Joining a credit union is easier than people might think. Some credit unions require members to meet strict criteria or pay high membership fees, but in many cases, it can be easy and cost-effective to join a credit union.
GOBankingRates conducted a study of credit unions anyone can join and rated each institution based on the following criteria:
Minimum balance to open
Basic savings account APY
Range of products offered
Customer service and support
Read on to learn which credit unions scored the highest among those open to anyone.
The Best Credit Unions Anyone Can Join
If you’re considering joining a credit union but don’t want to worry about meeting certain criteria, here are several credit unions that anyone can join.
10 Best Credit Unions Anyone Can Join
Credit Union
Savings Account
Minimum Balance to Open
APY
How to Join
GTE Financial Credit Union
GTE Financial Savings
$5
2.49%
Join CU Savers program for $5.
Alliant Credit Union
High Rate Savings
$5
1.00%
Make a one-time donation of $10 to Foster Care to Success.
Affinity Plus Federal Credit Union
Membership Savings
$10
1.00%
Make a one-time donation of $25 to the Affinity Plus Foundation.
Lake Michigan Credit Union
Member Savings
$5
0.25%
Make a one-time donation to the Amyotrophic Lateral Sclerosis (ALS) Association.
Connexus Credit Union
Personal Savings Account
$5
0.25%
Make a one-time donation of $5 to the Connexus Association.
Northrop Grumman Federal Credit Union
Regular Savings
$8
0.25%
Make a one-time donation to the Southern California Historical Aviation Foundation.
American Heritage Federal Credit Union
Primary Share Savings
$0
0.11%
Make a one-time donation to the Kids-N-Hope Foundation.
Melrose Credit Union
Share Savings Account
$25
0.50%
Pay a one-time membership fee of $1 and a minimum opening deposit of $25.
NASA Federal Credit Union
Prime Savings
$5
0.10%
Become a member of National Space Society (free).
NuVision Federal Credit Union
Primary Savings
$5
0.10%
Become a member of the American Consumer Council ($5).
Air Force Federal Credit Union
Regular Savings
$5
0.10%
Become a member of The Airman Heritage Foundation ($25 for one year).
Rates accurate as of April 21, 2016
What is a credit union?
Credit unions are not-for-profit organizations that function like a bank. Credit unions are owned and controlled by its members — the people who actually use its services. Members of a credit union vote on important company decisions, like who gets to sit on the board of directors. Profits made by the company are returned to the members, which is why credit unions typically offer reduced fees, higher savings rates and lower interest rates on loans.
Like a bank, a credit union accepts deposits, offers loans and lines of credit, and provides other financial services. But unlike a bank, a credit union is member-owned and exists to serve its members rather than stockholders.
Related:What’s the Difference Between Banks and Credit Unions?
Can anyone join a credit union?
Normally, you have to meet certain criteria to join a credit union. For example, there are several credit unions just for members of the military, employees of certain organizations or members of certain labor unions, churches or alumni associations. Many credit unions also only serve people that live, work or worship in a certain area.
Although these rules might seem restrictive, these guidelines exist because credit unions are meant to serve a group of people with a common bond. Still, in many cases, the rules are less prohibitive than you might think. In fact, most credit unions extend membership to family members, so if you have a relative who's a member of a credit union, you might be able to join, too.
Several credit unions extend membership to everyone, no matter your employer, geographical location, place of education or worship. To know to how to join a credit union like these, check out the details below.
Take a look at the details of the top, open-to-the-public credit unions you can join right now.
GTE Financial Credit Union
How to join: Online, in store or over the phone
Who can join: Anyone who joins CU Savers Club
Fees: $5 Member Owner Share (one-time fee, refundable if you forfeit membership later), $10 to join CU Savers Club (one-time fee, nonrefundable)
Membership benefits:
Free checking account with no minimum balance
CURewards points
Unlimited check writing
Online banking with bill pay
Mobile banking
Popmoney
Deposit2GO
Access to 28,000 no-fee ATMs
Home, student and auto loans
Credit cards
Insurance products
Membership perks:
Exclusive discounts like 2-for-1 tickets to Legoland
DirectTV rebates
Sprint discounts
Free events
Contests and giveaways
GTE Financial Credit Union, a Florida institution since 1935, made this list because of its high savings rates and wide variety of financial services. The minimum balance to open a GTE Financial Savings account is just $5 and members can enjoy an interest rate of a whopping 2.49% APY — the highest of any savings account at any credit union in this study. Members benefits from a live-chat option with customer service reps, although GTE Financial doesn’t currently offer 24/7 phone support.
Like most credit unions, there are criteria members must meet. But anyone who opens a GTE Financial Savings Account can enjoy credit union membership. The account costs $10 to join, but considering the impressive interest rates and other money-saving perks GTE Financial offers, this is a small price to pay for the savings and other offerings.
Alliant Credit Union
How to join: Online, in store or over the phone
Who can join: Anyone who makes a donation to Foster Care to Success
Fees: $5 minimum to open a High-Rate Savings account, minimum $10 contribution to Foster Care to Success (one-time fee, nonrefundable)
Membership benefits:
Free credit score access
Budget and planning tools
Free bill pay
Access to 80,000 surcharge-free ATMs
eDeposit and eDepositPlus
Integration with QuickBooks, Quicken and Microsoft Money
24/7 customer service
Home, student and auto loans
Credit cards
Membership perks: No exclusive discounts known
Alliant Credit Union snagged a spot in GOBankingRates’ list of best credit unions anyone can join because of the 1.00% APY on its high-rate savings account, its wide variety of financial product offerings and 24/7 customer service. Alliant doesn’t offer its members exclusive discounts or perks, and it lacks a live-chat feature for customer service, but its savings account interest rate is still higher than most of the other credit unions on this list.
Anyone who contributes to the company’s Foster Care to Success program can become a member of this Chicago-based credit union. With a one-time donation of $10 or more to the program, you can apply to join Alliant Credit Union.
Foster Care to Success serves foster teens across the U.S., particularly those who are “aging out” of the foster care system. As a member, you'll be supporting initiatives like scholarships for higher education, mentoring, and internships, plus you'll gain access to user-friendly online and mobile banking and bill pay, market-leading interest rates and customer service that features 24/7 toll-free automated access and personal assistance.
Affinity Plus Federal Credit Union
How to join: Online, in store or over the phone
Who can join: Anyone who makes a donation to the Affinity Plus Foundation
Fees: $10 minimum balance to open an account, $25 donation to the Affinity Plus Foundation (one-time fee, nonrefundable)
Membership benefits:
Free checking
Savings accounts for kids
Business services
Online and mobile banking
Integration with Quicken and QuickBooks
Membership perks:
Rebates on buying or selling a home
No-pressure car-buying assistance
Discounted auto and home insurance
Discounted Sprint wireless plans
Discounted tickets to Nickelodeon Universe in the Mall of America and the Orpheum, State and Pantages theaters
The list of best credit unions anyone can join features Affinity Plus Credit Union because of its higher-than-average APY, full range of financial services and live-chat customer support, although 24/7 phone support is not currently available. If you don't meet the eligibility requirements for this Minnesota-based credit union, you can become a member by making a one-time donation of $25 to the Affinity Plus Foundation, which supports nonprofits and educators who teach financial education.
Members of Affinity Plus Credit Union can get access to special savings rates, like 1.00% on the Membership Savings Account, as well as exclusive membership perks like free credit advice, rewards for making donations to charity, reduced interest rates or refunds on overdraft fees. Affinity Plus members also get various discounts.
Read: 10 Best Credit Unions for Travelers
Lake Michigan Credit Union
How to join: Online, in store or over the phone
Who can join: Anyone who makes a donation to the ALS Association
Fees: $5 minimum balance to open an account, donation to the ALS Association (one-time fee, nonrefundable)
Membership benefits:
Free checking
Online and mobile banking and bill pay
Unlimited check writing
Savings accounts for kids and teens
Business services
Pay cards for those who can’t get a regular savings account
Membership perks:
Discounts on personal and business Sprint mobile plans
Discounts on LifeLock protection against identity theft
Free document-shredding services
Eligibility of family members to compete for Lloyd F. Hutt scholarships
Lake Michigan Credit Union, open since 1933, is one of the top credit unions anyone can join. Although this institution offers a variety of financial services and live-chat customer service, it only offers a 0.25% interest rate on the Member Savings account and lacks 24/7 customer phone support.
Still, Lake Michigan Credit Union members enjoy significant perks like discounts on Sprint mobile accounts, special LifeLock rates and “Shred Your Stuff” days, when members can safely dispose of their sensitive documents at participating LMCU locations. To become a member you can make a one-time donation to the Amyotrophic Lateral Sclerosis (ALS) Association, West Michigan Chapter. The ALS Association is a nonprofit that raises money for research and patient services and promotes awareness of ALS, also known as Lou Gehrig’s disease.
Connexus Credit Union
How to join: Online, in store or over the phone
Who can join: Anyone who makes a donation to the Connexus Association
Fees: $5 minimum account balance for a Personal Savings Account, $5 donation to the Connexus Association (one-time fee, nonrefundable)
Membership benefits:
Free checking
Savings accounts for kids
Special holiday savings accounts
Health savings accounts
Education IRAs
Business services
Online and mobile banking and bill pay
Membership perks:
Discounts on TurboTax products
Connexus Credit Union is another Minnesota-based institution from the study offering a range of financial products and convenient customer support. Members enjoy services like home, student and auto loans and credit cards, but Connexus doesn’t currently offer insurance products or 24/7 phone support.
To join Connexus Credit Union, you can make a one-time $5 donation to the Connexus Association. The Connexus Association is a nonprofit that supports charitable organizations like the American Cancer Society, United Way, American Red Cross, Special Olympics and more.
Once you join the association, you are eligible to become a member of the Connexus Credit Union and can take advantage of benefits like a high-yield checking account that allows members to earn 1.75% APY on balances up to $25,000, money market savings accounts with 0.50% to 1.15% APY and up to 1.50% to 2.00% on share certificates.
Northrop Grumman Federal Credit Union
How to join: Online, in store or over the phone
Who can join: Anyone who makes a donation to the Southern California Historical Aviation Foundation
Fees: $8 minimum to open a Regular Savings Account, donation to Southern California Historical Aviation Foundation (one-time fee, nonrefundable)
Membership benefits:
Free checking
Cash back rewards
Holiday savings accounts
Youth savings accounts
Membership perks:
Discounts on Kash Chandani & Company tax services
Discounts on Get Away Today Vacations
From student, home, and auto loans to credit cards, Northrop Grumman Federal Credit Union offers comprehensive financial services. This credit union does not offer live-chat or 24/7 phone customer service. Northrop Grumman members also do not get some of the discounts and exclusive perks that other credit unions offer, and its regular savings account earns 0.25% APY.
If you don’t meet the eligibility requirements, you can make a one-time donation to The Southern California Historical Aviation Foundation, which is a nonprofit dedicated to preserving and displaying aircraft artifacts and history of Southern California’s heritage. Once you make the donation, you can become a member of Northrop Grumman Federal Credit Union and take advantage of offerings like auto loans with fixed interest rates, investment advice from financial advisors and credit card balance transfer rates of 4.99% APR.
American Heritage Federal Credit Union
How to join: Online, in store, mail or over the phone
Who can join: Anyone who makes a donation to the Kids-N-Hope Foundation
Fees: $0 minimum to open a Primary Share Savings account, donation to Kids-N-Hope Foundation (one-time fee, nonrefundable)
Membership benefits:
Free checking
Online banking and bill pay
Home, student and auto loans
Credit cards
Membership perks:
Discounts on car purchases
20 percent rebate of commission when you buy or sell your home
ScoreCard Rewards
Sprint mobile discounts
Auto purchase discounts
Philadelphia-based American Heritage Federal Credit Union is the only institution on the list that does not require a minimum balance to open a savings account. The Primary Share Savings account from AHFCU only gets 0.11% APY, one of the lowest on the list. But members can get access to rates and perks like 2.16% APY on a 59-month CD, 4.00% APY on a four-month CD or IRA certificate, or a rebate up to 20 percent of your realtor’s commission when you buy or sell your home.
You can become a member of American Heritage Federal Credit Union by meeting eligibility requirements or by making a one-time donation to the Kids-N-Hope Foundation, which helps children receive specialized care like music therapy.
Melrose Credit Union
How to join: Online
Who can join: Anyone
Fees: $25 minimum opening deposit, $1 membership fee (one-time fee, nonrefundable)
Membership benefits:
Free checking
Free starter checks
Online banking and bill pay
Kids' accounts
Business services
Home, student and auto loans
Membership perks:
Free financial education workshops and seminars
Financial planning
EZ Legal Services
Melrose Credit Union is dedicated to providing its members affordable loans and free financial education. Auto loan rates are 6.00% to 7.00% APR and unsecured loans have a 14.00% APY. Members earn about 0.50% on the Share Savings Account, which is about average when compared to the basic savings accounts from other credit unions on this list.
Melrose Credit Union offers loans but does not offer credit cards, live chat or 24/7 customer service. The minimum opening deposit of $25 is also one of the highest in the study. Still, this is one of the easiest and cheapest credit unions to join.
Because Melrose Credit Union has an open New York State charter, there are no restrictions on who can become a member. Anyone who pays the one-time membership fee of $1.00 and makes a $25 opening deposit can join.
The credit union's free EZ Legal Services are an impressive offer: Members can get access to free wills, living wills, powers of attorney, healthcare proxies and funeral directives. Also, most additional services are discounted by 30 percent, including attorneys' hourly rates and flat fees for most common legal cases.
Read: 10 Best Credit Unions for Car Loans
NASA Federal Credit Union
How to join: Online
Who can join: Anyone who joins the National Space Society (NSS)
Fees: $0
Membership benefits:
Free checking
No NSF fees for one year
Cash back debit card
Online and mobile banking and bill pay
Business services
Access to 30,000 free ATMs
Discounts on loan rates
Membership perks:
$1.00 Membership Rewards program
Discounts on TurboTax products
Discounts on Sprint mobile plans
Discounts on Allied moving services
Discounts on DirectTV
Discounts on ShopAmerica
NASA Federal Credit Union has a wide range of financial products, such as various loans, credit cards and insurance products, as well as 24/7 customer phone support, but it lacks membership perks and high interest rates when compared to other credit unions. The Prime Savings account requires just $5 to open and has a 0.10% interest rate.
Still, there are other perks that offset the less-than-impressive savings rates, such as the Membership Rewards Program. The program is based on how much money you keep in your accounts, and rewards consist of perks like periodic discounts on loan rates, free out-of-network ATM transactions, and free online banking.
If you are an NSS member, you are eligible to join the NASA Federal Credit Union. And because memberships to the NSS are free, this is an easy and inexpensive way to get access to the NASA credit union. All you need is $5 to open an account, and you're in.
NuVision Federal Credit Union
How to join: Online
Who can join: Anyone who becomes a member of the American Consumer Council
Fees: $5 opening balance, $5 membership to the American Consumer Council
Membership benefits:
Online and mobile banking and bill pay
Business services
Youth accounts
Loyalty Rewards program
Home, auto and student loans
Credit cards
Insurance products
Exclusive mortgage rates
Membership perks:
Discounts on SeaWorld tickets
Discounts on DirectTV
Discounts on legal services
Discounts on moving services
Discounts on mortgage rates
NuVision Federal Credit Union tied for a place in the study of credit unions anyone can join. The Primary Savings account has a minimum opening deposit of $5, but just a 0.10% APY. The institution does offer a full range of financial services as well as live-chat customer service.
Unlike the other credit unions on the list, NuVision doesn't offer a basic free checking account: Members must maintain a $1,200 monthly average balance at minimum or at least $500 in direct deposits and make a minimum of seven debit card transactions per month to waive the account maintenance fee.
You can become eligible to join NuVision Credit Union by becoming a member of the American Consumer Council, which provides education and information about the value and worth of consumer products and services. Once you pay the $5 membership fee to join the American Consumer Council, you can enjoy NuVision Federal Credit Union membership and access benefits like discounts and exclusive mortgage rates.
Air Force Federal Credit Union
How to join: Online
Who can join:Anyone who becomes a member of The Airman Heritage Foundation
Fees: $5 minimum opening deposit, $25 annual membership to The Airman Heritage Foundation
Membership benefits:
Free checking
No minimum balance
Online and mobile banking and bill pay
Access to 30,000 surcharge-free ATMs
Christmas Club savings program
Cash-back rewards
Membership perks: No current offers listed
The Air Force Federal Credit Union (AFFCU) is dedicated to serving the financial needs of military members and their families. A regular savings account is just $5 to open but only earns 0.10% APY. The credit union offers home, auto, and student loans as well as credit cards and customer service via live chat, but members will have to look elsewhere for insurance products or 24/7 customer phone support.
To become a member of the AFFCU, you’ll have to meet eligibility requirements, which are broad, or become a member of The Airman Heritage Foundation, a nonprofit dedicated to the heritage and service of American airmen. Membership to this foundation will cost you $25 for one year, $70 for three years or $300 for a lifetime. Consider the membership perks and interest rates to make sure the costs outweigh the benefits.
Methodology: GOBankingRates assessed information about credit unions, including sourcing information from the financial institution provider websites as of April 11, 2016. To comprise this list of the best credit unions anyone can join, GOBankingRates considered the following factors: (1) minimum balance to open an account; (2) savings account APY; (3) variety of products available; and (4) customer service offerings.
GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by the companies included in the article.
This article originally appeared on GOBankingRates.com: 10 Best Credit Unions Anyone Can Join