Best Credit Unions
Credit unions are nonprofit institutions that are owned by their members. For that reason, credit unions often keep fees to a minimum and offer decent yields on their accounts. The institutions here offer membership to customers anywhere in the U.S. If you don’t qualify for membership based on geographic or employer affiliations, use the method listed in the “How to join” section.
This is part of Kiplinger Personal Finance Magazine's 2024 best bank for you rankings. See lower down on this page for more categories.
Alliant Credit Union
Why it won: Alliant offers a variety of accounts with easy-to-meet eligibility requirements, decent yields and minimal fees.
Standout accounts: You need to meet only two simple requirements to earn a 0.25% yield with an Alliant High-Rate Checking account. One-year CDs yield 5.15% ($1,000 minimum).
Where it is: Alliant operates online.
How to join: Join the Alliant Credit Union Foundation; Alliant will make a one-time, $5 contribution to the foundation on your behalf.
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Overview:
Alliant High-Rate Checking offers a 0.25% yield for account holders who meet two requirements each month: Forgoing paper statements in favor of free digital ones instead, and having at least one electronic deposit to your account each month. Plus, the account has no minimum balance requirements, monthly fees or overdraft fees, and you get reimbursement of up to $20 a month for out-of-network ATM fees. Designed for members between 13 to 17 years old, Alliant’s Teen Checking account also offers a yield of 0.25% with the same eligibility requirements and ATM fee rebates.
The High-Rate Savings and Kids Savings accounts both offer a yield of 3.1% with a low average daily balance requirement of just $100, plus no monthly fee if you choose to receive statements digitally. The Kids Savings account is open to children age 12 and younger, and a parent, grandparent or guardian can be a joint owner of the account. CD rates across the board are solid, ranging from 4% for a five-year CD to as much as 5.15% for a one-year CD.
Bellco Credit Union
Why it won: Bellco earned high scores in our rankings for its checking accounts and CDs.
Standout accounts: Account holders who carry high balances can benefit from the Platinum Checking account’s numerous benefits. Bellco’s CDs require a reasonable $500 minimum deposit, and they recently yielded as much as 4.75%.
Where it is: About 30 branches in Colorado, with many in the Denver area.
How to join: Become a member of the Bellco Foundation with a minimum donation of $5.
Overview:
The free Boost Interest Checking account offers a 4.5% yield on balances of up to $25,000 if you meet monthly requirements of making 15 debit card purchases, having at least one direct deposit, and logging into online or mobile banking. Other options include the basic Free Checking account and Student Checking account for individuals age 13 to 24, with no monthly maintenance fees, hidden fees or minimum balance requirements. Plus, one insufficient funds fee is waived per year, and account holders receive access to free online financial tutorials.
The Platinum Checking account is a strong option for those who carry high balances and want added benefits. Account holders with a combined balance of at least $15,000 in Bellco deposits and loans can avoid the account’s $12 monthly fee. Fees are also waived on money orders, wire transfers and cashier’s checks.
You can open a CD with as little as $500. Top rates include 4.25% for a three-year CD, 4.5% for one- and two-year CDs, and 4.75% for a six-month CD. The Premier Money Market account yields 4% on balances of $50,000 or more. If your balance drops below $10,000, you’ll be charged a $10 low-balance fee, assessed monthly.
Connexus Credit Union
Why it won: None of Connexus’s checking accounts charge monthly service fees, and many offer competitive rates and premium benefits.
Standout accounts: With Connexus Xtraordinary Checking, account holders earn 1.75% on balances of up to $25,000 as long as they meet certain requirements. The Teen Checking account yields 2% on balances up to $1,000.
Where it is: More than a dozen branches located across Minnesota, Wisconsin and Illinois.
How to join: Make a one-time, $5 donation to the Connexus Association.
Overview:
By opting for digital statements and making at least 15 monthly debit card purchases or spending $400 on your debit card each month, you’ll qualify for a yield of 1.75% on balances of up to $25,000 with the Xtraordinary Checking account. The account also provides a rebate of $25 a month for out-of-network ATM fees and has no monthly service fees. Other options include the basic Simply Free checking account, as well as the Teen Checking account for members who are age 10 to 17, which offers a 2% yield on balances of $1,000 or less.
Connexus’s Money Market Account offers a yield of up to 3.91%, depending on the balance. For example, account holders earn 2.41% for balances between $20,000 and $99,999 and 2.66% for balances between $100,000 and $249,999. CDs require a minimum deposit of $5,000 and offer decent yields: 4.91% on one-year CDs, 4.11% on three-year CDs and 3.41% on five-year CDs.
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Note: This item first appeared in Kiplinger Personal Finance Magazine, a monthly, trustworthy source of advice and guidance. Subscribe to help you make more money and keep more of the money you make here.
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