Are Minot Credit Unions Better Than Banks? – Find Out Why

While banks and credit unions are both financial institutions that offer similar services (checking and savings accounts, auto loans, and mortgages), the main difference between a bank and a credit union is that "customers" of a credit union are members, and they own the institution.

Here are a few things that make a Minot Credit Union different than a bank:

1. Profits

Banks are owned by shareholders and are for-profit businesses. Shareholders own and control how the bank operates.

When you join a credit union you become a member and are not-for-profit. As a member, you are an owner of the credit union and are entitled to one vote, regardless of how much you deposit. This means you can have a say on how your credit union is run.

2. Services

Credit unions often provide services with a personal touch and an understanding of local needs. Because of the smaller size compared to the big banks, and a closer focus on providing services to members, credit unions can be more competitive when offering services, such as more affordable interest rates and lower fees.

3. Loan rates

Because credit unions act with the interest of their members in mind, rates on average are better for credit union members compared to bank customers. Generally, credit unions have higher rates on savings accounts and lower rates on loans and credit cards. Which means more money in your pocket or your account! 

Still need help deciding between a credit union and bank? Some of the benefits of becoming a member of Aspire Credit Union include:

Conclusion

Credit unions and banks each have their perks, and understanding what each business offers is good to know when to choose who to share your financials. Credit unions can keep things affordable for their members. And that means more money in your pocket and more focus on serving your financial needs!

This is your money, take control of it and join Aspire Credit Union today!