4 ms·

They're essentially non-profit banks, which is a significant difference.

• toast0 4y ago
  It's certainly a difference, but then it's like a mutual bank that's actually mutual. Given that there are 6,940 FDIC institutions and 6,815 U.S. credit unions (according to another poster), one should choose from the commodity that is banking institutions based on the services of the bank or credit union. I bank with two credit unions that are former aerospace employee credit unions; one of them gets most of my business because they offer a savings rate of 2.1%, the other one offers 3.0% on the first $500, and 0.5% on the rest. The second one has branches (or at least something that looks and smells like a branch, but doesn't touch cash), which was helpful during the pandemic when I couldn't get in for shared branching. I really should move my savings to a commercial bank, where I can get 3.6%, but I haven't been inspired enough yet. Sure, the commercial bank may be making a profit, but they're giving their depositors more, and that's really what I'm looking for in a banking relationship.
  • latchkey 4y ago
    Why not something like Ally? 4.75% on their "no penalty cd", you can pull out after 6 days.
    • toast0 4y ago
      3.6% was the Ally savings rate. I didn't check their CD rates.
      • latchkey 4y ago
        Hilariously on the phone with them for the last hour moving an existing NPCD to the higher rate. Their system is so broken it won't allow me to do this online. Oh and now login is broken.