How Credit Unions Save You Money

Membership has its privileges — especially membership in a credit union. While many consumers understand that a credit union is a type of financial institution, they're often unaware of the depth of savings credit union members have access to or why such savings are even possible.

Credit unions first emerged in North America in the early 1900s as a place where everyday people could pool their money for their own financial benefit, as well as that of their neighbors and the community. This fundamental principle continues to guide credit union operations around the globe.

Here's how credit unions help you save money.

Credit unions share their success with members.

As member-owned cooperative financial institutions, credit unions care about deposits and profits, but not in the same way as banks. Account deposits benefit the entire membership — your deposits fund other members' loans, and their deposits fund your loans. Similarly, profits are shared among members, not set aside for investors. When loans are repaid, the profits are distributed to members in the form of dividends on their accounts.

Profits also allow credit unions to both keep lending costs down and offer higher interest rates on deposits compared to other financial institutions. It's not uncommon to see credit unions advertise things like:

· Lower-interest rate loans

· Higher dividend rates on savings deposits and investment accounts

· No-fee checking and savings accounts

Unlike most banks, you often don't have to pay monthly maintenance fees on deposit accounts. You may even be eligible for refunds on ATM transaction fees.

Credit unions offer a variety of financial products to members.

Many consumers are surprised to learn that credit unions offer more than savings and checking accounts. Together Credit Union offers a range of financial options, including:

· Visa® Credit Cards that focus on benefits such as cash back rewards, low interest rates, or your need to establish or rebuild credit

· Insurance products such as Term Life, Whole Life, and Long Term Care Insurance that address your needs today and help you plan for the future

· Low-interest rate loans that put cash in your hand to buy a home, vehicle, recreational vehicle, or cover another large expense

· Retirement and tax savings accounts such as an Individual Retirement Account or Health Savings Account

· And more!

*Account types and benefits may vary.

Most credit unions also focus on giving back to their members and their community. Many offer free financial education to members and those in the community who are not credit union members. Topics include a wide range of personal finance topics to help you learn simple ways to make the most of every dollar.

Are you ready to enjoy the benefits of credit union membership?

Joining a credit union is a simple process. Check out our field of membership criteria to find out if you qualify. In most cases, membership is open to individuals who live, work, or worship in a specific area defined by the credit union. You may also be able to join a particular credit union if a household member or relative is already a member or if your employer offers membership as an employee benefit.

If you meet Together Credit Union's large field of membership criteria, open your first account with a $5 deposit and start saving money today!