October 9, 2017
By John Csiszar
Some credit unions require members to meet strict criteria or pay high membership fees, but in many cases, it can be easy and cost effective to join a credit union. Among the credit unions with open membership, GOBankingRates evaluated the best credit unions based on the following factors:
Read on to learn which credit unions have the best offerings. When you’re ready to join, find a credit union near you and take the plunge.
You can consider joining a credit union without worrying about meeting certain criteria. Some credit unions have minimal eligibility requirements. GOBankingRates has identified some credit unions that anyone can join. Listed here are those that require a small, one time donation–between $5 and $25– to join. Donations go toward charities or foundations supported by each credit union.
| Credit Union | Saving Account | Minimum Balance to Open | APY |
|---|---|---|---|
| GTE Financial Union | GTE Financial Savings | $5 | 1.99% |
| Alliant Credit Union | High Rate Savings | $5 | 1.11% |
| Affinity Plus Federal Credit Union | Membership Savings | $10 | 1.00% |
| Lake Michigan Credit Union | Member Savings | $5 | 0.25% |
| Connexus Credit Union | Personal Savings Account | $5 | 0.25% |
| Northrop Grumman Federal Credit Union | Regular Savings | $5 | 0.28% |
| American Heritage Financial Credit Union | Primary Share Savings | $15 | 0.11% |
| Melrose Credit Union | Share Savings Account | $25 | 0.50% |
| NASA Federal Credit Union | Prime Savings | $5 | 0.10% |
| NuVision Federal Credit Union | Primary Savings | $5 | 0.10% |
| Air Force Federal Credit Union | Regular Savings | $5 | 0.10% |
Rates accurate as of Oct. 1, 2017
Credit unions are nonprofit organizations that function like banks. A credit union is owned and controlled by its members, the people who actually use its services. Credit unions return profits to members in the form of reduced fees, higher savings rates and lower interest rates on loans.
The best credit unions are sometimes national credit unions, but if you’re not sure what you want, just do an internet search for "What are the best credit unions near me?" Compare a number of institutions, learn what it takes to join a credit union and look into the best online credit unions and nationwide credit unions, too.
Find out how to join a credit union now. Review the details of 11 credit unions that will welcome anyone as a member:
How to join: Online, in-store or over the phone
Who can join: Anyone who joins CU Savers Club
Fees:$5 Member Owner Share (one time fee, refundable if you forfeit membership later), $10 to join CU Savers Club (one time fee, nonrefundable)
Membership benefits:
Membership perks:
GTE Financial Credit Union has high savings rates and a wide variety of financial services. The minimum balance to open a savings account is just $5 and it earns a significant 1.99% APY. Members have a live chat customer service option, but there is no 24/7 phone support.
How to join: Online, in-store or over the phone
Who can join: Anyone who makes a donation to Foster Care to Success
Fees:$5 minimum to open a High Rate Savings account, minimum $10 contribution to Foster Care to Success (one time fee, nonrefundable)
Membership benefits:
Membership perks: N/A
Alliant Credit Union snagged a spot in this list of best credit unions anyone can join because of the 1.11% APY on its High Rate Savings account and its array of services. Alliant doesn’t offer exclusive discounts and it doesn’t have a live chat customer service feature, but it pays a high savings rate.
How to join: Online, in–store or over the phone
Who can join: Anyone who makes a donation to the Affinity Plus Foundation
Fees:$10 minimum balance to open an account, $25 donation to the Affinity Plus Foundation (one time fee, nonrefundable)
Membership benefits:
Membership perks:
The list of best credit unions anyone can join features Affinity Plus because of its full range of financial services and live chat customer support. You can join by making a one time donation of $25 to the Affinity Plus Foundation. Members can open the Membership Savings Account and earn 1.00% APY, plus free credit advice, rewards for charitable donations and more.
How to join: Online, in–store or over the phone
Who can join: Anyone who makes a donation to the ALS Association
Fees:$5 minimum balance to open an account, donation to the Amyotrophic Lateral Sclerosis Association (one time fee, nonrefundable)
Membership benefits:
Membership perks:
Lake Michigan Credit Union offers a variety of financial services and live chat customer service, but its Member Savings account earns only 0.25% APY and there’s no 24/7 phone support. Still, LMCU members enjoy significant perks, like discounts on Sprint mobile accounts and special LifeLock rates.
How to join: Online, in-store or over the phone
Who can join: Anyone who makes a donation to the Connexus Association
Fees:$5 minimum account balance for a Personal Savings Account, $5 donation to the Connexus Association (one time fee, nonrefundable)
Membership benefits:
Membership perks: Free access to financial counseling
Connexus Credit Union offers a range of financial products and convenient customer support. Members enjoy products like home, student and auto loans and credit cards, but Connexus doesn’t currently offer insurance products or 24/7 phone support.
To join, you can make a one time, $5 donation to the Connexus Association, a nonprofit that supports charitable organizations like the American Cancer Society, United Way, American Red Cross and more.
How to join: Online, in-store or over the phone
Who can join:Anyone who makes a donation to the Southern California Historical Aviation Foundation
Fees:$8 minimum to open a Regular Savings Account, donation to Southern California Historical Aviation Foundation (one time fee, nonrefundable)
Membership benefits:
Membership perks:
Northrop Grumman offers comprehensive financial services, but no live chat or 24/7 phone customer service. Members also don’t get some of the perks other credit unions offer and its regular savings account earns 0.28% APY. You can join by making a one time donation to the Southern California Historical Aviation Foundation, a nonprofit dedicated to preserving and displaying regional aircraft artifacts.
How to join: Online, in–store by mail or over the phone
Who can join: Anyone who makes a donation to the Kids–N–Hope Foundation
Fees:$15 minimum to open a Primary Share Savings account, donation to Kids–N–Hope Foundation (one time fee, nonrefundable)
Membership benefits:
Membership perks:
Philadelphia based American Heritage Federal Credit Union requires a small deposit of $15 to open a savings account. The Primary Share Savings account from AHFCU earns only 0.11% APY, one of the lowest on the list, but it offers 0.16% APY on balances of $10,000 or more.
Members also get access to other perks like 4.00% APY on a four month CD. You can join by meeting eligibility requirements or making a one time donation to the Kids–N–Hope Foundation, which helps children receive specialized care like music therapy.
How to join: Online
Who can join: Anyone
Fees:$25 minimum opening deposit, $1 membership fee (one time fee, nonrefundable)
Membership benefits:
Membership perks:
Melrose Credit Union provides members with affordable loans and free financial education and 0.50% APY on its Share Savings Account. It does not offer credit cards, live chat or 24/7 customer service.
Anyone who pays the one time membership fee of $1 and makes a $25 opening deposit, however, can join. The free EZ Legal Services give members access to free wills, living wills, powers of attorney, healthcare proxies and funeral directives.
How to join: Online
Who can join:Anyone who joins the National Space Society
Fees:$ 0
Membership benefits:
Membership perks:
NASA Federal Credit Union has a range of financial products and 24/7 customer phone support but its Prime Savings account requires $5 to open and earns only 0.10% APY. The membership rewards program consist of perks like free, out–of–network ATM transactions and discounts on loan rates.
How to join: Online
Who can join:Anyone who becomes a member of the American Consumer Council
Fees:$5 opening balance, $5 membership for the American Consumer Council
Membership benefits:
Membership perks:
NuVision Federal Credit Union Primary Savings offers a full range of financial services and live chat customer service, but its Primary Savings account has a minimum opening deposit of $5 and earns only 0.10% APY. It also doesn’t offer a basic, free checking account but you can waive any fees with a minimum balance or other qualifiers. You can join by becoming a member of the American Consumer Council, which provides education and information about consumer products and services.
How to join: Online
Who can join: Anyone who becomes a member of the Airman Heritage Foundation
Fees:$5 minimum opening deposit, $25 annual membership to the Airman Heritage Foundation
Membership benefits:
Membership perks: N/A
The Air Force Federal Credit Union serves the financial needs of military members and their families. A regular savings account is just $5 to open but earns only 0.10% APY. Offers include home, auto and student loans as well as credit cards and customer service via live chat.
To join, you’ll have to meet broad eligibility requirements or become a member of the Airman Heritage Foundation. Membership will cost you $25 for one year, $70 for three years or $300 for a lifetime.
Typically, you have to meet certain criteria to join a credit union, but there are many different kinds of credit unions. For example, there are credit unions just for military members, employees of certain organizations or members of certain labor unions, churches or alumni associations.
Most credit unions extend membership to family members, so if you have a relative who’s a member, you’re likely eligible to join. And, as you can see, several credit unions do extend membership to everyone. Ultimately, the best way to join a credit union is to find the one that most closely matches your needs.
Natalie Campisi contributed to the reporting for this article. She is a Los Angeles-based writer and producer with more than 17 years of experience. She started her career as a journalist, reporting for dailies, the Associated Press and on Capitol Hill. She’s produced podcasts, commercials and online video content for everyone from tech startups to chocolatiers. She’s currently working on a documentary about machine learning. You can find her on Google+ under Natalie Campisi.
