DONATECONTA

Banks vs. Credit Unions

Both Credit Unions and Banks are insured for amounts up to $250,000. When considering opening a financial account it is important to know how good the bank or credit union’s online services and available ATMs are. However, there are many other aspects to take into consideration. Credit unions usually have lower fees and better interest rates on savings accounts and loans, while banks' mobile apps tend to be more advanced. Banks are often larger organizations with branches and ATMs nationwide while most credit unions do not have such a large reach. However, credit unions regularly provide better customer service and less strict rules and more flexibility. In general banks are for profit entities that try to profit off of you while credit unions are nonprofit and are interested in your well being. In Wisconsin the UW Credit Union provides one of the best credit cards giving you two percent cash returns on every purchase you make while having zero fees. Banks are also more prone to fraud. For these reasons we recommend that you use a Credit Union and if in Dane county the UW Credit Union for your financial accounts.