What is a credit union vs a bank?
The primary distinction between a credit union and a bank lies in their structural ownership and corporate mission: banks are for-profit corporations owned by external shareholders or private investors, whereas credit unions are non-profit, member-owned financial cooperatives. Because credit unions operate to serve their members rather than maximize corporate profits, they frequently return financial gains in the form of higher savings interest yields, lower loan percentage rates, and significantly reduced fee schedules. While both institutions offer comparable financial products—such as checking accounts, mortgages, auto loans, and credit cards—credit unions require members to share a common bond, such as living, working, or worshiping within a specific geographic community or working for a particular employer.
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