Bank vs. Credit Union Products

For most customers—consumers handling personal and small-business finances—the choice of a bank or a credit union won’t limit the products available to you. The basic offerings at both types of financial institutions are virtually the same.5

Most banks and credit unions offer:

  • Checking accounts
  • Savings accounts
  • Money market accounts
  • Certificates of deposit (CDs)
  • Business bank accounts
  • Home loans (including purchase loans and refinancing)
  • Auto loans for new and used vehicles (including motorcycle and RV loans)
  • Land and construction loans

However, a bank is more likely to offer specialized products, such as student loans or trustee services. A smaller credit union may not be able to accommodate your needs, but it never hurts to ask. Some small institutions have partnerships with service providers that allow them to provide these services to their customers.

Both banks and credit unions also offer online banking services and mobile apps for account management, although a bank may offer cutting-edge features faster. Still, both allow you to view accounts, make deposits with your mobile device, transfer money between accounts, and pay bills.

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