It’s an old-timey credit union.
Credit unions, if you’re unfamiliar, are like nonprofit banks. They may not satisfy all your money-management needs, but you’re missing out if you’re ignoring credit unions, which have great interest rates on auto loans, consumerfriendly checking and savings accounts, and low ongoing credit card rates.
One example: Fully financing a $30,000 new car over five years would cost about $1,250 less in interest with a credit union auto loan compared with a bank auto loan, based on national average rates.
Competitors — megabanks, small community banks and online banks — have their strengths and weaknesses. But this isn’t a binary choice: You can use a credit union for the things it excels in and use other financial institutions, too.
Here are six reasons to add a credit union to the mix.
NOT A BANK
Credit unions have the same basic products and services as banks, and its deposits are insured. But you’re not just a customer at a credit union, you’re a member and part owner.
Finding a bank alternative might be important to many. Some 71% of millennials, for example, would rather go to the dentist than listen to what banks have to say, according to the Millennial Disruption Index, a three-year study of 10,000 millennials released several years ago.
If you’re mad at big banks for their role in the Great Recession or any other reason, you have choices, including credit unions, for taking your business — and money — elsewhere.
This story is from the August 10, 2019 edition of Techlife News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 10, 2019 edition of Techlife News.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
INSTACART PARTNERS WITH UBER EATS TO OFFER RESTAURANT DELIVERIES
Grocery delivery company Instacart is partnering with Uber Eats to offer a new perk to its customers: restaurant delivery.
VISION PRO UNVEILS MARVEL'S NEW INTERACTIVE EXPERIENCE: 'WHAT IF...?
Walt Disney Company revealed an innovative addition to its Disney+ lineup, exclusive to Apple Vision Pro users.
SLOW TO EXPAND INTERNET CASINO GAMBLING IS THE FUTURE OF US BETTING, INDUSTRY EXECS SAY
Internet casino gambling is legal in only a handful of states, but the industry is convinced it is the future of betting, even as some worry about cannibalizing physical casinos.
US LOOSENS SOME ELECTRIC VEHICLE BATTERY RULES, POTENTIALLY MAKING MORE EVS ELIGIBLE FOR TAX CREDITS
The U.S.government loosened some rules governing electric vehicle tax credits, potentially making more EVs eligible for credits of up to $7,500 but leading critics to accuse the Biden administration of helping China.
APPLE'S QUARTERLY IPHONE SALES PLUNGE 10%, BUT STOCK PRICE SURGES ON DIVIDEND, STOCK BUYBACK NEWS
Apple last week disclosed its steepest quarterly decline in iPhone sales since the pandemic’s outset, deepening a slump that’s increasing the pressure on the trendsetting company to spruce up its products with more artificial intelligence.
ASTEROIDS MYST, RESIDENT EVIL, SIMCITY AND ULTIMA INDUCTED INTO WORLD VIDEO GAME HALL OF FAME
The World Video Game Hall of Fame inducted its 10th class of honorees Thursday, recognizing Asteroids, Myst, Resident Evil, SimCity and Ultima for their impacts on the video game industry and popular culture.
NEW YORK CITY'S WATCHDOG AGENCY LAUNCHES PROBE AFTER COMPLAINTS ABOUT THE NYPD'S SOCIAL MEDIA USE
New York City’s watchdog agency has launched an investigation into allegations that the city’s police department improperly used its official social media accounts to target public officials and private citizens.
Apple Set to Unveil New iPads at
Apple Inc. has officially announced its upcoming “Let Loose” event scheduled for May 7, signaling a significant showcase of new hardware, specifically focusing on the iPad line.
SAMSUNG REPORTS A 10-FOLD INCREASE IN PROFIT AS AI DRIVES REBOUND IN MEMORY CHIP MARKETS
Samsung Electronics reported this week a 10fold increase in operating profit for the last quarter as the expansion of artificial intelligence technologies drives a rebound in the markets for computer memory chips.
AMAZON REPORTS STRONG 1Q RESULTS DRIVEN BY ITS CLOUD-COMPUTING UNIT AND PRIME VIDEO AD DOLLARS
Amazon reported this week strong results for the first quarter, driven by growth in its cloud computing unit and new advertising dollars from its Prime Video streaming service.