Exploring Interest Checking at Credit Unions in Hillsboro

Credit Union interest checking Hillsboro is a great option for those looking to avoid fees and earn higher-than-average interest rates on their money. Credit unions are nonprofits owned by their members, so they have the ability to pass along profits from their savings and checking accounts in the form of better rates on loans. Banks, on the other hand, are for-profit enterprises that need to deliver a return on investment to shareholders.

Aside from higher interest rates, credit unions also often offer lower fees than banks. Depending on the size of the institution, some credit unions will have no monthly service charges for basic accounts. Others will have a low monthly fee for high-balance accounts that earn interest or have more than 30 debit or credit card transactions per month.

In addition to low fees, some credit unions offer a variety of benefits for their members. They may provide scholarships to students, host free tax preparation services or even give away cash during certain holiday seasons. Credit unions are also more likely to support community organizations and charities than banks.

Choosing between a credit union and a bank can be a difficult decision, but it is important to identify what you prioritize. If you want a higher interest rate on deposits and don’t mind fewer branch locations, a credit union may be a good option. If you need access to in-person services, a bank may be more appropriate.

The difference between a bank and a credit union is that a bank is for-profit, while a credit union is a nonprofit organization that operates for the benefit of its members. Credit unions are regulated by the National Credit Union Administration, just like banks are regulated by the Federal Deposit Insurance Corporation. This means that as long as you stay within the NCUA limits, your funds are protected at a credit union just as they would be at a bank.

Compared to local banks, credit unions tend to have competitive savings and money market account rates. Their Share Savings accounts yield up to 0.25%, their Youth Savings accounts offer 0.5% and their money market accounts offer up to 0.15%. Many of these rates are competitive with the best online savings accounts. To help you compare, we created a table with the best rates at credit unions near you. You can access it here.