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The main differences between banks and credit unions are that banks of for profit which means they are privately owned or publicly traded where credit unions are not for profit which means they are owned by its members.
Advantages of Banks
- More financial products and services
- Physical branches and ATMs
- Better online and mobile banking options
Cons of Banks
- More and higher fees
- May offer lower APYs on savings vehicles
- Higher interest rates on loans
Advantages of Credit Unions
- Fewer fees and requirements
- Better rates on savings accounts and loans
- Attentive customer services
Cons of Credit Unions
- May have fewer ATMs and branches
- Less access to financial technology
- Fewer products offered
- Eligibility requirements to become a member
