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Credit unions are member-owned financial institutions that have specific membership requirements. However, in recent years, some of those membership requirements have loosened up — or at least become more accessible to a wider variety of people.
Credit unions often come with certain membership criteria, but those requirements might be easy to meet for most people. Credit unions are known for having competitive rates on deposit accounts, as well as on loan products. Double-check the online access and ATM network to ensure you can fulfill your banking needs.
Our top recommendations
- Best for low-interest credit cards: First Tech Federal Credit Union
- Best for deposit account variety: Consumers Credit Union
- Best rewards credit card: PenFed Credit Union
- Best for low share balance: America First Credit Union
- Best for ATM access: Quorum Federal Credit Union
- Best for large field of membership: Connexus Credit Union
- Best for military members: Navy Federal Credit Union
- Best overall: Alliant Credit Union
Our reviews of the best credit unions
First Tech Federal Credit Union: Best for low-interest credit card
Low-interest credit card
First Tech Federal Credit Union
Low-interest credit card
First Tech Federal Credit Union
APY*
Up to 5%
Min. deposit
$5 for savings
ATM network
30,000 fee-free
Benefits
Low-rate credit cards, no monthly fees when completing certain actions, mobile app, NCUA insurance
Field of membership
Focuses on Lane County Oregon, as well as workers at tech company partners, but you can also pay a fee to join one of two organizations
Pros:
- High yield on rewards savings and checking accounts.
- Variety of low-rate credit cards, including rewards cards.
- Wide field of membership.
Cons:
- Limited physical branches.
- High minimums and requirements to get the best APYs.
- Relatively small ATM network.
First Tech Federal Credit Union was founded in 1952 to serve employees of Tektronix, tech company based in Oregon. Its focus broadened to the emerging tech industry in the North West, and now it has more than 900 partner corporations — including Amazon, Microsoft and Intel. But even if you don’t work with a tech company, you may be able to apply for membership.
First Techoffers a variety of low-rate credit cards, including some with rewards. Additionally, for those who can meet the criteria, it’s possible to earn 5% APY on rewards savings and checking accounts. The wide field of membership makes it possible for almost anyone to join, even if they don’t work in technology.
Consumers Credit Union: Best for deposit account variety
Deposit account variety
Consumers Credit Union
Deposit account variety
Consumers Credit Union
APY*
Up to 3%
Min. deposit
$5
ATM network
30,000 fee-free
Benefits
Variety of accounts, including Health Savings Accounts (HSAs), fee-free ATMs and shared branches, unlimited ATM fee reimbursem*nt, NCUA insurance
Field of membership
Anyone can join with a one-time $5 membership fee, which will be reimbursed by the credit union.
Consumers Credit Union is Michigan-based credit union originally for employees of the Consumers Energy company. Though most of its physical locations are in and around Chicago, Illinois, anyone can become a member after paying a $5 membership fee.
Consumers offers a variety of accounts for different purposes, including Coverdell Education Savings Accounts, IRA certificates of deposit and HSAs. It’s possible to meet several needs and goals with the help of this credit union. Additionally, unlimited ATM fee reimbursem*nts are offered and you can go into one of the 5,000 shared branches across the country.
Alliant Credit Union: Best overall
Overall
Alliant Credit Union
Overall
Alliant Credit Union
APY*
Up to 3.10%
Min. balance to earn APY
$100 for savings
ATM network
80,000 fee-free
Benefits
ATM rebates, no monthly fees, mobile app, NCUA insurance
Field of membership
Focused on the Chicago area, but anyone can join with a $5 contribution to the Alliant Credit Union Foundation, which focuses on digital access in underserved communities
Pros:
- Easy to avoid fees.
- Large ATM network with rebates.
- Wide field of membership.
Cons:
- No physical branches.
- There might be some fees if you aren’t careful.
Alliant Credit Union was founded in 1935 for United Airlines employees and their families, but it has expanded in the ensuing 89 years to provide banking services to many corporate parters. It also still provides services to people who live near its headquarters in Chicago, Illinois. You can also become a member by becoming an Alliant Credit Union Foundation digital inclusion advocate, which requires a a one-time $5 contribution to the Foundation (facilitated by Alliant Credit Union).
Alliant Credit Union offers a combination of a wide field of membership with a variety of banking products and services. While there are some fees, they are easy to waive with basic actions that can be set up to be self-sustaining. A large fee-free ATM network, plus up to $20 in rebates for other ATM fees offers flexibility in banking, even though there are no physical branches.
PenFed Credit Union: Best rewards credit card
Rewards credit card
PenFed Credit Union
Rewards credit card
PenFed Credit Union
APY*
Up to 3%
Min. deposit
$5 for savings
ATM network
85,000 fee-free
Benefits
Generous cash back credit cards, no monthly fees when completing certain actions, mobile app, NCUA insurance
Field of membership
Anyone can join
Pros:
- Competitive products, including credit cards.
- Large fee-free ATM network.
- Anyone can join.
Cons:
- Few physical branches.
- High minimums to avoid some fees.
The Pentagon Federal Credit Union, which is commonly known as PenFed, was charted in 1935 to serve members of the military. In 2018 it acquired Progressive Credit Union, a New York state charted credit union with an open membership charter that allows PedFed to offer membership to people outside the military.
PenFed is open for anyone to join, and they have attractive and generous credit card offerings. It’s possible to get a card with no annual fee and get up to 5 points per dollaron certain purchases, which can be redeemed for gift cards, travel, shopping and more. PenFed also has a large ATM network and features some physical branches while offering competitive yields on deposit products.
America First Credit Union: Best for low share balance
Low share balance
America First Credit Union
Low share balance
America First Credit Union
APY*
Up to 4.6%
Min. deposit
$1
ATM network
30,000 fee-free
Benefits
Low share balance of $1, fee-free ATMs and shared branches, ATM fee reimbursem*nt for some accounts, NCUA insurance
Field of membership
Must live in certain states in the Intermountain West or work for certain companies that do business in those states
America First Credit Union started as a local credit union in Salt Lake City, Utah and expanded through acquisitioons to serve residents in select counties in Utah, Idaho, Oregon, New Mexico, Arizona and Nevada. To be a member, you must live in its field of membership.
America First only requires $1 to join and maintain membership. Additionally, the free interest checking account has a relatively low minimum of $500 to earn a yield. For those who live in the Intermountain West, this credit union offers access to a decent fee-free ATM network and shared branches across the country.
Quorum Federal Credit Union: Best for ATM access
ATM access
Quorum Federal Credit Union
ATM access
Quorum Federal Credit Union
APY*
Up to 4.25%
Min. deposit
$0
ATM network
100,000 fee-free
Benefits
One of the largest fee-free ATM networks, NCUA insurance
Field of membership
Must work at certain companies or join an approved organization
Quorum Federal Credit Union, formerly known as Kraft Foods Federal Credit Union, was founded in 1934 as a company benefit for Kraft Foods employees. In 2005 the company changed its name to reflect its growing consumer base. If you are an employee at The Kraft Heinz Company, Mastercard, Mondelēz International or a host of other companies, membership is free. Otherwise you can join one of two Quorum partner associations with $5 lifetime membership.
Quorum, which is headquartered in Purchase, New Yorrk, has one of the most extensive networks of fee-free ATMs, in addition to having shared branch locations around the country. Additionally, there is a competitive term deposit program for those who lock up their money for seven or 15 months. In addition to its excellent ATM access, Quorum also gets high marks for its digital access.
Connexus Credit Union: Best for large field of membership
Large field of membership
Connexus Credit Union
Large field of membership
Connexus Credit Union
APY*
Up to 0.25%
Min. deposit
$5
ATM network
67,000 fee-free
Benefits
Wide field of membership, competitive interest-bearing checking, NCUA insurance
Field of membership
Anyone can join when they pay $5 to the Connexus Association, which offers scholarships
Connexus Credit Union, based in Wisconsin, is available to residents of select counties and cities in Illinois, Minnesota and Wisconsin as well as anyone who makes a $5 donation to their nonprofit, making it one of the easiest credit unions to join. Connexus boasts more than 460,000 members nationwide and $5.3 billion in assets.
Two of Connexus’s products stand out: The share certificates (the credit union version of a certificate of deposit) and the interest-bearing checking account, both of which come with a competitive yield. Because many members may not live near a branch location, Connexus also offers wide ATM access, fee-free withdrawals and ATM fee reimbursem*nt for interest bearing checking accounts.
Navy Federal Credit Union: Best for military members
Military members
Navy Federal Credit Union
Military members
Navy Federal Credit Union
APY*
Up to 0.25%
Min. deposit
$5
ATM network
30,000 fee-free
Benefits
Full-service banking, ATM reimbursem*nt, NCUA insurance
Field of membership
Must be a military service member or veteran
Navy Federal Credit Union caters to members of the U.S. Armed Forces, including active-duty, retired and veterans, the Department of Defense, the Coast Guard and the Space Force. It’s the largest credit union in the U.S. with more than $168 billion in assets and 13.3 million members.
Navy Fed offers a wide variety of accounts and financial services, and it has branches near many military installations around the world. Though its savings products don’t offer the highest APRs in contrast to some of the other credit unions on our list, their account are generally fee-free, and their credit cards’ APR is capped at 18%.
How we chose the best credit unions
We compared checking and savings accounts based on the following criteria: APY, minimum deposit, minimum balance and fees. We also took the minimum number of transactions per month (if any), accessibility (like the number of branches or ATMs), and whether the bank is insured into our analysis for greater nuance.
Ultimately, we looked for credit union accounts that offer the most value to customers.
Choosing the best credit union: Where to begin
When choosing a credit union, consider your personal needs and circ*mstances, as well as your goals. Think about your priorities when determining where to put your money.
With a credit union, you also need to consider whether you can meet the eligibility requirements for membership. In some cases, you won’t be able to join a credit union, even if you want to.
| Brand name | Best for | APY* |
|---|---|---|
Alliant | Overall | Up to 3.10% |
PenFed | Rewards credit card | Up to 3% |
First Tech Federal Credit Union | Low-interest credit card | Up to 5% |
Consumers Credit Union | Deposit account variety | Up to 3% |
America First Credit Union | Low share balance | Up to 4.6% |
Quorum Federal Credit Union | ATM access | Up to 4.25% |
Connexus Credit Union | Large field of membership | Up to 0.25% |
Navy Federal Credit Union | Military members | Up to 0.25% |
Frequently asked questions (FAQs)
Is a credit union better than Chase bank?
Whether a credit union is better then Chase Bank depends on your personal priorities and interests. Some people prefer a small credit union experience to a big bank. However, Chase ranks high in J.D. Power’s recent satisfaction survey.
What is safer, a bank or credit union?
Both banks and credit unions are equally safe — as long as they have insurance. Banks are insured by the FDIC and credit unions by the NCUA for the same amounts of money. If a bank or credit union fails, you are protected up to $250,000.
What are the three largest credit unions?
The largest credit unions by asset size in 2023 were Navy Federal Credit Union, State Employees’ and PenFed.
What is the downside of a credit union?
The main downside of a credit union is limited access. Many credit unions have limited branch locations. They might have shared branches and fee-free ATMs, but if you want regular branch access, you need to live near a credit union.
How safe are credit unions?
Credit unions are safe as long as they follow best practices and pay their NCUA premiums. Credit unions are just as safe as banks.
AP Buyline’s content is created independently of The Associated Press newsroom. Our evaluations and opinions are not influenced by our advertising relationships, but we might earn commissions from our partners’ links in this content. Learn more about our policies and terms here.
