At Generations United Federal Credit Union, we feel that there are 3 reasons you should bank with Generations United Federal Credit Union:
#1 Minimum Balance Requirements
Many banks require a larger minimum balance in order to receive higher interest rates in your Savings Account.
- Bank 1: Requires a $10,000 minimum to receive a 2% interest rate. If a minimum is not retained your interest rate falls to .20%.
- Generations United FCU: Requires only a $1,000 minimum to receive a 3% interest rate.
#2 ATM Network and Fees
Many banks require you to use an in-branch ATM to avoid costly ATM fees. Generations United Federal Credit Union provides access to over 30,000 ATMs with no fees associated with usage.
- Bank 1: Charges a $3.00 fee for non-branch ATM usage.
- Generations United FCU: No fees at over 30,000 ATMs (including foreign ATMs)
#3 Access to Lower Interest Credit Cards
Banks provide credit cards with pre-determined interest rates based off your credit score. Credit Scores usually follow a tier structure to determine your interest rates.
- National Average for Banks start as low as 18% and go as high as 29.99%.
- Generations United FCU start as low as 11% and go as high as 18.00%.
Here’s an example of how a GUFCU credit card can save you over the long term:
| Bank | Balance on Card | Payoff Goal | Monthly Payment | Total Interest |
|---|---|---|---|---|
| Bank with 18% rate | $10,000 | 5 years (no additional purchases | $253.93 | $5,236.06 |
| GUFCU with 11% rate | $10,000 | 5 years (no additional purchases | $217.42 | $3,045.45 |