Why Millennials Should Join a Credit Union: The 5 Benefits
Millennials who join a credit union find it easier to succeed financially. Here are five benefits for why millennials should join a credit union.
Millennials range in age from twenty-five to forty years old, meaning they’re no longer the youngest generation in our society. If you fall into the Gen Y classification, you’re probably making more and more responsible decisions with your life. Save your money smarter by learning the five benefits for why millennials should join a credit union.
They’re Not Like Banks
Banks and credit unions operate in similar ways; both are financial organizations that provide their members an easy place to save and manage money and receive loans. The critical difference between the two is that you actually own that union when you manage finances with a credit union. Working alongside a bank classifies you as a customer, and banks will always serve their shareholders first and foremost over the customer.
View credit unions as tight-knit families, existing in a symbiotic relationship where everyone succeeds together. Credit unions’ members are always the primary benefactors. That factor alone makes credit unions all the more appealing to young adults.
They Offer Lower Rates
Credit unions don’t work for any party that isn’t their members, which means they aren’t looking for large profits. The benefit of this is their ability to offer lower loan rates, improved saving rates, and significantly reduced fees.
Credit unions’ reasonable prices fit the needs of low-income members or people starting with less capital. Small business owners or new homeowners get lower loan rates, taking the stress out of managing debts.
Suppose you’re looking for a financial account that has no minimum fees, overdraft forgiveness, and countless other benefits such as auto coverage. In that case, a credit union checking account from GFA is perfect for you!
They’re More Personal
Credit unions are typically smaller than banks, with limited locations; this is advantageous for you. Remember that when one member succeeds financially, the larger group does as well! Referring back to the “tight-knit family” analogy, you can expect dedicated and personalized services around the clock.
These customized services include plans designed specifically for your needs, career, and financial status. Plus, there’s nothing better than walking into a credit union and being greeted by a friendly smile!
You Can Keep Your Bank Account
Joining a credit union does not prohibit you from belonging to a bank. In fact, utilizing both financial organizations allow you to manage your money more diversely and effectively.
For instance, a credit union will help you build up good credit and provide you with member-friendly loans. But if you want to keep a separate account with your bank, you can continue to benefit from their considerable resources and convenience.
They’re Easy To Join
Knowing all the ins and outs of a credit union is one thing, but how do you join one? The requirements and processes of becoming a member are quite simple. At GFA, these processes include:
- Being related to an existing GFA member
- Working for a company partnered with GFA
- Belonging to an organization affiliated with GFA
There are plenty of resources on our website that will assist you when determining whether you qualify for eligibility.
Congratulations! You now understand the five benefits for why millennials should join a credit union! Your next step is finding the financial services perfect for you and your needs, then watching your money grow as you pursue your wildest dreams.