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What has your experience been with a credit union? (lemm.ee)

submitted 2 months ago by loopy@lemm.ee to c/personalfinance@lemmy.ml

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I like the idea of a less profit-driven business that is maybe more community-focused but I wonder if they have the same capability as a bank? Have you been able to do your banking needs at a credit union? Was the customer service decent?

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[–] strawberry@kbin.earth 8 points 2 months ago (1 children)

it's nice

they speak my language which is nice

aside from that, they've got really good rates on loans, though not so much on savings accounts

[–] finestnothing@lemmy.world 3 points 2 months ago (1 children)

To be fair, a savings account at chase gets less than 1% apr last time I checked

[–] sugar_in_your_tea@sh.itjust.works 2 points 2 months ago

Why compare to Chase? There are plenty of online banks that have high savings rates. Ally, for example, is currently 4.2%, and my Sofi account is currently 4.5%. I honestly just use my Fidelity brokerage account as my checking and savings, and I get ~5% on each (whatever money markets are currently doing).

Get a fee-free account at a bank or CU with branches for cash transactions and maybe loans, but keep the bulk of your cash at a higher-yielding bank.