These are the 5 best credit unions for all your banking needs (2024)

A credit union is a not-for-profit financial institution that’s owned by its members. Credit unions are similar to banks in that they often provide the same kinds of financial products like checking accounts, high-yield savings, credit cards and loans. But, sometimes, credit unions can offer an advantage over banks: Because credit unions reinvest the profits they make back into the products they offer, whereas for-profit banks give their profits to shareholders, your account rates and fees may be better with a credit union than a bank.

You'll generally need to meet eligibility requirements in order to join a credit union and open an account. The eligibility requirements differ across credit unions, but can include where you live or work, or your affiliation with certain groups like labor unions and schools. But our favorite credit unions make eligibility easy, allowing you to join by donating a small fee to a participating organization.

CNBC Selectset out to find the best credit unions on the market. Our top picks stand out for their availability nationwide, their easy-to-join membership, their variety of financial products and online/mobile services, as well as their security with National Credit Union Administration (NCUA) insurance. (Seeour methodologyfor more information on how we made this list.)

Best credit unions

Best overall

Alliant Credit Union High-Rate Checking

Alliant Credit Union is a Member NCUA.

  • Monthly maintenance fee

    $0

  • Minimum deposit to open

    $25 when opening online or over the phone

  • Minimum balance

    None

  • Annual Percentage Yield (APY)

    0.25% with paperless and recurring monthly electronic deposit

  • Free ATM network

    80,000+ Alliant network ATMs

  • ATM fee reimbursement

    Up to $20 per month

  • Overdraft fee

    $0

  • Mobile check deposit

    Yes

Terms apply.

Pros

  • Top-rated mobile app
  • ATM fee reimbursement up to $20 per month
  • 0.25% APY
  • No overdraft fees

Cons

  • Must opt-in to paperless statements and have a recurring monthly electronic deposit to earn APY

Alliant Credit Union takes the top spot for a few reasons: The credit union offers one of the best no-fee checking accounts, an industry-leading cash-back credit card and it has one of the top mobile banking apps. Other financial products include personal, auto and home loans, savings accounts, CDs, IRAs and more.

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Runner-up

PenFed Platinum Rewards Visa Signature® Card

On PenFed's secure site

  • Rewards

    5X points on gas purchases at the pump and electrical vehicle charging stations, 3X points on supermarket purchases, 1X point on all other purchases

  • Welcome bonus

    15,000 points when you spend $1,500 in the first 3 months from account opening

  • Annual fee

    $0

  • Intro APR

    0% introductory APR for 12 months on balance transfers made in the first 90 days after account opening.*

  • Regular APR

    17.99% variable on purchases; 17.99% non-variable on balance transfers

  • Balance transfer fee

    3%

  • Foreign transaction fee

    None

  • Credit needed

    Good/Excellent

Terms apply.

Pros

  • High 5X points on gas at the pump and 3X on supermarket purchases
  • No bonus category activations
  • Good special financing offer on balance transfers

Cons

  • 3% balance transfer fee
  • Estimated rewards earned after 1 year: $513
  • Estimated rewards earned after 5 years: $2,167

Rewards totals incorporate the points earned from the welcome bonus.

*0% introductory APR for 12 months on balance transfers made in the first 90 days after account opening. After that, the APR for the unpaid balance and any new balance transfers will be a non-variable rate of 17.99%. 3% balance transfer fee per transaction. Subject to credit approval. If you take advantage of this balance transfer, you will immediately be charged interest on all purchases made with your credit card unless you pay the entire account balance, including balance transfers, in full each month by the payment due date.

PenFed Credit Union is a close runner-up on our list because it offers its members a standout rewards credit card, on top of good ATM access for deposit holders. PenFed also offers other types of credit cards, checking and savings accounts, mortgages, auto, personal and student loans and more.

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Best for high APY

Consumers Credit Union Rewards Checking

Consumers Credit Union is federally insured by NCUA.

  • Annual Percentage Yield (APY)

    Up to 5.00% APY on balances up to $10,000 (0.20% APY on up to $25,000 and 0.10% APY thereafter); 0.01% APY if don't meet requirements

  • Minimum deposit to open

    $5

  • Minimum balance

    None

  • Monthly fee

    None

  • Free ATM network

    Yes, over 30,000 ATMs

  • ATM fee reimbursement

    Unlimited reimbursementfor any and all ATM fees

  • Overdraft fee

    Fees may apply; overdraft protection is available

  • Mobile check deposit

    Yes

Terms apply.

Pros

  • High APY for a checking account
  • Low minimum deposit required
  • No minimum balance
  • No monthly fees
  • Fee-free ATM network
  • Offers ATM fee reimbursement
  • Overdraft protection available
  • Get paid as much astwo days earlywith early direct deposit

Cons

  • Requirements to earn high APY
  • Overdraft fee possible
  • Credit union membership required

Consumers Credit Union (CCU) stands out as one of the best credit unions for offering one of the top high-yield checking accounts. CCU also offers its members a range of checking and savings accounts, mortgages, personal and auto loans, credit cards and more.

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Best for low-interest credit cards

Choice Rewards World Mastercard®

On First Tech Federal Credit Union's secure site

  • Rewards

    Earn 2X points on groceries, gas, electronics, medical, household goods and telecommunications, 1X points on all other purchases

  • Welcome bonus

    Earn 20,000 points when you spend $3,000 in the first 60 days from account opening

  • Annual fee

    $0

  • Intro APR

    None

  • Regular APR

    13.50% - 18.00% variable

  • Balance transfer fee

    None

  • Foreign transaction fee

    None

  • Credit needed

    N/A

Terms apply.

Pros

  • No annual fee
  • Good rewards program for everyday purchases
  • No balance transfer fee
  • No fee charged on purchases made outside the U.S.

Cons

  • Balance must be transferred within 90 days of account opening date
  • Estimated rewards earned after 1 year:$344
  • Estimated rewards earned after 5 years: $1,720

Rewards totals incorporate the points earned from the welcome bonus

First Tech Federal Credit Union offers some of the top low-interest credit cards around for when you know you can't pay off your balance in full at the end of the month. The credit union also offers a variety of checking and savings accounts, IRAs, mortgages, personal, auto and student refinance loans and more.

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Best for military members

Visa Signature® Flagship Rewards Credit Cardfrom Navy Federal Credit Union

Information about the Visa Signature® Flagship Rewards Credit Cardfrom Navy Federal Credit Union has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication.

  • Rewards

    Earn 3X points on travel and 2X points on everything else. Receive statement credits (up to $100) for Global Entry or TSA PreCheck

  • Welcome bonus

    Earn 30,000 bonus pointswhen youspend $3,000within90 daysof opening your account. You'll also get a free year of Amazon Prime (a $139 value)

  • Annual fee

    $0 the first year; $49 thereafter

  • Intro APR

    None

  • Regular APR

    15.24% to 18.00% variable

  • Balance transfer fee

    None

  • Foreign transaction fee

    None

  • Credit needed

    N/A

Terms apply.

Pros

  • Competitive rewards program for travel and everyday purchases
  • Global Entry or TSA PreCheck statement credit every 4 years
  • 15.24% to 18.00% variable APR
  • No fee charged on purchases made outside the U.S.

Cons

  • $49 annual fee after the first year
  • Estimated rewards earned after 1 year:$416
  • Estimated rewards earned after 5 years: $2,080

Navy Federal Credit Union offers its military members a premier travel rewards credit card. The credit union also has a range of other credit cards, checking and savings accounts, personal, auto and student loans, mortgages and more.

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Compare offers to find the best savings account

More on our top credit unions

Alliant Credit Union

How to join

The easiest way to become an Alliant Credit Union member is by supporting Alliant’s partner charity, Foster Care to Success (FC2S). Alliant will even cover the one-time $5 membership fee to FC2S on your behalf when you apply to join the credit union.

Membership is also open to the following:

  • Employees and retirees of select organizations that Alliant partners with
  • Family members of current Alliant members
  • Those who live or work in a qualifying community in Illinois

Locations

Alliant is an online-only credit union based in Chicago, Illinois. While there are no physical locations, Alliant offers customers access to a network of more than 80,000 surcharge-free ATMs.

Notable perks

With the Alliant Credit Union High-Rate Checking, account holders get reimbursed up to $20 per month in out-of-network ATM fees — a savings of up to $240 over the course of a year. Otherwise, get access to 80,000-plus fee-free ATMs that are in-network. Cardholders of the no-annual-fee Alliant Cashback Visa® Signature Credit Card earn up to 2.5% cash back on their first $10,000 of qualifying eligible purchases (1.5% for purchases over $10,000).

The Alliant app allows users to deposit checks, make payments, manage accounts and use Alliant's built-in budgeting tool to set financial goals — all while on the go.

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PenFed Credit Union

How to join

You can become a member of PenFed Credit Union by opening a PenFed savings/share account with a $5 deposit and maintaining a $5 account balance in order to keep your PenFed membership active.

Locations

PenFed has 48 branches in 15 states and is based in McLean, Virginia.

Notable perks

The no-annual-fee PenFed Platinum Rewards Visa Signature® Card tops CNBC Select's ranking of the best gas rewards credit cards for offering the highest rewards rate at gas stations with 5X points per dollar spent on gas purchases at the pump. Drivers of electric vehicles get this same return at EV charging stations, too. Cardholders can also benefit from unlimited 3X points on supermarket purchases.

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CCU

How to join

Applying for a CCU membership is a two-step process: First, pay a one-time, non-refundable $5 fee to CCU’s sponsor, the Consumers Cooperative Association. Second, deposit and maintain a minimum $5 balance in your Membership Share/Savings Account.

Locations

CCU is based in Gurnee, Illinois, and has 11 branches across the state. CCU is also part of the Credit Union Service Centers network, which provides access to over 5,000 shared branches and 30,000 co-op ATMs, primarily located in the U.S.

Notable perks

With the Consumers Credit Union Rewards Checking Account, you can earn 5.00% APY on balances up to $10,000 if you meet the below requirements:

  1. Receive bank statements electronically
  2. Make at least 12 debit card purchases each month
  3. Set up direct deposits, mobile check deposits or ACH credits totaling $500 or more monthly
  4. Spend $1,000 or more inCCU Visa Credit Cardpurchases each month (no minimum number of transactions)

This checking account also comes with no monthly maintenance fees, no minimum balance requirements, unlimited reimbursementfor any and all ATM fees, access to over 30,000 ATMs and over 5,000 shared branches, plus the opportunity to get paidtwo days earlywith early direct deposit.

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First Tech Federal Credit Union

How to join

The simplest path to First Tech Federal Credit Union membership is to join the Computer History Museum (CHM) or Financial Fitness Association (FFA). The first year's membership fee for the CHM or FFA is paid by First Tech, and you can cancel your CHM or FFA membership after opening an account with no impact on your First Tech membership.

Membership is also open to the following:

  • Employees of (or family members of employees of) a partner company or for the State of Oregon
  • Those who live or work in Lane County, Oregon
  • Families or household members of a current First Tech member

Locations

First Tech has 39 branches in eight states, plus Puerto Rico, and is based in San Jose, California. Like CCU, First Tech is also part of the Credit Union Service Centers network, which provides access to over 5,000 shared branches and 30,000 co-op ATMs, primarily located in the U.S.

Notable perks

The Platinum Mastercard® from First Tech Federal Credit Union offers a pretty low regular APR (12.24% to 18.00% variable) compared to other credit cards.

Another top low-interest credit card is for reward-seekers, the Choice Rewards World Mastercard® from First Tech Federal Credit Union. The no-annual-fee card has an affordable APR (of 13.50% to 18.00% variable). Cardholders will earn 2X points on gas, groceries, household goods and more, plus there's currently a welcome bonus in place of 20,000 bonus points when spending at least $3,000 within the first 60 days.

[ Return to summary ]

Navy Federal Credit Union

How to join

Military affiliation is required to join Navy Federal Credit Union.

Eligibility options include:

  • Active duty members of the Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard and Space Force
  • Members of the Delayed Entry Program (DEP)
  • Department of Defense (DoD) officer candidate/ROTC
  • Veterans, retirees and annuitants
  • DoD reservists, civilian employees, civilian retirees and annuitants
  • U.S. Government employees and DoD contractors assigned to DoD installations
  • Family and household members of the groups above

Locations

Navy Federal has 341 branches in 31 states and is based in Vienna, Virginia.

Notable perks

With the Visa Signature® Flagship Rewards Credit Card, cardholders earn 3X points for every $1 spent on travel and 2X points on everything else. The card also offers statement credits (up to $100) for Global Entry or TSA PreCheck®, no foreign transaction fees, a complimentary year of Amazon Prime, a one-time annual fee waiver (after, $49 per year) and a welcome bonus: earn 30,000 bonus points — a $300 value — when spending $3,000 within 90 days of account opening.

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FAQs

When it comes to banks versus credit unions, one is not "better" than the other; rather, it's more a personal preference based on what you're looking for and your individual banking needs — credit unions may sometimes offer better rates and fees on certain products than a large, national bank but they have more limited access. At either financial institution, however, you can find products like checking and savings accounts, mortgages, auto and personal loans, etc, as well as advisory services.

The biggest downside to credit unions is that they require you to become a member in order to open an account, and the eligibility doesn't always apply to everyone. Sometimes, you'll have to live in a certain state, work with a particular company or have an affiliation with certain groups in order to qualify.

The pros of credit unions are that they at times offer lower fees and more competitive interest rates than the big banks, depending on the financial product you choose. Since credit unions are not-for-profit institutions serving a certain community, they can pass on their profits to their members.

The easiest credit union to get into is one that opens up eligibility to anyone who donates a small fee to a participating organization. Some credit unions will even cover that fee on your behalf — including a couple on this list.

The three largest credit unions currently, by assets, are Navy Federal Credit Union, State Employees' Credit Union and PenFed Credit Union, according to DepositAccounts.

Your money has the same security in a credit union as it does in a bank. Funds in a bank or a credit union are insured by either the Federal Deposit Insurance Corporation(FDIC)or the National Credit Union Administration (NCUA), respectively, for up to $250,000 per account owner. So, in the event either fails, you'll be refunded your balance of up to $250,000.

People may prefer credit unions over banks for the personalized service they receive being a member of an organization.

A credit union makes money similar to how a bank does, through the interest and fees it charges.

Bottom line

Credit unions that open up membership to virtually anyone can be an attractive option for your banking needs. The ones on this list are easy to join and offer standout financial products for their members.

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Why trust CNBC Select?

AtCNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit unionreview is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit unionproducts. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. Seeour methodologyfor more information on how we choose the best credit unions.

Our methodology

To determine which credit unions provide the best place to bank, CNBC Select analyzed the largest U.S. credit unions. We narrowed down our rankings by only considering credit unions that include the following features:

  • Available nationwide
  • Easy to join
  • Offer a wide variety of financial products
  • Have some standout products
  • Offer online and mobile banking
  • Ease of use and account accessibility
  • Customer reviews, when available

All of the accounts included on this list are National Credit Union Administration (NCUA)-insured up to $250,000. This insurance protects and reimburses you up to your balance and the legal limit in the event your credit union fails.

The rates and fee structures for credit union products are subject to change without notice, and they often fluctuate in accordance with the prime rate. Your earnings depend on any associated fees and the balance you have in your account.

Catch up on CNBC Select's in-depth coverage ofcredit cards,bankingandmoney, and follow us onTikTok,Facebook,InstagramandTwitterto stay up to date.

Read more

If you want to bank with a credit union, look into these 4 checking accounts

These 4 credit unions offer outstanding APYs on savings — and anyone can join

Considering borrowing money? Here are 4 of the best personal loans offered by credit unions

Low interest rates and good rewards programs: Here are the best credit union credit cards

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

These are the 5 best credit unions for all your banking needs (2024)

FAQs

Who are the top 5 credit unions? ›

  • No. 1 — Navy Federal Credit Union.
  • No. 2 — State Employees' Credit Union.
  • No. 3 — Pentagon Federal Credit Union.
  • No. 4 — Boeing Employees' Credit Union.
  • No. 5 — SchoolsFirst Federal Credit Union.
  • No. 6 — Golden 1 Credit Union.
  • No. 7 — America First Credit Union.
  • No. 8 — Alliant Credit Union.
Apr 25, 2024

What is the most reliable credit union? ›

Compare the Best Credit Unions
Financial InstitutionWhy We Picked It
Blue Federal Credit UnionBest Overall
Liberty Federal Credit UnionBest for Checking
Alliant Credit UnionBest for a Savings Account
Service Credit UnionBest for Military Individuals & Families
1 more row

What credit union pays the highest interest rate? ›

Bankrate's picks for the top 1-year credit union CD rates
  • America First Credit Union: 5.25% APY, $500 minimum deposit.
  • Alliant Credit Union: 5.15% APY, $1,000 minimum deposit.
  • Delta Community Credit Union: 5.15% APY, $1,000 minimum deposit.
  • State Employees' Credit Union: 5.10% APY, $250 minimum deposit.

What is best source credit union? ›

Founded in 1954, BestSource Credit Union is a non-profit, member-owned financial institution that is committed to improving our members' financial lives. BestSource Credit Union offers distinctive products and services designed to fit your needs at any stage of life.

What is the hardest credit union to get into? ›

Progressive Credit Union - You must be recommended by another member. This might be the most unique credit union requirement, and it also seems to be the toughest.

What is the number one credit union in the United States? ›

1. Navy Federal Credit Union. Navy Federal is the largest credit union in the country. It has more than 300 branches (which rivals one or two of the biggest banks in the U.S.), mainly in the Northeast, and more than 12 million members, totaling $144 billion in deposits.

What is the downside of a credit union? ›

Limited accessibility. Credit unions tend to have fewer branches than traditional banks. A credit union may not be close to where you live or work, which could be a problem unless your credit union is part of a shared branch network and/or a large ATM network such as Allpoint or MoneyPass.

Which credit union has the best CD rates? ›

Compare the Best CD Rates
InstitutionRate (APY)Minimum Deposit
Vibrant Credit Union5.50%$5
NASA Federal Credit Union5.50%$10,000
MutualOne Bank5.40%$500
Apple Federal Credit Union5.40%$500
18 more rows

What is safer a bank or credit union? ›

However, because credit unions serve mostly individuals and small businesses (rather than large investors) and are known to take fewer risks, credit unions are generally viewed as safer than banks in the event of a collapse. Regardless, both types of financial institutions are equally protected.

Which bank gives 7% interest on savings accounts? ›

AU Small Finance Bank, Equitas Small Finance Bank and Suryoday Small Finance Bank are offering interest up to 7 percent on savings accounts. The average monthly balance requirement is Rs 2,000 to Rs 5,000, Rs 2,500 to Rs 10,000 and Rs 2,000 respectively.

Where can I get 7% interest on my money online? ›

As of May 2024, no banks are offering 7% interest rates on savings accounts. Two credit unions have high-interest checking accounts: Landmark Credit Union Premium Checking with 7.50% APY and OnPath Credit Union High Yield Checking with 7.00% APY.

What is the best CD rate for $100,000? ›

Compare the Highest Jumbo CD Rates
InstitutionRate (APY)Minimum Deposit
GTE Financial5.38%$100,000
Credit One Bank5.35%$100,000
Third Federal Savings & Loan5.25%$100,000
CD Bank5.25%$100,000
13 more rows

What are the three largest credit unions? ›

Top 250 U.S. Credit Unions by Asset Size (2023)
RankCredit Union NameTotal Assets
1NAVY FEDERAL CREDIT UNION$ 156,645,098,590
2STATE EMPLOYEES'$ 50,970,401,964
3PENTAGON (PenFed)$ 35,526,359,912
4BOEING EMPLOYEES (BECU)$ 28,780,643,575
148 more rows
Jan 16, 2023

How do you know if a credit union is good? ›

How to Choose a Credit Union: Top Ten Factors to Consider
  1. Rates and Fees. Credit unions (CUs) offer lower rates and fees on most of their products. ...
  2. Outstanding Customer Service. ...
  3. Community Focus of Credit Unions. ...
  4. Apps and Technology. ...
  5. ATMs and Branch Locations. ...
  6. Security and Insurance. ...
  7. Assess Your Needs. ...
  8. Check Eligibility.
Sep 12, 2019

How do I choose a bank or credit union? ›

If you want higher deposit rates and don't need access to branches across the country, for example, you might prefer a credit union. If you want access to in-person services and don't mind lower interest rates, a bank might be more suitable.

What are the three main credit unions? ›

Equifax, Experian and TransUnion are the three main consumer credit bureaus. They collect and store information about you that they use to generate your credit reports, which are used as the basis of your credit scores.

What is the largest credit union in North Carolina? ›

North Carolina's Largest Credit Union

SECU is committed to diversity and inclusion, and we value individual differences in our staff and in our North Carolina communities.

What is the largest credit union in Virginia? ›

The state's two largest credit unions are Navy Federal Credit Union, with $168 billion, and Pentagon Federal Credit Union, with $35 billion in assets. Under the agreement, Chris Shockley, president and CEO of Virginia Credit Union, would remain president and CEO of the combined organization.

What is the largest credit union in Washington state? ›

Boeing Employees Credit Union is the largest depository institution in its market.

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