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Credit unions are a great alternative to traditional banks, and they often offer better interest rates and lower fees. While most credit unions have strict membership requirements, anyone can join these featured credit unions by making a $5 deposit or paying a one-time, $5 fee.
We compared over 50 credit unions to find out which ones were the best nationwide. Read on to find out why we picked each institution, the pros and cons and how you can join.
Account details are accurate as of July 5, 2023.
Savings, Checking, MMAs, CDs
No monthly or ATM, $30 overdraft
Savings, Checking, MMAs, CDs
No monthly or ATM, $30 overdraft
Started in 1930, Consumers Credit Union has grown into one of the largest credit unions in Illinois with over $3 billion in assets and more than 196,000 members. It’s part of the Co-op ATM and shared branch network, giving you free access to more than 5,600 shared branches and 30,000 ATMs nationwide.
Started in 1930, Consumers Credit Union has grown into one of the largest credit unions in Illinois with over $3 billion in assets and more than 196,000 members as of August 2022. It’s part of the Co-op ATM and shared branch network, giving you free access to more than 5,600 shared branches and 30,000 ATMs nationwide.
Consumers Credit Union Rewards Checking account earns up to 5.00% APY when you meet monthly activity requirements. This APY is 125 times higher than the current national average. It also comes with unlimited ATM fee reimbursements and the ability to get paid up to two days early. CCU also offers a student checking account.
Read our full Consumers Credit Union Review.
Anyone can join CCU by paying a one-time $5 membership fee. In addition to two checking accounts, CCU offers savings accounts, certificates of deposit (CDs), health savings accounts (HSAs), mortgages, loans, credit cards, business banking and more.
Savings, Checking, MMAs, CDs
No monthly or ATM, $30 overdraft
Savings, Checking, MMAs, CDs
No monthly or ATM, $30 overdraft
Founded in 1935, PenFed Credit Union is one of the largest credit unions in the United States, with over 283 million members and assets of over $36.6 billion. PenFed offers a full range of banking products and services, including checking and savings accounts, auto loans, credit cards, mortgages and personal loans. In addition, PenFed members have access to a nationwide network of over 85,000 ATMs through Allpoint and the Co-op network, making it an ideal choice for those who need ample access to cash.
Read our full PenFed Credit Union Review.
Anyone can join PenFed by opening a savings account and making a $5 minimum deposit.
Savings, Checking, MMAs, CDs
No monthly or ATM, $4 overdraft
Savings, Checking, MMAs, CDs
No monthly or ATM, $4 overdraft
Connexus Credit Union is headquartered in Wausau, Wisconsin and serves members across the United States. Founded in 1935, Connexus has over $5 billion in assets and more than 440,000 members. Although it has a long list of savings accounts, loans, credit cards and other services, it particularly stands out for its checking accounts.
You’ll find three types of checking accounts at Connexus: the Connexus Credit Union Xtraordinary Checking account that earns up to 1.75% APY on account balances of $25,000 or less and 0.25% on any amounts exceeding $25,000 interest and was named one of the Best Checking Accounts of 2023, an Innovative checking account that’s basic but free and the Connexus Credit Union Teen Checking account that earns up to 2.00% APY with no minimum balance requirements.
Read our full Connexus Credit Union Review.
The easiest way to join Connexus Credit Union is by making a $5 donation to the Connexus Association. However, you may also qualify for membership if you live in a qualifying community or work for a qualifying employer.
Savings, Checking, CDs
No monthly, overdraft or ATM
Savings, Checking, CDs
No monthly, overdraft or ATM
Because Alliant Credit Union is a fully online institution, it has a convenient digital banking experience that makes it easy to manage your finances from anywhere. In addition to checking your account balance, transferring funds and paying bills, you can also create and manage a budget right inside the mobile app.
Alliant offers a full range of banking services, including checking and savings accounts, loans and investment products. It has over $17 billion in assets and over 700,000 members nationwide.
Read our full Alliant Credit Union Review.
Anyone can join Alliant Credit Union by becoming a member of its partner charity, Foster Care to Success (FC2S). Membership typically requires a $5 fee, but Alliant pays it on your behalf when you open an account. Membership is also open to employees of select companies and those who live or work in and around Chicago.
Savings, Checking, MMAs, CDs
No monthly or ATM, $30 overdraft
Savings, Checking, MMAs, CDs
No monthly or ATM, $30 overdraft
Bethpage Federal Credit Union is headquartered on Long Island in Bethpage, New York. With more than 438,000 members and $11.5 billion in assets, Bethpage FCU is the largest credit union in New York State.
Bethpage FCU has a wide selection of savings accounts, including some exclusively for young adults and others for specific savings goals. Most of its accounts also have competitive interest rates. For instance, its Youth Savings account earns up to 5.00% APY on the first $1,000 and 5.00% to 1.39% APY on the remaining balance APY, and its money market accounts earn 2.00% APY on all balance tiers with a $500 minimum deposit requirement. Balances below $500 earn 0.10% APY. Its certificates of deposit (CDs) are equally competitive and appear on Forbes Advisor’s list of the Best CD Rates of 2023.
Read our full Bethpage Federal Credit Union Review.
Anyone can join Bethpage FCU by opening a savings account and making a $5 minimum deposit.
To create this list, Forbes Advisor averaged the star ratings of credit unions that were the top finishers across more than 20 of our “best of” banking studies, such as our lists of the best high-yield savings accounts, best free checking accounts and best CD rates.
Those studies analyzed more than 20 credit unions, reviewing them based on various data points, including fees, APYs, ATM and/or branch access, customer experience, digital experience and account minimums.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Banks.
As of early 2023, the average rate on CDs at credit unions hovers around 1.00% APY to over 2.50% APY, according to data from the National Credit Union Administration. Longer terms tend to earn higher rates. Money market accounts (MMAs) at credit unions earn close to 0.50% APY.
The average credit union rates on CDs and MMAs are higher than the FDIC average rates offered by banks. However, average credit union rates on savings accounts and interest checking accounts are below 0.20% APY, which is lower than average bank rates on those products.
Interest rates are subject to change and are often affected by changes to the federal funds rate.
A credit union is a not-for-profit financial cooperative that is owned and controlled by its members. Credit unions provide banking services to their members, which include savings accounts, checking accounts, loans and credit cards. Because credit unions are member-owned and not-for-profit, they typically offer better interest rates and fees than traditional banks.
There are two primary types of credit unions: federal and state. Federal credit unions are regulated by the National Credit Union Administration (NCUA), while state credit unions are regulated by state governments. Federal credit unions must have a charter from the NCUA in order to operate, while state credit unions may operate under either a state or federal charter.
In addition to being operated by the state or federal government, credit unions can niche down even further by serving a specific population, such as military members, residents of a geographical area or employees of a certain business.
Credit unions operate in much the same way as banks. Deposits made by members are used to make loans to other members. The profits generated from these loans are then used to support credit union members, expand services and build reserves. Because they are member-owned and not-for-profit, credit unions can offer higher interest rates on deposits and lower rates on loans than traditional banks.
Credit unions don’t typically require customers to meet credit score requirements to become a member and open an account. Rather, membership eligibility can be determined by other factors such as place of residence or employment. However, a credit union could turn you down for a loan or credit card if you have poor credit. Every credit union is different and has different credit score requirements for approval.
Credit unions offer the same services as traditional banks, including savings accounts, checking accounts, loans and credit cards. In addition, some credit unions also offer investment services, such as retirement accounts and health savings accounts (HSAs).
