When to Join a Credit Union
When you work, one of the most important things you want to do is to be able to save some money for the future. To do this, you will have to know what you are able to put away each pay period. You could sit down and figure this out yourself, or you may want to meet with a financial advisor who can go over it with you. Many banks have financial advisors on staff who will meet with you but, the latest trend is to join a credit union which works in many of the same ways as a traditional bank. The advisors there are specialized in how to help their clients save as much as they can.
What Is a Credit Union
Credit unions are set up like a regular bank but, they offer much more than a bank. The interest rates you receive on your deposits in generally higher than banks and interest rates on loans you take are much lower. In years past, credit unions were only available to those people working within the industry it was set up to serve. There were credit unions for plumbers, electricians, military personnel and much more. However, today, there are credit unions that serve entire communities and basically anyone who wants to open an account with them. While they no longer serve a specialized trade, they still offer the same great benefits. To find one near you, look for something like Houston TX Credit Union on the Internet.
Meeting with the Credit Union Specialists
Credit unions are known to have the most educated advisors available. They tend to make sure their employees attend training in whatever area they will be working in. This education shows when you meet with them to go over your financial information. The advisor who will be handling your account can tell you how you stand now and what you could possibly reach soon. If you are saving for a down payment on a house, he or she will tell you how much you must put away and for how long. If you want to save for your future retirement, they can tell you the best options for your situation. Depending on your age, they may have you invest in aggressive stock options or more stable investments. They will be handling your account from the moment you open it and will track all your investments for you. If any changes need to be made to it, they will contact you right away.
Even if you just want to open a savings or checking account, you will receive benefits from a credit union. Most of their interest rates are substantially higher than a bank and checking accounts are included in this. Many banks no longer give interest on checking accounts unless you have a certain balance in there monthly. Credit unions pay interest on the money that is in the account at the time the interest is paid each month.