What is a credit union? An alternative to traditional banks - Business Insider

Both are financial institutions that offer products like savings and checking accounts, and personal loans. But when you look a little deeper, you'll find that there are several major differences between banks and credit unions.

Since credit unions are member-owned, each member gets a voice in how the credit union is run. And rates and fees are designed to benefit members, not line the pockets of outside investors. For example, the average interest rate for 60-month car loans from credit unions is more than 1.5% lower than the average bank.There are various ways you could become eligible to join a credit union. One of the most common bonds that credit union members share is geographic location. With these kinds of credit unions, you simply need to live, work, or go to school in a particular geographic area in order to join.

Second, your credit union may not be able to offer as many products and services as a national bank. Don't expect to have five different checking and savings account options or dozens of credit card choices.

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