Top Credit Union Picks for 2025
Suncoast Credit Union, Alliant Credit Union, Connexus Credit Union, and a host of other credit unions are making waves in the financial world, offering competitive savings accounts that could help savers maximize returns.
Based in Florida, Suncoast Credit Union caters to those who live, work, or worship in select Florida counties. While their savings account offers a low APY, their Smart Checking account charges no monthly maintenance fee and earns some interest. Moreover, Suncoast provides fee-free access to over 30,000 ATMs.
Alliant Credit Union stands out with its High-Rate Checking account, offering up to $20 a month in rebates for ATM surcharges from other banks. Their savings account earns an APY that's well above the national average, but requires a balance of at least $100 to earn interest.
Connexus Credit Union offers a full range of accounts, including free and interest-bearing checking accounts. Although their savings account details are not specified, they are known for their competitive rates.
Credit unions, such as Industrial Federal Credit Union, often provide competitive and higher interest rates on savings accounts, especially in slow markets, combined with fewer or no monthly maintenance fees and lower balance requirements. This makes credit unions more attractive for savers aiming to maximize returns with fewer hidden costs.
Randolph-Brooks Federal Credit Union offers share certificates in any monthly term between six and 84 months, with yields well above national averages. Security Service Federal Credit Union offers many terms of share certificates between three months and seven years, most of which earn APYs above national averages.
Boeing Employees' Credit Union offers a wide range of CD terms between three and 60 months, while Patelco Credit Union's CDs earn decent rates that are higher than national averages. Mountain America Credit Union offers eight terms of CDs that earn competitive APYs.
When comparing, focusing on APY (which includes compounding) is crucial rather than just the nominal interest rate. While banks can provide competitive APYs, especially online banks, they tend to have more fees such as monthly maintenance fees, minimum balance fees, or overdraft charges, which can reduce the effective yield for customers.
For those seeking better rates and fewer fees, credit unions frequently provide a smarter option. However, some banks also offer very competitive yields on high-yield savings accounts. Suncoast Credit Union, while not on the list of best credit unions mentioned earlier, operates around 80 branches and allows online account opening.
Alliant's mobile app allows for money transfers, check deposits, and locating ATMs and branches. Suncoast's mobile app offers similar features, making banking convenient for members on the go. American Airlines Federal Credit Union, with branches in many major airports, caters to frequent travellers.
In conclusion, credit unions like Alliant, Connexus, Randolph-Brooks, Security Service, Boeing Employees', Patelco, Mountain America, and Suncoast offer competitive savings accounts with lower or no fees compared to big banks. For savers aiming to maximize returns and minimize fees, these credit unions are worth considering.
- Suncoast Credit Union, although their savings account offers a lower APY, their Smart Checking account benefits from no monthly maintenance fee and earns some interest, making it an attractive option for those seeking to minimize fees and maximize returns.
- Alliant Credit Union's High-Rate Checking account stands out with up to $20 a month in ATM surcharge rebates and a savings account APY well above the national average, but requiring a balance of at least $100 to earn interest.
- Connexus Credit Union, known for competitive rates on their savings accounts, provides a full range of accounts, including free and interest-bearing checking accounts.
- For individuals seeking to maximize returns with fewer hidden costs, credit unions such as Industrial Federal, Randolph-Brooks, Security Service, Boeing Employees', Patelco, Mountain America, and Suncoast offer competitive savings accounts with lower or no fees, compared to big banks.
