The following is a partnership with SELCO Community Credit Union on the benefits of credit unions and why I chose a credit union over a bank. All opinions are entirely my own.
There are many benefits of credit unions, including lower fees, better loan rates, and personalized service. Below I’ll explain why joining a credit union is worth considering.
I’ve banked with credit unions my entire life. Around age 14 I opened my first account at a local credit union with my parents, and I’ve used local credit unions for everyday banking and loans ever since.
Even as a full-time traveler, I continue to rely on credit unions without issues. I can handle daily banking and special transactions from almost anywhere in the country.
Credit unions frequently offer the same or better products and services as large banks, while also being more flexible, responsive, and personal.
Credit unions are popular for many reasons: lower fees, competitive rates, friendly service, and strong community focus.
If you haven’t joined one yet, the points below may persuade you to consider membership.
Benefits of joining a credit union
Joining a credit union is straightforward.
For example, becoming a member of SELCO Community Credit Union takes only minutes. Eligibility is broad: you can join if you live or work in one of the 27 Oregon counties SELCO serves, or if you are an immediate family member of someone who does.
Membership is widely accessible, which makes joining easy.
Credit unions typically offer better rates and lower fees.
When someone is shopping for better rates, I always recommend checking local credit unions first.
Whether you need a mortgage, a higher-yield savings account, or an auto loan, credit unions often outperform banks on rates and fees.
Auto loan interest rates, for example, are commonly lowest at credit unions. Rates at banks or dealerships can be much higher, translating into hundreds or thousands more paid over the life of a loan.
In many cases, you can become a member when you take out a loan. That’s how I joined my local credit union—because they offered the best loan rate—and I continued using them for years.
Credit unions are convenient, even when traveling.
From experience, credit unions allow you to manage nearly everything from your phone.
My credit union integrates with the digital tools I expect—Apple Pay for quick purchases, person-to-person payments, and digital budgeting features that track purchases and savings goals.
That convenience matters a lot when you travel. Whether I’m out of state or abroad, I can:
- Deposit checks using my phone’s camera.
- View all my accounts at a glance.
- Monitor spending and set savings targets.
- Pay bills and send money to friends.
- Transfer funds between accounts.
- Receive transaction alerts by email and text.
- Even apply for loans or open new accounts remotely.
Many credit unions, including SELCO, participate in shared branching networks. These networks let members visit other participating credit unions nationwide to complete transactions in person. If you prefer face-to-face service, shared branching provides reliable options.
As a traveler I use shared branching frequently to deposit checks, withdraw cash, obtain official checks, and more. It gives me confidence that I can bank in many places across the country.
Credit union ATMs are widely available.
Some people assume credit unions limit ATM access, but members typically have free access to nearly 30,000 ATMs nationwide and beyond.
This broad access is possible because credit unions collaborate through networks like the CO-OP ATM Network, expanding convenient access to cash for members.
Credit unions provide personal support.
I’ve relied on my credit union through major life changes. Local credit unions often offer coaching, practical tools, and tailored advice when your situation changes.
Using a local credit union feels more personal. Working with people who know you and have supported you through different stages makes it easier to ask for help and get guidance when needed.
Beyond account access and savings, one of the greatest advantages is simply knowing there’s a team that genuinely looks out for you when circumstances shift.
Ultimately, the right financial partner depends on your needs and circumstances. Different institutions will suit different people.
I hope my experience clarifies the benefits of credit unions and helps you decide whether joining one is right for you.
SELCO Community Credit Union
If you live in Portland, Salem, Albany, Eugene, Bend, or Redmond, Oregon, consider checking out SELCO Community Credit Union.
In addition to the advantages already mentioned, SELCO offers no-fee checking, youth accounts, small business accounts, a team of specialists available by video, phone, or in person, and guidance on investing and insurance.
You can access these services from home or anywhere using SELCO’s online banking and free mobile app.
Do you use a credit union? Which benefits do you appreciate most?