Both types of institutions provide robust financial services. Banks have fewer eligibility requirements and sometimes more specialized product offerings, but they offer less competitive rates and higher fees. Credit unions are more selective about their members, and small ones may not offer the specialized products you seek, but those who join the field of membership gain access enjoy more attractive rates and fees.
If ownership isn’t important to you, the decision comes down to the products and the rates and fees you seek at the individual institution you’re looking at. And remember: You can maintain accounts at both banks and credit unions to avail the benefits of both.
If you decide to switch to a different bank or credit union, take steps to avoid problems when you move your money. Use a checklist for switching banks to make the process as painless as possible.