Go to:

April 2019
< Mar May >
Leaguer Email Subscription

You are not currently subscribed. Click Subscribe below to receive the Leaguer email.

MagnifyMoney Finds Best CU Deals, Published by Forbes
Monday, February 8, 2016 6:40 AM

With its Best Credit Products of 2016, MagnifyMoney, an independent service offering comparisons of financial products, has provided a virtual overview of just how much consumers can save by choosing credit unions as their primary financial institution. The survey was published in Forbes Thursday.

MagnifyMoney even described how credit unions differ from their for-profit financial services competitors:

Credit unions are not-for-profit organizations owned by their members rather than shareholders, the survey describes. “You can find traditional banking products at most credit unions, including deposit accounts, loans and credit cards. Traditional banks seek to generate high shareholder returns, which can result in lower interest rates on deposits and higher interest rates on loans. Credit unions don’t need to generate high returns for shareholders, and are therefore positioned to provide better value to consumers.”

The survey included the 100 largest credit unions in the country, ranked by assets, to find the best consumer products available. Among the products offered:

  • A savings account paying 1 percent;
  • Completely free checking accounts that even reimburse other bank ATM fees;
  • A one-year certificate of deposit (for balances up to $3,000) with a 3 percent rate;
  • Credit card balance transfer interest rates as low as 2.99 percent for two years, with no transfer fee;
  • Personal loans with interest rates as low as 5.75 percent; and
  • New-auto loan rates as low as 0.74 percent.