NEW YORK–NerdWallet has identified what it said are the “10 Best Credit Unions of 2022.”
“The best credit unions offer the same accounts and services as banks but often with much better terms. NerdWallet researched some of the country's top institutions — both national and local — to determine our picks,” the publication said. “This year’s best credit unions have great rates, low fees and generous perks. Some offer access to a shared network, meaning members can visit and use other credit unions’ branches and ATMs.”
The top five CUs on the list are easy to join, the report added.
According to NerdWallet, the top five CUs are:
Best Credit Union
Alliant Credit Union, Chicago
Checking and savings options: Alliant Credit Union's High-Rate Checking earns 0.25% annual percentage yield if you receive e-statements and have at least one electronic deposit a month. There are no minimum balances or monthly fees. And High-Rate Savings earns 0.55% APY on balances of $100 or more. There are no monthly fees if the member opt for e-statements.
Eligibility, branches and ATM access: Alliant members have access to over 80,000 fee-free ATMs across the country. People who live or work nearby its headquarters in Chicago are eligible to join, as well as those who agree to support Foster Care to Success — and have Alliant make a $5 donation on their behalf — among other ways of qualifying.
Best Credit Union for Checking APY
Consumers Credit Union, Chicago
Checking and savings options:NerdWallet reportedConsumers Credit Union's Rewards checking account earns 4.09% APY on balances of up to $10,000 if the member meets the requirements, including spending at least $1,000 per month on an affiliated credit card, NerdWallet said.
“Meeting fewer requirements still earns you high rates, and there are other checking options (that don’t pay interest) with easy requirements for opening an account. The basic savings account is free, but it pays much less interest,” the report stated.
Eligibility, branches and ATM access: Anyone can become a member by joining a Consumers-affiliated nonprofit for $5. Members can also access Co-op shared branches and ATMs.
Best Credit Union for Checking
Connexus Credit Union, Wausau, Wis.
Checking and savings options: Connexus Credit Union’s Xtraordinary checking account earns 1.75% APY on balances up to $25,000 if you meet a couple of requirements, including subscribing to e-statements and making 15 debit card purchases or spending $400 with your debit card each month, NerdWallet stated.
“It also reimburses up to $25 in non-network ATM fees each month. There’s no monthly fee,” the report continued. “The regular savings account pays a much lower rate than the checking account, but the only requirement to earn interest is a minimum daily balance of $100.”
Eligibility, branches and ATM access: Connexus members can bank at a dozen public branches, half of which are in Wisconsin, thousands of shared branches and over 54,000 free ATMs. Consumers can also apply for an account if you join the Connexus Association, which provides college scholarships and financial education, for a one-time $5 fee, NerdWallet added.
Best Credit Union for Member Experience
First Tech FCU, San Jose
Checking and savings options: According to NerdWallet, First Tech Federal Credit Union’s Rewards Checking earns 0.50% APY on balances of $15,000 or less, as long as you meet three requirements, including receiving e-statements and making 20 monthly debit or credit card purchases totaling at least $500. Meet the qualifications, and First Tech will also refund up to $15 per month for non-network ATM transactions within the country, the report stated. Savings yields are less impressive, and the highest rate account has a $5,000 minimum to open.
Eligibility, branches and ATM access: One way to qualify for membership is becoming a member of the nonprofit Financial Fitness Association, which costs $8, according to NerdWallet.
“First Tech operates its own branches in eight states (only some are open Saturdays), and it participates in the Co-op Shared Branch network, which gives members access to nearly 6,000 branches and 30,000 ATMs at other credit unions,” NerdWallet reported. “It also offers 24/7 customer service by phone, social media support and well-rated mobile apps.”
Best Credit Union for Teens and College Students
Golden 1, Sacramento, Calif.
Checking and savings options: Along with standard free and premium checking accounts, Golden 1 Credit Union has free checking accounts for teens and college students, NerdWallet said in its review, noting the CU’s New Generation Checking requires an adult co-owner. Student Checking gives college students full account privileges.
The Youth Savings account requires a co-owner, but lets young account holders transact without them present. The account earns the same 0.05% APY as the regular savings account, NerdWallet added.
Eligibility, branches and ATM access: Anyone who lives or works in California is eligible for Golden 1, and members can also take advantage of more than 70 branches in California, plus shared ATMs (about 30,000 nationwide) and shared branches.