Credit unions offer far more than savings accounts — they provide checking accounts, loans, credit cards, and investment products, often with lower fees and better rates than banks.

A credit union is a member-owned financial institution, and like banks, they make money by lending out deposits and charging fees. Because they're structured as cooperatives rather than corporations answering to shareholders, they typically return profits to members through better rates and lower costs. That cooperative structure is why you hear they're "not-for-profit" — but that doesn't mean they only offer one product.

The range of what a credit union offers depends on its size and charter. A small local credit union with 5,000 members may stick to savings and checking accounts plus personal loans. A large credit union like Navy Federal or Connexus may offer mortgages, auto loans, investment accounts, retirement accounts, and credit cards. The National Credit Union Administration (NCUA) regulates federal credit unions, while state credit unions answer to their state's banking regulator — and both allow the same range of products.

Key Takeaways

  • Credit unions offer checking accounts, savings accounts, money market accounts, and certificates of deposit (CDs), often with rates higher than banks charge.
  • Most credit unions provide personal loans, auto loans, and home equity lines of credit, with approval decisions that sometimes weigh factors beyond credit score alone.
  • Larger credit unions offer mortgages, credit cards, investment accounts, and retirement accounts (IRAs and Roth IRAs), though not all credit unions offer all products.
  • Credit union membership is restricted by field of may be able to access — you must work in a certain industry, live in a certain area, or belong to a certain organization to join.
  • Credit unions are insured by the NCUA up to $250,000 per account type, the same coverage as FDIC insurance at banks.

Deposit accounts credit unions offer

Beyond a standard savings account, credit unions offer checking accounts with no monthly fee or low monthly fees — many waive the fee if you maintain a minimum balance or set up direct deposit. Some credit unions offer interest-bearing checking, which is rare at traditional banks. Money market accounts sit between savings and checking: they earn higher interest than savings but require a larger opening deposit and limit how many withdrawals you can make per month.

Certificates of deposit (CDs) are another deposit product. You agree to leave money untouched for a set term — typically three months to five years — and the credit union pays you a fixed interest rate. The rate is usually higher than what savings accounts pay, and it's locked in for the full term. If you withdraw early, you pay a penalty, usually a few months' worth of interest.

All of these accounts are insured by the NCUA up to $250,000 per account type, per member, per institution. That means if you have a $200,000 savings account and a $200,000 checking account at the same credit union, both are fully covered. If you have $300,000 in savings, only $250,000 is insured.

Lending products: loans and credit cards

Credit unions make most of their money by lending, so loans are a core product. Personal loans are unsecured — you don't pledge collateral — and credit unions often approve them based on membership history and income, not just credit score. If you have a thin credit file or a recent late payment, a credit union may still lend to you at a reasonable rate because they know your deposit history and employment.

Auto loans are secured by the vehicle itself. Credit unions typically offer rates lower than banks or captive lenders (the financing arm of a car manufacturer), especially if you're financing a used car. Some credit unions will refinance an auto loan you took out elsewhere, which can lower your payment if rates have dropped or your credit has improved.

Home equity lines of credit (HELOCs) and mortgages are available at larger credit unions. A HELOC lets you borrow against the equity you've built in your home and draw funds as needed, like a credit card with a variable interest rate. Mortgages for home purchase or refinance are offered by credit unions with mortgage departments, though not all credit unions originate mortgages in-house — some partner with third-party lenders.

Credit cards issued by credit unions often have lower interest rates and annual fees than bank credit cards, though the range varies. Some credit unions issue their own cards; others partner with Visa or Mastercard to offer cards under the credit union's branding.

Investment and retirement accounts

Larger credit unions offer brokerage services, meaning you can buy and sell stocks, bonds, mutual funds, and exchange-traded funds (ETFs) through them. This is not the same as a savings account — your brokerage account is not NCUA-insured, though it may be covered by Securities Investor Protection Corporation (SIPC) insurance up to $500,000. Brokerage services are usually offered through a partner firm rather than in-house.

Individual Retirement Accounts (IRAs) and Roth IRAs are offered by most mid-sized and large credit unions. These are tax-advantaged accounts for retirement savings, and the credit union holds the account but you decide what to invest in — often a choice between CDs, mutual funds, or self-directed brokerage. The annual contribution limit is set by the IRS and changes yearly; for 2024 it is $7,000 for people under 50.

Some credit unions also offer employer-sponsored retirement plans like 401(k)s and 403(b)s, though this is less common and usually only available to employers with a relationship to the credit union.

Why a credit union might not offer everything

A small credit union may not have the staff or regulatory capital to offer mortgages or investment accounts. Mortgages in particular require a separate department, underwriting informed, and the ability to service loans for 15 to 30 years. A credit union with $50 million in assets might offer personal loans and auto loans but refer mortgage customers to a bank or mortgage broker.

Some credit unions also choose not to offer certain products even if they could. A credit union focused on serving a specific industry — say, teachers or healthcare workers — might prioritize products those members use most and skip others. This is a business decision, not a regulatory limit.

If you need a product a credit union doesn't offer, you can ask whether they partner with another institution. Many credit unions have relationships with mortgage companies, investment firms, or insurance brokers and can refer you or facilitate the connection.

How to find out what your credit union offers

The easiest way is to log into your credit union's website or call the member service line and ask. The website usually lists products in the main navigation — look for sections like "Loans," "Investments," or "Credit Cards." If you're considering joining a credit union, visit the website or call before you open an account to confirm they offer what you need.

You can also ask about products not listed on the website. Some credit unions offer niche products like skip-a-payment loans (let you skip a month of payments during hardship) or lines of credit secured by your savings account. These aren't always advertised but are worth asking about if you have a specific need.

Frequently Asked Questions

Can I get a mortgage from a credit union?

Some credit unions offer mortgages, but not all. Larger credit unions with mortgage departments can originate home loans. Smaller credit unions may refer you to a partner lender or a bank. Ask your credit union directly whether they originate mortgages or can recommend a lender.

Do credit unions offer investment accounts like stocks and mutual funds?

Mid-sized and large credit unions typically offer brokerage services so you can buy stocks, bonds, and mutual funds. These accounts are not NCUA-insured but may be covered by SIPC insurance. Small credit unions usually don't offer this and may refer you to an outside broker.

Are credit union accounts insured the same way as bank accounts?

Yes. Credit union deposit accounts are insured by the NCUA up to $250,000 per account type, per member, per institution — the same coverage limit as FDIC insurance at banks. Investment and brokerage accounts are not insured by the NCUA.

Can I get a credit card from a credit union?

Most credit unions offer credit cards, though some small credit unions do not. Credit union cards often have lower interest rates and fees than bank cards. Check your credit union's website or call to ask whether they issue cards and what the rates and fees are.

What if my credit union doesn't offer a product I need?

Ask whether they partner with another institution or can refer you. Many credit unions have relationships with mortgage companies, investment firms, or insurance brokers. You can also open an account at a bank or another credit union for products your primary credit union doesn't offer.