What Is Better: Bank Or Credit Unions?

geri · Apprentice Joined: 23 Feb 2008 Posts: 8

I have recently started earning steadily. I still have not decided what to do with my money. I wanted to put it in the bank at first, and then take credits, mortgages, saving, etc, at the same bank. However, some people told me I should go to the credit union. I am not sure what to do, so if anyone could tell me what is better, it would be great.

bryon1912 · Apprentice Joined: 24 Mar 2006 Posts: 7

If you go to the bank, you will certainly not be wrong too much. However, there are many people that think credit unions as not-for-profit organizations are better for individuals. You can do with a credit union everything you can to with a bank. However, credit union will usually offer higher interest rates on your savings and lower interest rates than the banks on your credits, loans, etc. That said, it is fairly obvious you will find credit union more profitable, and in the long run, you will certainly have more money. There are several other differences between banks and credit unions you may find helpful. To see them, go to http://www.affinityplus.org/member/cr_vs_bank.asp, or visit http://www.bankrate.com/brm/news/dollardiva/
20001204a.asp.