Credit unions can offer their members better savings rates, lower loan rates, as well as reduced fees.
However, not everyone can join a credit union. You’ll need to meet specific requirements to be welcomed into this group and the requirements can vary based on how it’s organized.
Credit unions can offer a more personalized service experience because of this, while also offering higher interest rates on accounts and lower interest rates on loans since they don’t compete with local banks.
So, now that we know what credit unions are, we’ll take a look at the top-performing organizations. The top 15 largest credit unions are:
Assets (as of 2021): $156.65 billion
Founded in 1947, Navy Federal Credit Union is the largest credit union operating out of the state of Virginia and the largest in the United States. This credit union provides banking services to over 9.44 million members.
Navy Federal Credit Union is a not-for-profit, member-owned financial institution that offers services to U.S. military members. Membership also extends to the immediate family of any current members.
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Assets (as of 2021): $50.97 billion
This credit union has been in operation since 1937. Operating from Raleigh, North Carolina, it’s the second-largest credit union in the United States, offering banking services to over 2.51 million members.
This credit union offers savings, loans, and other financial services to its members and immediate family of current members, as long as they are residents of North Carolina.
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Assets (as of 2021): $33.53 billion
Based in Alexandria, Virginia, PenFed has been in operation since 1935. As the second-largest credit union in the state of Virginia and the third-largest in the United States, this credit union provides services for over 2 million members.
This financial cooperative provides financial banking services to multiple member groups, but primarily focuses on the military or members in armed forces, as well as their immediate families.
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Assets (as of 2021): $28.78 billion
The BECU is a credit union originally established to serve employees of The Boeing Company. In 1935 it was founded as a Fellowship Credit Union by 18 Boeing employees and was named Boeing Employees’ Credit Union for much of its history.
Operating from Tukwila, Washington, BECU is the largest credit union in the state of Washington providing services for over 1.26 million members.
SchoolsFirst Federal Credit Union
Assets (as of 2021): $28.16 billion
SchoolsFirst Federal Credit Union has been in operation since 1934. Operating out of Santa Ana, California, SchoolsFirst is the largest credit union in California, providing services for over 1.12 million members.
This credit union caters specifically towards members of the education community as well as their immediate family members.
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Assets (as of 2021): $18.74 billion
Alliant Credit Union has been in operation since 1935 and currently provides banking services to over 521,000 members.
Operating from Chicago, Illinois, Alien provides exclusive benefits to employees, retirees, and members of qualifying organizations and their immediate family members.
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Assets (as of 2020): $18.48 billion
In operation since 1933, the Golden 1 Credit Union is the second-largest credit union in California, headquartered in Sacramento. Their services are provided to over 1.07 million members.
They provide checking, savings, loans, investments, online banking, and other financial services to their members and their immediate family members.
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Assets (as of 2021): $17.38 billion
America First Credit Union is a federally chartered credit union and has been in operation since 1939 and operates out of Utah, providing service to 1.13 million members.
American First is a member of the CO-OP Network of ATMs, meaning it provides members with free ATM access across the globe.
To become a member you must live, work, workshop, attend school, conduct business, or volunteer in any major county in Utah or Clark County in Nevada.
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First Tech Federal Credit Union
Assets (as of 2021): $16.70 billion
Headquartered in San Jose, California with over 40 different locations, the First Technology Federal Credit Union is the third-largest credit union in the state of California.
Founded in 1970, this credit union provides services to multiple member groups but primarily focuses on manufacturing employees and their immediate family members.
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Assets (as of 2021): $16.22 billion
Formerly known as Suncoast Schools FCU, this credit union is the largest in the state of Florida providing banking services to over 892,000 members.
Originally founded to serve teachers and later expanded to serve all school employees within the state’s Suncoast region, the credit union has significantly expanded.
Since 2013, they have been open to serving anyone who lives, works, attends school, or worships in the 39 counties of the credit union services.
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Randolph-Brooks Federal Credit Union
Assets (as of 2021): $16.0 billion
Founded in 1952, Randolph-Brooks Federal Credit Union is the largest in Texas, providing services to over 901,000 members.
This financial cooperative provides financial banking services to multiple member groups, but primarily service members in the armed forces and their families.
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Assets (as of 2021): $15.84 billion
Based in Sandy, Utah, Mountain America Credit Union is a federally chartered credit union regulated under the authority of the National Credit Union Administration (NCUA).
Some of their Select Employer Group (SEG) affiliations include some of the world’s largest corporations including Marriott International, the National Consumer Council, and Walmart.
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Assets (as of 2020): $13.66 billion
VyStar Credit Union was chartered in 1952 in Jacksonville, Florida. Since then it has grown to be one of the largest financial institutions in Northern Florida.
VyStar provides a wide variety of services such as deposits, loans, investments, insurance, and financial planning.
Security Service Federal Credit Union
Assets (as of 2021): $12.76 billion
This federally chartered and federally insured credit union is based out of San Antonio, Texas, and has been in operation since 1956. Currently, it provides services to over 805,000 members in 66 locations across Texas, Colorado, and Utah.
The credit union was initially founded as a not-for-profit, member-owned financial cooperative to service the needs of the U.S. Air Force Security Service Command. It has now expanded to include over 2,600 ways to qualify for membership.
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Assets (as of 2021): $11.94 billion
This credit union is the largest in New York and has been in operation since 1941. It currently provides banking services to over 422,000 members. Membership is available to anyone living, working, or worshipping in the credit union’s geographic area.
In 2003, Bethpage was approved as the largest federal community charter in the U.S., allowing for its rapid growth over the past few years.
What is a credit union?
A credit union is a nonprofit, member owned financial cooperative. Credit unions are financial institutions that provide services similar to banks such as deposit accounts, lending of loans, and investment portfolios. According to the National Credit Union Association (NCUA) there are 4,759 credit unions in the United States.
What is the difference between a credit union and a bank?
A bank is a for-profit financial institution while a credit union is nonprofit. Additionally, banks can be privately owned or publicly traded, whereas credit unions are owned by its members. The differences in their structures means banks and credit unions may offer different financial services and are regulated in a different manner by the federal government.
Which is the largest credit union in USA?
The largest credit union in the U.S. is the Navy Federal Credit Union. With an asset size of over $156 billion, and over 9 million members, Navy Federal Credit Union is by far the largest credit union in the U.S. The second largest credit union in the U.S. is State Employees Credit Union with an asset size of over $50 billion and over 2 million members.
