While many people understand the basic differences between credit unions and banks, there's more to consider than just the services they offer. Credit unions provide advantages that go beyond lower fees and competitive interest rates, offering benefits that can positively impact you, your business, and your community. In this article, we’ll explore the services credit unions provide, how they differ from banks, and the ways they give back to the communities they serve.
Money & Services: Everything You Need (and More) from Your Financial Institution
Some people assume credit unions are limited in what they offer—but that’s a myth. Credit unions offer the same full range of financial options as banks, with the added benefit of personalized service and member-focused policies. Whether you're managing daily expenses, saving for the future, or financing a major purchase, credit unions provide the tools to help you reach your financial goals.
Some of the key products offered include:
- Personal checking and savings accounts
- Mortgage loans
- Auto loans
- Special purpose savings and club accounts (for holidays, vacations, etc.)
- Money Market Share Accounts (MMSAs)
- Term Share Certificates (the credit union equivalent of bank CDs)
- Health Savings Accounts (HSAs)
- Credit cards
- Traditional and Roth IRAs
Business banking solutions including:
Your money is safe and secure in a credit union, as it is insured by the National Credit Union Administration (NCUA). The NCUA is a U.S. government agency that provides insurance coverage for funds held in individual and joint deposit accounts.
How Do Credit Unions Differ From Banks?
Unlike traditional banks, credit unions are not-for-profit, meaning they reinvest earnings directly into benefits for their members. Instead of maximizing profits for corporate shareholders, credit unions use their earnings to provide lower loan rates, competitive savings yields, and fewer fees. Credit unions serve people of all income levels—including those with significant wealth—because they offer a full line of financial products, high-yield savings options, and a more personalized banking experience. A member-first approach ensures that your financial institution is working in your best interest, helping you save more and borrow smarter, without the excessive fees and pricing of large banks.
More than just a place to bank, credit unions foster relationships built on trust and familiarity. Local staff get to know and understand their members, taking time to offer tailored solutions, whether it’s securing a home loan, improving credit, or planning for the future. Instead of pushing one-size-fits-all products, they focus on what’s best for each individual, offering guidance and support through life’s financial ups and downs.
Community First: Banking That Supports Local
Just like choosing a neighborhood coffee shop over a national chain, where you bank matters. Those living in the Northeast have a long, proud history of supporting local businesses, farmers, and artisans. Credit unions share this philosophy. Unlike national banks that move your money elsewhere, credit unions keep deposits and loans local, directly strengthening the community and fueling the regional economy.
Northeastern credit unions are deeply rooted in their communities, built on a tradition of people helping people. Whether helping a family through financial hardship or working with a local entrepreneur to secure a loan, they offer flexibility and a commitment to service. Credit Unions also support their communities by donating to local charities, providing scholarships, and hosting events like 5K runs to benefit local organizations.
If you’re ready to start a financial relationship with an institution that promotes community engagement and people helping people, contact HFCU. We offer multiple ways to get in touch, whether you prefer in-person help or digital convenience:
- Call. Our number is 888.252.8932 and the call center is staffed and ready for your call 24/7/365.
- Stop by. We have locations serving Vermont, New Hampshire, New York, and Massachusetts.
- Send a secure message via eBranch. Send questions, make requests, and get help without picking up the phone.
- Make a video call. Need an in-person experience without leaving home? Join a video call for anything from opening an account to applying for a loan.
For those who take pride in supporting businesses that align with their values, credit unions provide an appealing value proposition. When you choose a credit union, you’re not just banking locally - you’re helping to build a stronger, more connected community.