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 #5: A Better Way to Save
It’s essential to save money to financially prepare for the future. Saving can be difficult, though, especially if you’ve just gone through a major life change. But credit unions actually make it easier for you save your hard-earned cash.
Two of the biggest ways credit unions help members save money is through lower fees and better rates.
Learn More About Coastal's Rates
According to The Balance, banks make money by charging their customers fees. Credit unions are focused on making sure members are financially healthy by offering lower balance transfer fees, lower ATM fees and better overdraft policies, which means you can save more of your “moolah”. You see – credit unions are not focused at all on making profits.
While banks charge inflated fees to increase profits, Coastal and credit unions everywhere share their profits with their members. In last week's blog, we touched on dividends and how Coastal’s dividends are distributed through member giveback programs. Coastal gave $31.6 million back to its members in 2020 alone through special dividends, better rates and lower fees. We’re unaware of a single big bank out there that can say it gave anything similar back to its customers.
In terms of actual savings accounts, credit unions believe it shouldn't take a lot of money to save a lot of money. With a Coastal certificate, you can start saving with a minimum of just $250. With that, you gain access to competitive rates to help your money keep growing. On the flip side, many big banks require higher minimum deposits for certificates that often present a barrier to earning more on your money.
Credit unions like Coastal also offer a wide range of savings choices, from traditional savings, money market accounts and IRAs, to accounts for education and healthcare that offer significantly more benefits than banks. You can check out all of the Coastal savings options online and open your new account today. It’s that easy!
Explore Coastal's Saving Options
Overall, Coastal is deeply committed to helping members bank better with savings and investments that work harder for your wallet. Don’t take our word for it! This month marks Coastal’s 50th anniversary and you can watch videos of member stories where they share how joining Coastal has changed their lives for the better.