Linda Leitz, a financial advisor in Colorado Springs, Colo., says clients are asking a lot more about using a credit union. She says one benefit is that many of the credit unions have similar membership because they may be for educators or military personnel. As a result, they often better understand the unique needs of their clients.
"You have to shop around and a lot depends on your financial lifestyle," says Greg McBride, senior financial analyst at Bankrate.com, which provides comparison calculators. For example, not all financial institutions provide free online banking.
"Credit unions tend to have lower fees, lower loan rates and higher deposit rates than many of their banking competitors, especially their larger competitors," he says.
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