Sponsored: 5 Reasons Millennials Should Open a Credit Union Account

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As a millennial, you’ve got a lot to worry about in your life, like school, work, the environment, politics, and who knows what else. But one of the biggest things you worry about is money and how to take care of it. And that’s frustrating. We get it—it’s hard to know who to trust and what to do to make the most out of your money while keeping up with what’s really important to you.

Credit unions, for millennials, are a great answer. See, credit unions aren’t like banks. They can do a lot of things that banks do, but their system is completely different. For example, a credit union is a not-for-profit and doesn’t pay state or federal taxes, which means a credit union doesn’t need to charge you extra fees and interest like a bank does.

If you are ready to take charge of your financial situation, stick around. Here are 5 reasons for millennials to try a credit union:

1. Simplify Your Life

So you don’t like banks. They charge a lot, and you’re already in debt, so a bank seems risky. But you also don’t like the idea of piling all your money in a safe in your house. What’s the point of that?

For millennials, credit unions offer both checking and savings accounts like banks - but in a more affordable way. Some credit unions put no annual or maintenance fees on their members’ accounts, for example.

Putting your money into a checking account makes it more accessible and flexible. If you need to pay a friend, forget Venmo and transfer straight from your account. Or carry just your debit card instead of a wallet full of cash. Actually, a lot of credit unions have apps that make spending and tracking your spending way easier than using a card or cash.

Honestly, if you’re a millennial looking to simplify your life, credit unions will help you out. They’ll protect your money and give you easy access to it no matter where you are while also helping you plan your financial future.

With all the mobile options for managing your money, whether it’s budgeting or paying the bills, a credit union takes your biggest financial worries away. Stop stressing and simplify.

2. Lower Interest

Credit unions are not-for-profit, and one of the best ways this helps millennials is not having to worry about crazy high-interest rates on your cards and loans. A credit union works to serve its members, not suck them financially dry.

For millennials, credit unions mean you don’t need to be afraid to use your credit card if needed. It will be easier to keep up with the bill. And paying off that loan is a lot less scary when the interest isn’t going to build up as fast.

Lower interest rates mean small monthly payments. Just think, smaller interest payments would let you save money so you can afford to buy the organic produce at the grocery store or take that road trip you keep thinking about.

Millennials don’t need more debt. Student loans gave you enough of that. Set yourself up for payments that are more manageable so you can stay ahead of the money game.

3. Join a Community

Community is a big part of our lives, and millennials form an important part of those communities. In fact, now and in coming years, you’ll be the biggest contributors to our communities.

Credit unions are built on community. Everyone who sets up an account at a credit union becomes a member. This means you aren’t just another random customer getting brushed off.

Instead, you matter.

Membership at a credit union for millennials is based on a set of community criteria that varies from credit union to credit union. Credit unions can center on schools, churches, geographical locations, and more. Don’t worry too much about whether you are eligible or not. There’s enough diversity in credit unions that most millennials are eligible for a local credit union.

So when you join a credit union, you millennials can know that you are with people you can trust. They are part of the same community and hold a lot of the same values you do.

4. Financial Help

Whether you’re in debt or looking to make your money do more, credit unions offer services that can help you.

Millennials are hitting a point where they need the financial stability a credit union can give. Services like automatic bill payments can ensure that you never get behind and end up with more debt. And many credit unions have budgeting apps or widgets that keep you on track with your spending.

Additionally, you can benefit from the credit unions experienced professionals who can assist you in your financial planning.

Whatever your financial goals may be, a credit union for you, millennials, can help figure out your best financial plan and future.

5. Widespread Access

A common issue millennials have with credit unions is that they are typically smaller than banks and don’t have as many branches and ATMs, which means they can be hard to access. But now, some credit unions have come up with a solution.

If you join a credit union that is part of the CO-OP network, you’ll find that your credit union is accessible to you as widely as many banks would be. These CO-OP credit unions, for millennials, are especially useful because as you move around for work or travel, you’ll find easy access to your money throughout the country. So there’s no reason to think that a credit union will limit you and your funds.

These credit unions have also waived fees and surcharges at these CO-OP branches, saving you a few extra bucks for your groceries.

If people try to discourage you from joining a credit union because of limited access, you can feel justified in ignoring them. Join a CO-OP credit union and you can have access all over the country.

Deseret First Credit Union

As part of the credit union CO-OP network, Deseret First offers affordable and highly accessible checking accounts to its members. If you are ready to open an account with us, fill out an application online or call us at 801-456-7000.

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