credit unions

8 Biggest Credit Unions in Colorado

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8 Biggest Credit Unions in Colorado 1

For most people, a credit union offers a better banking platform than a traditional bank. Here are the biggest credit unions in Colorado to get you started. Remember, bigger is not always better and smaller Colorado credit unions might offer better value for your situation. There are over 100 credit unions service Colorado, so there is sure to be one that suits your banking needs. CD Rate Specials Are Back Credit unions, like banks, need to balance their deposits against their loans. When loan activity increases faster than deposits, credit unions often turn to CD specials to improve their ability to attract new deposits. And, when things are going good, people tend to tap those home equity loans for summer projects like a new deck, or updated kitchen. More loan dollars requires more deposit dollars and BOOM, rate specials. People who might not normally bother joining a credit union change their tune when they can pick up a sweet CD rate instead of resigning themselves to a measly 3%. When loans are high (here come the profits) credit unions don’t mind the rate shoppers so much. These big Colorado credit unions are offering those specials now as we head into …

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Westerra Goes Big (For a Little)

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9 percent cd credit union financegourmet.com

The main credit unions in Colorado have left behind the days where marketing meant sitting there, serving your customers well, have lower fees, and higher interest, and waiting for the smart, financially savvy people to find you on their own. Well, that, and collecting new employees at the companies they started out servicing. Today’s credit unions are willing to put some effort into finding new members and making sure you find them. Westerra Credit Union 90th Anniversary CD Westerra has been around since 1934, which is bonkers. I didn’t even think they had credit unions by then. Be that as it may, the company is making a splash with an outlandish 5-month 9.0% APY CD. Of course, 9% comes with some fine print. In this case, the CD has a maximum deposit of $3,000 and those funds have to be new money to the credit union. Still, 9% on $3,000 is a lot better than 2.5% on $3,000 in some savings account, or even 4.5% in an online high-yield savings account. And you get local, physical locations to go with it just in case you ever need to talk to someone in person, get a cashier’s check, or even get …

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Are Credit Unions Better Than Banks?

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Are Credit Unions Better Than Banks? 2

Credit unions and banks are both financial institutions that offer similar services such as checking accounts, savings accounts, loans, and credit cards. However, there are some key differences between the two that make credit unions a better choice for many people. Regulatory Foundations: A Brief Background Before diving into the direct benefits, it’s essential to understand the foundational differences between these two types of financial institutions. Banks are for-profit organizations owned by shareholders. They aim to generate profits to increase shareholder value. In contrast, credit unions are not-for-profit financial cooperatives that are owned by their members. The primary goal is to serve those members rather than generating a profit for external shareholders. Regulatory Environment The regulatory environment also varies. Banks are usually regulated by a mix of state and federal agencies such as the Federal Reserve and the Office of the Comptroller of the Currency (OCC), whereas credit unions are overseen by the National Credit Union Administration (NCUA). Each comes with its own set of rules and customers. Credit Union Ownership Credit unions are not-for-profit organizations that are owned by their members. This means that they don’t have to pay dividends to shareholders or generate profits for investors. Instead, they …

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