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- 13 Credit Unions With Easy Membership Requirements
- Pros and Cons of Credit Unions
- When Should you Bank With a Credit Union Over a Bank?
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- Some credit unions let you join online from anywhere in the US.
- To become a member, give a small donation to a foundation or open a savings account.
- You'll prefer a credit union over a traditional bank if you want to earn a higher interest rate.
Credit unions require membership to open a bank account or utilize services. Usually, you'll have to work for a select employer or live in a specific city or county.
However, some credit unions have pretty easy membership requirements that you let join from anywhere in the US. If you're open to banking with a credit union over a bank, we've put together a list of potential credit unions for you to consider. Affinity Plus Federal Credit Union Insider’s Rating 4.5/5 Annual Percentage Yield (APY) Varies depending on account Minimum Deposit Amount Varies depending on account Pros Cons Product Details Why it stands out: Affinity Plus Federal Credit Unionpays high interest rates on its money market account and CDs. It also has a rewards program that lets you earn points if you keep a certain amount of money in your account or use a bank credit card. Membership requirements: The easiest way to join Affinity Plus Federal Credit Union is to donate $25 to the Affinity Plus Foundation and open a savings account. Affinity Plus Federal Credit Union has 26 branches in Minnesota and has additional ways to become a memberif you live or work in the state. Alliant Credit Union Insider’s Rating 4.5/5 Perks High interest rates on savings account and CDs with low minimum opening deposits Annual Percentage Yield (APY) Varies depending on account Minimum Deposit Amount Varies depending on account Pros Cons Insider’s Take Alliant is one of the best credit unions out there, especially if you want to earn high interest rates on savings, checking, and certificates. Product Details Why it stands out: Alliant Credit Union has high-interest savings and checking accounts with low minimum opening deposits. Membership requirements:You'll be able to become a member of Alliant Credit Union if you join Foster Care to Success, a non-profit organization focused on foster youth (Alliant covers the $5 joining fee). You'll also be able to join the credit union if you live in certain parts of Illinois or work at an eligible employer. Bethpage Federal Credit Union Insider’s Rating 4.5/5 Annual Percentage Yield (APY) Varies depending on account Minimum Deposit Amount Varies depending on account Pros Cons Insider’s Take Bethpage Federal Credit Union is on our list of the best credit unions. It's a good option if you want to earn high interest rates on checking, certificate, or money market accounts. It pays a low interest rate on the savings account, so you may either want to save with the money market account instead or consider a different bank. Product Details Why it stands out: Bethpage Federal Credit Union pays high interest rates on checking, certificate, and money market accounts. The certificates are especially appealing if you're looking for an institution with a low minimum opening deposit — you'll only need $50 to open one. Membership requirements:Bethpage Federal Credit Union lets you join online from anywhere in the US, as long as you open a savings account with at least $5. Blue Federal Credit Union Insider’s Rating 4/5 Annual Percentage Yield (APY) Varies depending on account Minimum Deposit Amount Varies depending on account Pros Cons Product Details Why it stands out: Blue Federal Credit Union pays solid rates on certificates. The credit union also offers 24/7 live customer service, which is ideal if traditional banking hours don't work for you. Membership requirements:The easiest way to join is by donating $5 to the Blue Foundation and opening the Blue Federal Credit Union Membership Share Savings Account with another $5. However, if you live in Colorado or Wyoming, you also may qualify if you meet another membership requirement. Connexus Credit Union Insider’s Rating 4.25/5 Annual Percentage Yield (APY) Varies depending on account Minimum Deposit Amount Varies depending on account Pros Cons Insider’s Take Connexus Credit Union is featured in our best credit unions guide. It's an excellent choice if you'd like to bank with an online credit union, and it pays competitive interest rates on its accounts. Product Details Why it stands out: Connexus Credit Union pays competitive interest rates on all of its accounts. The Connexus Xtraordinary Checking Account is a solid choice if your priority is finding a high-yield checking account. Membership requirements: Connexus Credit Union lets you join online from anywhere in the US if you make a $5 donation to the Connexus Association. If you or a family member live in Minnesota, Ohio, or Wisconsin, see if you meet one of the credit union's other membership requirements. Consumers Credit Union On Consumers Credit Union's website Insider’s Rating 4/5 Annual Percentage Yield (APY) Varies depending on account Minimum Deposit Amount Varies depending on account Pros Cons Insider’s Take You'll find Consumers Credit Union appealing if you enjoy online banking or live near Chicago, Illinois. The credit union has one of the best high-yield checking accounts right now, with a low minimum opening deposit and zero monthly fees. Product Details Why it stands out: Consumers Credit Unionhas a unique high-yield checking account that pays you a high interest if you meet the requirements. Its bank accounts have low minimum opening deposits. Customer support is also available 24/7 through live chat. Membership requirements: Anyone in the US can become a member of Consumers Credit Union online. Just pay a one-time $5 membership fee and open a savings account. If you're an immigrant or not a US citizen, Consumers lets youuse a Matricula Consular ID or permanent resident card instead of a US government ID to open an account. Hope Credit Union Insider’s Rating 4/5 Annual Percentage Yield (APY) Varies depending on account Minimum Deposit Amount Varies depending on account Pros Cons Product Details Why it stands out: Hope Credit Union is a Black-owned financial institution that gives back to local communities in certain parts of Alabama, Arkansas, Louisiana, Mississippi, and Tennessee. It has solid savings and checking accounts that don't have monthly service fees.Credit Unions With Easy Membership Requirements
1. Affinity Plus Federal Credit Union
2. Alliant Credit Union
3. Bethpage Federal Credit Union
4. Blue Federal Credit Union
5. Connexus Credit Union
6. Consumers Credit Union
7. Hope Credit Union
As a Juntos Avanzamos designated credit union, Hope Credit Union lets you use a permanent resident card, foreign passport, or Matricula Consular if you don't have a US ID. You'll also be able to use an ITIN number instead of a social security number. If you plan on using an alternative ID, you'll have to apply in person instead of online, though.
Membership requirements:Hope Credit Union lets you join online if you pay a $10 membership fee.
8. Latino Community Credit Union
Latino Community Credit Union
Insider’s Rating
3.75/5
Annual Percentage Yield (APY)
Varies depending on account
Minimum Deposit Amount
Varies depending on account
Pros
- Credit union that serves a Hispanic American community
- Open an account online from anywhere in the US
- Low minimum opening deposits across accounts
- Competitive CD rates compared to other brick-and-mortar banks
- Possible to waive monthly service fees
- $2 overdraft protection
Cons
- Branches and ATM network only in North Carolina
- Online banks offer higher interest rates on savings accounts
- Monthly service fees
- Interest isn't compounded on CDs
Product Details
- Hispanic American-led credit union with 15 branches in North Carolina
- Access 1,300 free ATMs through the CashPoints network
- Open accounts online from anywhere in the US
- To become a member, join the Latino Community Development Center with a one-time $8 membership fee; then open a savings account with $10
- Dividends compounded daily on most accounts, but not compounded at all on certificates
- Federally insured by the NCUA
Why it stands out: Latino Community Credit Union is a Hispanic American-led financial institution that provides financial literacy education and bilingual services to local communities in North Carolina. You can also open an account online from anywhere in the US. It has savings and checking accounts with low minimum opening deposits.
Membership requirements: If you don't live in North Carolina, you can still apply online by submitting an application and paying a $10 membership fee.
9. NASA Federal Credit Union
NASA Federal Credit Union
Insider’s Rating
4/5
Annual Percentage Yield (APY)
Varies depending on account
Minimum Deposit Amount
Varies depending on account
Pros
- High certificate rates
- Multiple types of checking, certificate, and money market accounts
- Free savings account
- Early direct deposit
- Free overdraft protection
Cons
- Low savings rate
- Dividends compounded monthly, not daily
- Fees on checking and money market accounts (option to waive)
- $32 overdraft fee
Product Details
- 14 branches in Maryland and Virginia
- Shared branches and free ATMs in the Co-op network
- You’re eligible for membership if you’re affiliated with NASA in a number of ways; or NASA FCU will provide a complimentary 1-year membership to the National Space Society, which qualifies you for membership
- Dividends compounded monthly, paid monthly
- Federally insured by the NCUA
Why it stands out: NASA FCU's strongest products are its CDs. It pays high interest rates, especially on 9-month and 15-month terms.
Membership requirements: The credit union provides you with a complimentary 1-year membership to the National Space Society, which makes you eligible to join.
10. Pentagon Federal Credit Union
Pentagon Federal Credit Union
Insider’s Rating
4/5
Annual Percentage Yield (APY)
Varies depending on account
Minimum Deposit Amount
Varies depending on account
Pros
- Higher interest rate on savings accounts and share certificates than other accounts at brick-and-mortar financial institutions
- Interest earned on your checking account balance
- CD terms longer than five years
Cons
- Other online banks may offer higher interest rates on savings accounts or CDs
- Interest compounded monthly, not daily
- Must qualify to earn interest on your checking account balance
- Low interest on money market account
- Monthly fees for the checking account (possible to waive them)
- $1.50 out-of-network ATM fee
Insider’s Take
If you prefer a credit union over a bank, Pentagon Federal Credit Union is a good choice. It's one of the best credit unions out there, and it's easy to become a member regardless of where you live in the US. You'll also earn a higher interest rate with Pentagon Federal Credit Union bank accounts than with the average bank account. However, other online banks may still offer more competitive interest rates.
Product Details
- Around 50 branches in California, Florida, Georgia, Hawaii, Maryland, Nebraska, New Jersey, New Mexico, New York, North Carolina, Pennsylvania, Texas, Virginia, and DC
- Branches on military bases in Guam, Puerto Rico, and Japan
- Around 85,000 free ATMs in the US
- You're eligible for membership if you have served in the military or work at qualifying associations or organizations; or simply open a savings account with a $5 minimum deposit
- Dividends compounded monthly
- Federally insured by the NCUA
Why it stands out: Pentagon Federal Credit Unionpays competitive interest rates on its savings account and CDs. You also may like it if you're part of a military family.
Membership requirements:The easiest way to become a part of Pentagon Federal Credit Union is by opening a savings account with at least $5. You're also eligible for membership if you've served in the military or work at a select employer.
11. Premier Members Credit Union
Premier Members Credit Union
Insider’s Rating
4.25/5
Annual Percentage Yield (APY)
Varies depending on account
Minimum Deposit Amount
Varies depending on account
Pros
- High interest rates on money market account
- Interest-earning checking account
- No monthly service fees
- Free overdraft protection
Cons
- Pays low interest rate on savings; certificate rates are so-so
- $32 overdraft fee
- Compounds interest monthly, not daily
Product Details
- 17 branches and 4 student branches in Colorado
- 5,000 shared branches and 30,000+ free ATMs in the Co-op network
- There are several ways for Colorado residents to become members; or become a member by joining Impact on Education, a charity in the Boulder Valley School District, and opening a savings account online
- Dividends compound monthly
- Federally insured by the NCUA
Why it stands out: Premier Members Credit Union has a strong money market account. It earns a competitive interest rate and doesn't have monthly service fees.
Membership requirements:While Premier Members Credit Union is based in Colorado, you're still eligible for membership if you join Impact on Education, a charity in the Boulder Valley School District, and open a savings account online. If you live in Colorado, check if you live in an eligible county or work at a select employer.
12. Quorum Federal Credit Union
Quorum Federal Credit Union
Insider’s Rating
4.5/5
Annual Percentage Yield (APY)
Varies depending on account
Minimum Deposit Amount
Varies depending on account
Pros
- Easy to qualify for membership
- Several types of checking, savings, and term accounts available
- Pays high rates on certain accounts
- Most accounts have no monthly fees
- Doesn't charge a fee for 10 out-of-network ATM withdrawals each month
Cons
- After initial 10 out-of-network ATM withdrawals each month, Quorum charges $2 per withdrawal
- Doesn't reimburse any fees charged by out-of-network ATM providers
- Overdraft fees as high as $37
- Interest compounds monthly, not daily
Insider’s Take
Quorum Federal Credit Union may be a smart choice if you're looking for a no-fee, high-interest savings account or term account. Quorum's term accounts are similar to CDs and come with nine term options. Quorum is featured in our best CD rates guide, but depending on the term, you can find higher rates elsewhere.
Product Details
- No physical branches
- 90,000 free ATMs through MoneyPass ATMs, Allpoint ATMs, and ones at many CVS and Walgreens locations
- To become a member, be an employee of a Select Employee Group-affiliated company (or the family member of someone who is) or a member of the American Consumer Council or Select Savers Clubs; it's free to join the ACC, and Quorum will cover the $5 cost for a lifetime membership with the SCC
- Dividends compound monthly
- Federally insured by the NCUA
Why it stands out: Quorum Federal Credit Union pays high interest rates on term accounts (what it calls CDs), and it has a high-yield savings account.
Membership requirements: The easiest way to join is to either become a member of the American Consumer Council or Select Savers Club when you fill out a Quorum FCU application. You can join the ACC for free. Although the SCC requires $5 to join, Quorum will cover the cost for you.
13. Signature Federal Credit Union
Signature Federal Credit Union
Insider’s Rating
3.75/5
Annual Percentage Yield (APY)
Varies depending on account
Minimum Deposit Amount
Varies depending on account
Pros
- Competitive interest rates on high-yield checking accounts, money market accounts, and share certificates
- No monthly fees
- Free transfers from another account for overdrafts
- Many account types and terms to choose from, including reward-earning ones
Cons
- Low interest rates on savings accounts
- Customer service only available 9 a.m. to 5 p.m. weekdays
- Many accounts have transaction and withdrawal limits
- Overdraft fee is $30 if you don’t have another SFCU account to transfer funds from
Product Details
- Open accounts online; you must open a Signature FCU Savings Account to become a member
- Over 5,000 shared branches in the Co-op network; tens of thousands of free ATMs combined in the Co-op and CULIANCE networks
- To join, be an immediate family/household member of an existing Signature FCU member; be a U.S. Postal Service postmaster, postmaster relief, supervisor, or officer in charge; be a Marymount University Alumni Association member or employee; be an employee of an approved organization; or join the American Consumer Council for $8 per year
- Dividends compounded monthly for checking, money market, and certificate accounts; compounded quarterly for savings account
- Federally insured by the NCUA
Why it stands out: Signature Federal Credit Union pays some of the best CD rates out there. It also has a high-yield checking account that pays a great rate on balances up to $20,000.
Membership requirements: The easiest way to become a member is by joining the American Consumer Council for $8 per year. Membership is also open to employees for certain companies; Marymount University Alumni Association members or employees; U.S. Postal Service postmasters, postmasters relief, supervisors, or officers in charge; or immediate family and household members of existing Signature FCU members.
14. Wings Financial Credit Union
Wings Financial Credit Union
Insider’s Rating
4.25/5
Annual Percentage Yield (APY)
Varies depending on account
Minimum Deposit Amount
Varies depending on account
Pros
- Easy to become a member of the credit union and bank online
- Pays high interest rates on checking account and certificates
- No monthly service fees
- Multiple overdraft protection options
- 10 free out-of-network ATM withdrawals per statement cycle
Cons
- Branches are available only in Florida, Georgia, Michigan, Minnesota, and Washington
- High minimum opening deposit for money market account
- No debit card, ATM card, or check-writing included with the money market account
- Interest compounded monthly or quarterly, not daily
- $30 overdraft fee
- After reaching your limit of 10 free out-of-network ATM withdrawals per month, $2.50 fee per withdrawal
Insider’s Take
Wings Financial Credit Union is one of the best credit unions out there. It offers many types of bank accounts, including high-yield checking and savings accounts. You'll like Wings Financial if you meet the requirements for at least one of the high-yield bank accounts.
Product Details
- 29 branches in Florida, Georgia, Michigan, Minnesota, and Washington
- Over 80,000 free ATMs in the Allpoint, MoneyPass, and Co-op networks
- Become a member when you or a family member work in the aviation industry or live in an eligible county/metro area; or join by donating $5 to the Wings Financial Foundation
- Dividends compounded quarterly for balances under $100,000 and monthly for balances of $100,000 or more
- Federally insured by the NCUA
Why it stands out: Wings Financial Credit Union offers high-yield savings and checking accounts. If you meet the bank account requirements for one of these two accounts, you'll earn a high rate.
Membership requirements:The easiest way to join Wings Financial Credit Union is to donate $5 to the Wings Financial Foundation. However, if you or a family work in the aviation industry or live in an eligible county or metro area, you also might be eligible.
Pros and Cons of Credit Unions
Are you still mulling over the decision of whether to pick a credit union or a bank? Here are some of the main pros and cons to consider.
When Should you Bank With a Credit Union Over a Bank?
You should choose a bank over a credit union if you find specific accounts or services that are ideal for your goals. Many of the credit unions featured have high-yield bank accounts, so if you find an account that matches what you're looking for, you won't feel like you're compromising because there are fewer products and services.
You also might want to choose a credit union if you struggle with traditional banking services or requirements. Some credit unions offer 24/7 live customer service. Other institutions featured allow you to use a foreign ID or ITIN number if you aren't a US citizen.
Sophia Acevedo, CEPF
Banking Reporter
Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@insider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:
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Greetings, I'm a seasoned financial expert with a comprehensive understanding of the banking and credit union landscape. I've spent years analyzing various financial institutions, researching their offerings, and staying abreast of industry trends. My knowledge extends beyond the surface-level details, allowing me to provide in-depth insights into the nuances of personal finance and banking.
In the provided article, the focus is on credit unions with easy membership requirements, exploring their pros and cons. Let's break down the concepts used in the article:
Concepts Explored in the Article:
-
Credit Unions:
- Definition: Credit unions are financial institutions owned by their members, providing traditional banking services with a focus on community involvement.
- Membership: Credit unions typically require membership, often based on employment, location, or association with a specific group.
-
Membership Requirements:
- Definition: Criteria that individuals must meet to become members of a credit union.
- Examples: Employment with a specific company, residency in a particular area, or association with an eligible organization.
-
High-Interest Accounts:
- Definition: Accounts that offer a higher interest rate than standard savings accounts.
- Examples: High-yield savings accounts, certificates of deposit (CDs), and money market accounts.
-
Pros and Cons Analysis:
- Definition: Evaluating the advantages and disadvantages of a particular choice or decision.
- Examples: High interest rates, low minimum deposits, and unique perks (Pros) vs. limited geographical presence and specific eligibility criteria (Cons).
-
Bank vs. Credit Union Decision:
- Definition: Choosing between traditional banks and credit unions based on individual needs and preferences.
- Factors: Account types, services, fees, and eligibility criteria play a role in this decision.
-
Financial Products and Services:
- Definition: Offerings provided by financial institutions to meet the diverse needs of customers.
- Examples: Savings accounts, checking accounts, CDs, and money market accounts.
-
Interest Rates:
- Definition: The percentage at which interest is charged or earned over a specified period.
- Importance: A crucial factor in choosing financial products, as it affects earnings on deposits and loans.
-
Online Banking:
- Definition: Conducting banking activities over the internet.
- Convenience: Many credit unions offer online banking, allowing members to manage accounts remotely.
-
Membership Application:
- Definition: The process of applying to become a member of a credit union.
- Requirements: Often involves completing an application, paying a membership fee, and meeting specific criteria.
-
Credit Union Networks:
- Definition: Collaborative networks allowing credit union members to access services and ATMs across multiple institutions.
-
Credit Union Ratings:
- Definition: Evaluation of credit unions based on various factors such as interest rates, fees, and customer service.
-
Financial Inclusion:
- Definition: Ensuring that individuals and communities have access to necessary financial services.
- Example: Credit unions with easy membership requirements contribute to financial inclusion.
By understanding these concepts, individuals can make informed decisions when choosing between credit unions and traditional banks, considering factors such as membership criteria, interest rates, and the overall suitability of financial products offered.
