Whether you are planning to buy a house, car, or need a loan for any other purpose, credit unions are a great place to start. For those who do not know, credit unions differ from traditional banks because they are not-for-profit organizations designed to serve their members. Credit unions operate much like a bank in that they accept deposits, offer loans, and numerous other types of financial services. Oftentimes, members are also able to enjoy borrowing loans at low, affordable rates. They even offer share certificates.

Share certificates are certificates of deposits that credit unions issue to their members. These certificates represent deposits made over a certain period of time, during which that deposit accrues dividends. Oftentimes, share certificates are called CDs and are issued for anywhere between a few months to five years. These are popular choices for members looking for better ROI on their money in their savings account or checking account because the interest rates for CDs are normally higher than a traditional savings account. This is even more alluring considering the fact that credit unions are more likely to offer free checking accounts than other financial institutions.

In addition to opening savings and checking accounts, many credit unions also offer a variety of different loans and can even point members in the right direction if they are looking for a credit card. Credit cards are common. In fact, it is estimated that seven in 10 people have at least one credit card in their wallet, and many of those people have more than one. Depending on the credit union one is banking at, they may even be able to get a hold of a credit card through their credit union.

In addition to credit cards and bank accounts, credit unions are also great options for anyone seeking a mortgage loan or car loan. For many homeowners, the very idea of home ownership would not be possible without a mortgage loan. In fact, it is estimated that about 88 percent of home buyers today have a mortgage. Compared to banks and other financial institutions, credit unions are more likely to offer lower, more affordable rates. What are you waiting for? Contact a local credit union for all your financial needs.