Looking for the ideal credit union for your small business requires careful consideration of various factors. Determining the specific services you need, assessing your business size, and factoring in your location are key to finding the perfect match. In this blog post, we’ll explore the top credit union business accounts tailored to small businesses, as well as loans to help you achieve your goals.
Also read: A Guide to Payroll Management
What Are Credit Unions?
Credit unions are unique financial institutions that operate as cooperatives, owned and governed by their members. Unlike traditional banks that prioritize profits, credit unions reinvest their earnings into improving their services for their members. In addition, all credit union members have a say in the organization’s governance and can vote for board volunteers. Learn more about the benefits of credit unions and how they can help you achieve your financial goals.
Credit Unions Are Not Banks
Discover the difference between credit unions and banks when it comes to financial services. Credit unions prioritize providing their members with a diverse range of financial solutions, such as competitive rates for loans, savings, and checking accounts. In contrast, banks, being profit-driven organizations, offer a wide variety of financial products and services, including mortgages, investment products, and more. Explore the benefits of joining a credit union or banking with a traditional bank and choose the best option for your financial needs.
Credit Unions Are Open to Eligible Members
Get to know why credit unions and other member-owned financial institutions have eligibility requirements. As member-controlled entities, these institutions offer exclusive access to their services based on factors such as residency, occupation, or affiliation with certain groups. Credit unions operate on the principle that people with similar interests or backgrounds can come together and establish their own financial institution. Learn how credit unions prioritize their members’ needs and build strong communities through financial services tailored to their unique situations.
Credit Unions Are Federally Insured
Discover the peace of mind that comes with banking at a federally insured credit union. In the event of an institution failure, your deposits are protected up to a certain amount by the Federal Deposit Insurance Corporation (FDIC), an independent agency of the US government. Unlike other investments such as stocks, bonds, and mutual funds, the FDIC does not guarantee these forms of investments. Rest easy knowing your hard-earned money is secure with a federally insured credit union.
Benefits of Credits Unions
- Looking for affordable financing options for your small business? Look no further than credit unions! Unlike traditional banks, credit unions prioritize their members over profits, offering loans at lower interest rates.
- With federal tax exemptions, credit unions can pass those savings onto their members, providing lower fees and better rates.
- While credit unions may offer more attractive financial tools and perks than banks, they can be harder to join.
- Some may require industry-specific eligibility, while others require residency in a particular area for a credit union business account.
- Don’t let these requirements deter you from accessing affordable financing options from credit unions.
7 Best Credit Unions for Small Businesses
Ready to become a credit union member and access affordable financing for your small business? Finding the right credit union that meets your needs is essential. To make your search easier, we’ve compiled a list of the top five credit unions for small businesses. Whether you’re looking for low-interest loans, high-yield savings accounts, or other financial services, these credit unions have got you covered. Join one of these credit unions today and start enjoying the benefits of membership!
First Tech Federal Credit Union
If you’re a California-based small business looking for an institution with exceptional online banking tools, look no further than First Tech Federal Credit Union. With user-friendly online banking tools, managing your business finances is a breeze. Take advantage of their three business checking accounts, including Carefree Checking, HSA Checking, and Dividend Rewards Checking, which boasts an impressive 1.50% APY. First Tech also offers three business savings accounts, providing APYs ranging from 0.05% to 0.20%. Don’t miss out on the benefits of banking with First Tech Federal Credit Union for your small business.
To become a member, you need to:
- Join an innovative organization on their partner roster or in the State of Oregon and experience new possibilities.
- Whether you work or live in Lane County, Oregon, you can become a member of our institution if you are affiliated with the Computer History Museum or Financial Fitness Association.
- However, if you do not meet any of these criteria, don’t worry!
- Our institution welcomes you to get in touch with us via phone or visit one of our branches for assistance in finding a membership option that fits your needs.
Digital Federal Credit Union
Get the ultimate business checking account with DCU – perfect for those seeking unlimited transactions, zero monthly fees, and no minimum balance requirements. As the sole Massachusetts-based financial institution, Digital Federal Credit Union presents entrepreneurs with a fantastic opportunity to access an interest-bearing checking account without incurring any charges. Enjoy the freedom to spend and manage your finances, hassle-free, with DCU by your side.
Maximize your business’s banking capabilities and savings potential with a hassle-free account that allows up to 20 free daily deposits and a 0.10% annual yield. If you’re looking for a high-quality, no-fee service that provides uninterrupted access to essential banking services without any added responsibilities or costs, then this option may be ideal for your company’s needs. Explore the possibilities of managing your finances with ease and making the most of your valuable time.
America First Credit Union
Experience unparalleled business banking solutions with America First Credit Union – the most business-friendly option in the country, primarily due to its small business loans. Entrepreneurs can apply for secured and unsecured SBA lines of credit, SBA auto loans, commercial real estate loans, equipment loans, and more. With a designated business credit card featuring customizable rewards, managing your finances has never been more effortless. Moreover, as a part of the Co-op ATM network, America First provides customer’s access to thousands of ATMs, ensuring you always have easy access to your funds.
Discover the benefits of various savings options with America First, including money market accounts, share savings, and dedicated savings. The Annual Percentage Yields (APYs) for these accounts are calculated based on several factors, such as account balance, term length, and more. Additionally, eligibility for these accounts depends on your residency and employment location, ensuring you receive personalized and accessible financial solutions.
Alliant Credit Union
Discover a reputable and business-friendly alternative with Alliant Credit Union, based in Chicago. Although Alliant does not offer specific bank accounts tailored for small businesses, their personal bank accounts feature complete mobile and online banking options. While it is not ideal to mix personal and business finances, Alliant’s personal accounts can still cater to small businesses if managed appropriately, ensuring you can manage your finances effortlessly and focus on growing your business.
Unlock the benefits of high-yield checking and savings accounts with Alliant, featuring a competitive 0.25% APY for checking and up to 0.75% APY for savings. Moreover, Alliant provides access to personal loans with fantastic rates and commercial real estate lending options, empowering entrepreneurs to take control of their finances. Although Alliant has only two physical branches, its vast ATM network ensures you can manage your finances with ease, no matter where you are in the country.
To become a member, these are the requirements:
- Join the Alliant community and enjoy exclusive benefits if you belong to select organizations or have family members who are existing Alliant members.
- Moreover, living or working in qualifying communities can also make you eligible for membership.
- However, if you do not meet any of these criteria, you can still support their partner charity and contribute to a worthy cause while exploring other financial options.