Banks vs. credit unions: How to decide which one is right for you

Choosing a financial institution — whether a bank or credit union — isn’t just about finding a place to keep your money. It’s about an ongoing relationship.

Since how your wealth grows depends on where you invest it, it’s important to carefully consider your priorities and goals in the process.

For example, do you value convenience and access above all else, or would you gladly sacrifice those things for better interest rates? Is mobile banking a top priority, or would you rather have personal customer service? All of these questions — and more — will guide your decision.

If you’re thinking about making the switch from a bank to a credit union or vice versa, here are some of the main pros and cons to help you determine the best route for your personal financial goals.


continue reading »