Why bank with a credit union?
Credit unions and banks are types of financial institutions where you can keep and manage your money or get the financial services you need – but what is the difference?
Ownership is a major difference between credit unions and banks.
Credit unions are not-for-profit, financial cooperatives owned by their members — and they exist specifically to help meet the financial needs of those members.
Banks are for-profit establishments owned by shareholders. They offer a wide variety of products and services for their customers, but they’re designed to maximize profits for shareholders.
Credit unions give back to members with low rates and high returns.
Banks make money by charging higher interest rates and fees on loans and services. Credit unions share their profits with members, so they can offer lower rates and more services without fees. Credit unions also pay higher dividends for savings accounts because they want to help members succeed financially.
Credit unions are a financial partner you can trust.
Wherever life takes you, we’re here to help with products, services and the personalized attention you need at every turn. In fact, according to the latest Financial Trust Index, only 23% of people trust the big banks while 63% trust credit unions.
Just like a bank, your savings are insured. The Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) are both federal agencies that protect your money - FDIC insuring bank accounts and NCUA insuring credit union accounts. They both offer the same level of insurance, up to $250,000 per account owner, per institution, per ownership type.
Credit unions are dedicated to making a difference in your community.
Offering the best financial services to our members is only one part of the credit union difference. We’re also strong advocates of giving back to the communities where we live through both philanthropic and educational efforts.
We even have a 501(c)(3) non-profit organization – The Suncoast Credit Union Foundation – which focuses on promoting the education, health and emotional well-being of children in our communities. Since the program’s inception, more than $40 million has been donated to support initiatives related to the education, health and emotional well-being of children in our community.
Credit unions offer personalized customer service.
Since credit unions are not-for-profit institutions, they can focus on helping members with their individual financial needs. For example, Educators Choice was created with the education community in mind, offering you exclusive, personalized service and financial wellness opportunities. You have access to a dedicated banking specialist who can help open a new Suncoast membership and act as your primary point of contact for all of your banking needs.
Suncoast Credit Union cares about your wellbeing and your community, not their profits. That’s why we have no hidden fees, offer more free services, and provide many free resources to help you with your financial journey. At Suncoast, we help members save more for life. And we have the data to prove it! Suncoast members save an average of $294 per household per year!*
*Direct financial benefits to members during the 12 months ending February 2023 as defined in the CUNA Membership Benefits Report for Suncoast.