Vault’s Viewpoint. Credit union mortgages come with low rates and fees and are easier to qualify for. Bank mortgages don’t have any membership requirements and utilize the latest technology.

For borrowers with fair or bad credit who can't qualify for a personal loan through a traditional bank or lender, a credit union may be an option. While credit unions will still consider your ...

2. I enjoy the perks of membership. When I dealt with a bank, I was a customer. As a credit union member, I'm an owner. Sure, I may only own a tiny slice of the credit union, but as a member, I'm ...

Unlike a retail bank, where just about anyone can apply for a mortgage, at a credit union you have to be a member. And most credit unions have requirements you have to meet before you can join.

Unlike a credit union mortgage, you don’t need an active account with the bank to apply for a mortgage. » LEARN MORE: Mortgage lender vs. bank Pros and cons of bank mortgages ...

The main difference is that a loan from a credit union often has a lower interest rate than a loan from a bank—however, you’ll have to join the credit union to apply for one.

Interest rates: Credit unions typically offer better interest rates on savings and loans, largely due to the fact that they don’t have the same need as the banks to turn a profit.

Last year, 45% of new State Employees’ Credit Union members opened an account online, rather than in our physical branches, said McKone, noting that in past years, that number was much lower.