Credit unions save you money by offering lower interest rates on loans, higher dividends on savings, and fewer fees. 

Lower interest rates

Loans provided by a Credit Union offer lower interest rates to members. This is mainly due to their member/community-focused approach, having lower interest rates and dividends makes saving and borrowing a lot more affordable. 

Lower Penalties

Credit unions typically do not impose lower penalties for late payments or bounced checks, minimising the financial impact on members.

Flexible

Credit unions offer flexible terms and repayment options, making it easier to choose the right option and potentially save interest. 

Dividends

But what is a dividend, A dividend is a payment made to members of a credit union from its profits, based on how much money they have saved. Members can earn higher dividends on savings which can lead to savings growing quickly although this may not be guaranteed on annual dividends. 

Community

Being community-focused and owned by their members, Credit unions tailor to your needs through forums, surveys or even emails and members needs can transform into new opportunities or services. 

The main thing to take away is that you’re not alone and saving can be easy when members are the priority.  To find out more click here