Key Points
There's a credit union for almost everyone who's interested.
When you become a member of credit union, you're also an owner.
You can be involved with your credit union as you would like.
- The $23,760 Social Security bonus most retirees completely overlook ›
While there are many kinds of banks to choose from -- including online banks and savings and loan associations -- a credit union is a one-size-fits-most financial institution. Here's why it may be the only financial institution you need in retirement.
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You're an owner
Unlike for-profit banks, credit unions are not-for-profit organizations. Once you're a member, you're also an owner and have a say in how the credit union operates. All profits earned by a credit union are returned to you in the form of better interest rates on your retirement savings, lower fees, and often, lower interest rates.
Perks you're accustomed to
Credit Unions are not cut-rate banks. They're simply financial institutions that operate on a not-for-profit basis. That means you have access to deposit accounts, such as checking, savings, money market accounts (MMAs), and certificates of deposit (CDs).
Need a mortgage, auto loan, credit card, or personal loan? Credit unions typically offer them at a lower rate than you're likely to find at your local bank.
Regulation and insurance
You don't have to worry about your credit union going belly up. The National Credit Union Administration (NCUA) oversees credit unions, ensuring they remain safe and sound. And much like FDIC insurance, NCUA insures member deposits up to $250,000. As long as a credit union displays the official NCUA insurance sign at each teller station, you know you're covered.
The ability to be as involved as you would like (even serving on the board) might just be one more benefit to joining a credit union -- especially if you're retired.
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