Why Choose a Credit Union Instead of a Bank?
If you are deciding where to keep, borrow, and manage your money, you have plenty of choices. Banks and credit unions offer many of the same everyday services, including checking accounts, savings accounts, loans, cards, and digital banking. One of the biggest differences is who the financial institution is designed to serve.
Credit unions are not-for-profit financial cooperatives that focus on the financial well-being of their members rather than generating profits for shareholders. America's Credit Unions reports that this structure can benefit members through lower loan rates, higher savings yields, and fewer or lower fees.
What are the benefits of a credit union?
Choosing a credit union may give you:
- Member-focused service. Credit unions are built around serving their members.
- Competitive rates. Credit unions may offer lower rates on loans and higher yields on savings compared with banks. When comparing options, always check the current rates for the products you need. America's Credit Unions specifically compares credit union rates and fees with banks when measuring the financial value credit unions provide to members.
- Fewer or lower fees. The cooperative structure can allow credit unions to return value to members through pricing, services, or other member benefits.
- A focus on financial well-being. Credit unions have a long history of serving members and their communities, including people who may have fewer choices for affordable financial services.
- A voice as a member. When you join a credit union, you become part of a financial cooperative instead of simply becoming a customer.
The best choice still depends on you. Compare rates, fees, locations, digital tools, account features, and service before deciding where to bank.
What Should I Look for in a Credit Union?
Not every credit union offers the same products, technology, rates, or service. Before you join, look beyond a single advertised rate and ask how well the credit union can support your financial life today and in the future.
1. Make sure you are eligible to join
Credit unions have membership requirements. Start by checking whether you qualify based on where you live, work, worship, attend school, your family relationships, or another eligibility rule.
2. Compare rates and fees
Look at the products you are most likely to use. Compare:
- Checking account fees
- Savings rates and APYs
- Auto and personal loan rates
- Mortgage and home equity options
- Credit card rates and fees
- ATM and transaction fees
A great headline rate does not tell the whole story. Look at the total cost and value of the account.
3. Look at digital banking
Your credit union should be convenient when you cannot visit a branch. Check for mobile and online banking features that matter to you, such as mobile check deposit, account transfers, alerts, card management, and digital payments.
Easy digital experiences matter because people increasingly expect financial services to work around their needs and life stage. The Financial Brand identifies digital experiences and anticipating individual customer needs as important parts of stronger banking relationships.
4. Check how your money is insured
Ask whether the credit union is federally insured and understand the coverage that applies to your accounts.
At Team One Credit Union, the National Credit Union Share Insurance Fund provides insurance for qualifying accounts, including coverage of individual accounts up to $250,000.
5. Consider service and accessibility
Think about how you prefer to get help. Do you want a nearby branch? Online tools? Phone support? Video banking? A real person who can help you understand your options?
The right credit union should make it easy to get help in the way that works for you.
6. Think beyond your next account
Your financial needs will change. A credit union that offers checking, savings, credit cards, vehicle loans, mortgages, business services, and digital banking may be able to support you through more stages of life.
Why Choose Team One Credit Union?
Team One Credit Union has been serving members since 1935, when 15 teachers formed the Saginaw Teachers Club Credit Union. Today, Team One serves Michigan families and businesses with banking, lending, and digital financial services.
But history is only part of the story.
You become a member, not just a customer
Team One describes itself as a not-for-profit credit union that reinvests in members rather than shareholders. Members have access to checking, digital banking, savings and lending products, including auto loans, personal loans, mortgages, and credit cards.
Membership is open to more people than you may think
You may be eligible to join Team One if you live, work, worship, or attend school anywhere in Michigan. Eligibility also extends to people in Lee or Collier County, Florida, and immediate family members of existing Team One members regardless of where they live.
Team One's current membership page says membership can be established with a valid ID and a $5 deposit to a savings account, which must maintain a $5 minimum balance.
Bank from wherever life takes you
Team One offers online and mobile banking along with services including mobile deposit and digital payment options. Its product materials also describe electronic signing and other tools designed to let members handle financial tasks without always visiting a branch.
Prefer talking with someone? Team One's website also provides branch, appointment, contact, and Video Banking options.
Personal service is part of the standard
Team One's service standards call for employees to listen to members, understand their requests, provide accurate information, take ownership of concerns, and look for ways to improve a member's financial well-being.
That member-first approach also appears in Team One's stated values of integrity, respect, knowledge, service excellence, teamwork, adaptability, and engagement. Core Values 1.pdf
A credit union with local roots and modern options
Team One provides checking and savings products, consumer and mortgage lending, business services, and digital banking. Its internal product guide describes the goal as helping members save money and time while gaining convenience and peace of mind.
Team One has also been named one of America's Best Regional Credit Unions by Newsweek and Plant-A Insights Group for three consecutive years and holds the Juntos Avanzamos designation recognizing its commitment to serving and empowering Hispanic and Latino communities.
Ready to See if Team One Is Right for You!
Compare your options, explore Team One's accounts and loans, and see how membership could fit your financial goals.