Credit Unions: The Bank of Choice for Young Families

CUs for young families

Did you recently get married, or are thinking about starting a family? We all know how credit unions are winning over millennials, but what about families that are just starting out? Here are a few reasons why credit unions are great for young families beginning the next major chapter in their life:

They don’t provide cookie-cutter solutions.

Credit union employees are well aware that one size does not fit all. They’ll take a close look at you and your family’s situation and at the available options to come up with a solution for your needs. If you don’t want to rent forever and are looking into buying your first home, or are in the market for buying a new car, credit unions employees will take into consideration your immediate concerns and long-term goals as well as your credit situation and amount you can afford on a down payment. Grayson Bell of Debt RoundUp recently opened an account through his local credit union because of the level of service he would receive. He decided to open an interest-bearing checking account to make the most of his money. “Since we were starting a family, we knew we would have many expenses,” Bell explains.

They put family before money.

Because credit unions are there to serve their members and not turn a profit, you can feel confident in the fact that your best interests are being looked after. It’s no coincidence that generations of families continue to be proud members. Jim Wang of wallethacks.com recalled opening a joint account at a credit union with his mom when he was 18 to be a positive experience. “I found the experience to be much warmer and friendlier than any interaction at a commercial bank,” he says.

Just like how your family’s priorities will shift throughout the years, credit unions are dedicated to providing new services that make banking more convenient, secure, and accessible to accommodate your changing needs.

They help pave the way to build credit.

If you’re just starting out and are working toward establishing a good credit, a credit union’s lower rates and fewer fees will help you save money. CardNavSM by CO-OP, available at participating credit unions, is loaded with powerful features so you set limits on your credit card spending. Check with your local credit union to see what options are available to help you establish good credit.

They are aware that knowledge equals power.

Credit unions are committed to providing you and your family educational resources at all stages of your life to equip you with the tools to achieve financial freedom. It’s not about selling you products and services you might not need, it’s about providing you the knowledge and tools so you can make steady progress on your goals. You can check with your local credit union to see what classes they might offer to their members.

Credit unions aren’t there to help you in just the short-term; they’re looking at the big picture.  Major, life-changing events could mean a shift in priorities, and credit unions are there for you to achieve your goals, every step of the way.