Why credit unions beat banks

When you're choosing where to trust your money, the decision between a credit union and a bank isn't just about convenience—it's about finding a financial partner that truly has your best interests at heart. While both offer similar services on the surface, the differences run much deeper than most people realize.

The truth is, most Americans don't fully understand what sets credit unions apart from traditional banks. This lack of awareness could cost them thousands of dollars in unnecessary fees and missed opportunities for better rates. Let's change that.

Credit unions are owned by you. When you become a member, you're not just a customer—you're a part-owner with a voice in how the institution operates. Banks, on the other hand, are owned by shareholders who expect maximum profits, often at your expense.

This ownership structure creates a ripple effect that touches every aspect of your banking experience. Credit unions operate as not-for-profit organizations, meaning every dollar they make goes back to members through better rates, lower fees, and improved services. Banks must generate profits for shareholders, which directly impacts what they can offer you.

The numbers speak for themselves. According to recent data from the National Credit Union Administration, credit unions consistently offer:

• Higher savings rates: Credit union savings accounts typically earn 0.15% to 0.25% more than bank accounts.
• Lower loan rates: Auto loans at credit unions average 1–2% lower than banks, potentially saving you thousands.
• Better CD rates: Credit union certificates of deposit often pay 0.5% more than bank CDs.

Credit unions typically charge fewer and lower fees compared to banks. According to Bankrate’s 2023 Checking Account Survey, the average monthly maintenance fee at banks ranges from $10–$15, while many credit unions offer free checking options with fewer fee requirements.

At a credit union, you're more than an account number. Members consistently report higher satisfaction rates with customer service, citing more personalized attention and representatives who take time to understand their unique financial situations. A 2025 J.D. Power survey found that overall satisfaction scores for credit union members are significantly higher than for retail bank customers 

The perception that banks offer more convenience is becoming less relevant each year. Most credit unions belong to shared branch networks, giving you access to thousands of locations nationwide. Plus, with fee-free ATM networks and robust mobile banking platforms, you can handle most transactions without ever visiting a branch.

Absolutely. Credit union deposits are federally insured by the NCUA up to $250,000—the same protection level as bank deposits insured by the FDIC. Your money is equally safe at either institution.

While some smaller credit unions may lag behind in digital innovation, many have invested heavily in mobile banking, online bill pay, and other digital tools. The gap continues to narrow as credit unions recognize the importance of technology to their members.

Banks aren't inherently bad—they serve important functions in our financial system. Large banks offer:

• Extensive branch networks for those who frequently need in-person service.
• Advanced digital platforms with cutting-edge features.
• Specialized investment services for complex financial needs.
• International banking capabilities for global business needs.

However, for most people's day-to-day banking needs, credit unions provide better value.

You don't have to choose just one. Many financially savvy individuals use both:

• Credit union for primary banking: Take advantage of better rates on savings, checking, and loans.
• Bank for specific needs: Use a large bank for specialized services or international transactions.

This hybrid approach lets you maximize the benefits of both while minimizing the drawbacks.

For residents of Indiana and Michigan, the choice becomes even clearer when you consider local credit unions like Everwise Credit Union. These institutions understand the unique economic challenges and opportunities in the region, from supporting local businesses to providing specialized services for industries that drive the local economy.

Local credit unions also reinvest in the community through scholarships, financial education programs, and support for local nonprofits—benefits that extend far beyond your personal finances.

The decision between a credit union and a bank ultimately comes down to what you value most. If you want:

• Better rates on savings and loans.
• Lower fees that keep more money in your pocket.
• Personal service from people who know your name.
• Community investment that strengthens your local area.

Then a credit union is the clear choice.

Don't let another month go by paying unnecessary fees or earning subpar rates on your deposits. Your financial future deserves better than the status quo.

Ready to experience the credit union difference? Everwise Credit Union welcomes new members from Indiana and Michigan. Join thousands of your neighbors who have already discovered what it means to bank with an institution that puts people first.