From the NWCUA:
Tigard, OR. — Members of Oregon’s credit unions enjoy lower interest rates on their credit cards, car loans and mortgages. Because credit unions are not-for-profit cooperatives, there are no stockholders to pay. Instead, direct financial benefits are returned to members in the form of better interest rates on loans and savings products.
Financing a $25,000 new automobile for 60 months at an Oregon credit union would save you $150 per year. In fact, in the 12-months ending in June, 2015, Oregon credit union members collectively saved over $46 million on their auto loans, vs. rates paid by bank customers. Their credit card interest rates resulted in nearly $28 million in savings, while members with home equity loans saved $6 million by paying lower interest rates than bank customers. When checking, money market, certificate and retirement accounts were analyzed in the same period, advantage: Oregon credit union members. They earned nearly $16 million in higher interest than bank customers with similar products.*
In Oregon, 1.8 million consumers have discovered the credit union difference. This week’s news from the Federal Reserve of a modest interest rate increase is a reminder that the gift of membership in a local, not-for-profit, cooperative credit union makes sense.
*Source: Informa Research Services, National Credit Union Administration (NCUA) and Credit Union National Association (CUNA). June, 2015.
The Northwest Credit Union Association is the not-for-profit trade association representing over 160 of Oregon and Washington’s credit unions. Northwest credit unions returned $352 million in direct financial benefits to their 5.2 million members last year. The NWCUA is the voice of the Northwest credit union movement, providing legislative, regulatory and public advocacy in addition to education, compliance, networking support and business solutions to credit unions. For information on how to join a credit union, please visit http://www.asmarterchoice.org.