Why You Should Break Up with Your Bank, Part 3

by Liza Deckelbaum

2.18.2021
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Articles

Throughout the next couple of months, we will be sharing a blog series highlighting the top eight reasons you should break up with your bank and consider joining a credit union.

Reason #3: Lower Rates and Payments

You’ve probably already read two of the eight reasons you should break up with your bank and switch to a credit union. But in case you missed it, check out part one of our series, which shares the transparency you get with credit unions vs. hidden fees at big banks. And, part two reminded us that at credit unions, the members are in charge.

So, here’s the deal with credit union rates and payments.

All financial institutions have fees, rate structures, and payment terms that you should read thoroughly before making any decisions. However, credit unions differ in that they generally offer lower rates and payments for most loans and credit cards.

According to The Balance, credit unions provide higher savings rates and lower loan rates. That means you will owe less over the span of your loan and your savings grows faster. Credit unions usually also charge less in fees, offer better interest rates on credit cards and require lower minimum deposit balances.

The NCUA provides resources to compare the national average rates for 23 common loans and deposits at banks and credit unions. You can use the charts on the NCUA website to compare the national averages and help guide your decisions.

Learn More About Coastal's Rates

How Coastal Can Help You Save

Credit unions like Coastal can also help you get credit cards with competitive rates, all the benefits you want, and no confusing terms or hidden fees.

On top of that, Coastal could potentially help you save at least one percent or up to $100 a month off your existing loan when you refinance your bank auto loan1 or open a new one, once approved. Credit unions also tend to offer flexible repayment terms with terms that can potentially reduce your monthly payments, give you more time to pay, or both.

Learn About Joining Coastal Today

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This article has been provided for educational purposes only and is not intended to replace the advice of a loan representative or financial advisor.  Coastal Credit Union does not provide tax advice.  The examples provided within the article are for example only and may not apply to your situation.  Since every situation is different, we recommend speaking to a loan representative or financial advisor regarding your specific needs.  You may also want to contact your tax advisor for additional tax information. 

1. All loans subject to approval. Additional terms and conditions may apply.