Banks are for-profit corporations, with declared earnings paid to stockholders only. Banks exists primarily to generate profit that returns to its ownership.

Let’s breakdown the benefits of a credit union membership.

1. Higher Interest Rates
Credit unions typically pay higher interest rates on deposit accounts.

2. Lower Loan Rates
Credit unions offer the same financial products as banks such as personal and mortgage loans, but they tend to less costly than the bank.

3. Customer Focused
Credit unions exist to assist the financial wellness of their members, whereas banks exist to generate profits for its shareholders.  It’s probably for this reason that customer satisfaction with credit unions consistently rated higher than for big banks.

4. More Flexible
Credit unions tend not to be as rigid as the big banks.  They work with their members on a more personal level to help them achieve their goal. You’ll probably have a better chance at securing personal and small business loans at a credit union.

5. Ownership
Credit unions are member-owned and controlled organizations. Being a member of a credit union gives you a sense of ownership and pride.

Need more reasons to join?  Contact us online, or stop by one of our branches to find out why a membership with Communal Co-operative Credit Union in Grenada, might just be the best bang for your buck.