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CU Members: Do you belong to multiple Credit Unions? Why?

SweetCreditObsession
Valued Contributor

Re: CU Members: Do you belong to multiple Credit Unions? Why?

I belong to four CUs. I joined one through my employer years ago and found the free checking to be convenient. I've used banks in the past but wasn't happy when good ones were bought out by less desirable ones (e.g. miss WAMU and Wachovia).

 

I joined three additional CUs due to learning about a few of them on this forum. I wanted to build relationships with them to take advantage of their products in the future.  



(+76) | (+92) | (+124) | TU Fico 9: 704 | Exp Fico 9: 737

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Message 21 of 62
EAJuggalo
Established Contributor

Re: CU Members: Do you belong to multiple Credit Unions? Why?

I'm a member of three, Navy, Penfed and a local.  I keep the local just in case I need to do something local.  Navy is my primary FI and Penfed is relatively recent, just starting to build that relationship.  I had a CU in MN that gave me an auto loan with an absolutely blank file, which the LO flat out told me the only reason I got the loan was because I had been a member for so many years.

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Message 22 of 62
minski
Established Contributor

Re: CU Members: Do you belong to multiple Credit Unions? Why?

Yes. For a particular credit card or for the high interest checking accounts.

 

Alliant - initially for their checking/savings. I paid off a car loan with them. Still have my main direct deposit with them, and is my ACH hub.

Affinity - newer CU for me. Joined for the 5% cash back on bookstores/Amazon credit card. Also helped that there was a branch fairly local to me. Was going to transfer my direct deposit but can't be bothered. They have Smart Savings account - 2% APY up to $2499.99. My limited interactions with CS were decent.

AOD - for the 3% cash back credit card, naturally. If I feel up to it, I may add their Kasasa checking/savings account.

Bethpage - for my second job but it's not really local to me so currently not doing anything with it. Have a PLOC. May close it out.

DCU - initially for the 6.17% APY up to $1000 savings account but also because I heard they were good for car loans. Alliant and PenFed offered better rates, and Alliant offered more money.

Evansville Teachers - joined for the 3.3% APY up to $20,000 checking account if you are willing to jump through hoops.

NavyFed - followed the backdoor train into NF. Main use is the 12-month 3% APY Special CD up to $3000. Also have my highest limit credit card in my sock-drawer and CLOC. Have a direct deposit for my second job going here just for the special CD. Their 0% APR $0 BT fee promotions were really handy when I was helping my sister with her debt.

PenFed - followed MyFico recommendations here. Got the cash rewards card that gives 5% cash back on gas at the pump with a small PLOC (was required for the 5% cash back on gas). Initially considered auto loan here but Alliant offered a better deal. Was thinking about closing out my membership. Might if I am no longer grandfathered for the 5% cash back on gas and if I lose interest in the Platinum Rewards card as substitute.

Premier Members - 2% APY up to $2000 in their Money Market account (I think when I first joined it was higher). I considered closing them out because it was a chore to keep track of my money and the credit unions but I had decent interaction with their CS so holding on to them for now.

SDFCU - joined just for the PIN priority 2% cash back card. Their CS, especially for the credit card, appears to be out-sourced.

Signature - joined for their high interest checking. Not as high as it once was now; it is 2% APY up to $20,000 if you jump through hoops. I also got the 2% cash back card with a low interest rate which I ended up sock-drawering once I got the AOD. Smiley Very Happy I don't recommend their customer service.

 

Message 23 of 62
Adkins
Mega Contributor

Re: CU Members: Do you belong to multiple Credit Unions? Why?

I'm a member of several, and joined for various reasons. 

 

RBFCU - local and main CU; been a member for 20+ years. Excellent vehicle loans and refinance rates. Conservative lenders otherwise.

 

NFCU - Joined for their products, have stayed for the excellent customer service

 

Pentagon Credit Union - Joined for future products

 

Langley Federal Credit Union - Joined for possible products and the .10¢ debit card transaction bonus

 

Credit Human - Joined because there's an ATM in the cafeteria at my work. 

 

 

Last HP 08-24-2021



Message 24 of 62
MrT_521
Regular Contributor

Re: CU Members: Do you belong to multiple Credit Unions? Why?

I am a member of 3 credit unions. I went through the gauntlet joining the first 2, SDFCU and PenFed, because I am an expat. I had issues with residence verification. We got it worked out though.

 

Here are my stories about joining SDFCU and PenFed.

 

SDFCU: I joined just because of their Premium Cash Back+ credit card because of its PIN priority feature, flat 2% cash back, and no FTF. As it turns out, the card no longer has PIN priority, but it is still a good 2% cash back card without FTF.

 

PenFed: I joined last year in anticipation of the Pathfinder credit card being rereleased. Well, because of the new Pathfinder's qualifications, I didn't get it. But I am using PenFed's Premium savings account.

 

NASA: I'm not really sure why I joined, to be honest with you! I utilized the credit card funding for the savings account. I maxed out the $500 allowance for that, which was useful as I was trying to meet MSR for the SUB on a new credit card. I might use them for something in the future. But for now, the $500 is just sitting there, doing nothing except collecting a few ¢ interest.





Message 25 of 62
oorhett
Contributor

Re: CU Members: Do you belong to multiple Credit Unions? Why?


@BearsCubsOtters wrote:

I've been a member of credit unions before it was cool-but then it has been said Utah is one of the most credit union-savvy states in the US. 2 of the top 20 are located in Utah-bested only by Virginia and California and both are much larger in terms of population. 

 

I am glad MyFico has taught others to join credit unions. 

 

As others have said, it is a good idea to be a member of a few credit unions. Credit unions typically offer higher interest rates on savings and lower interest rates on loans. No 1 credit union seems to do everything perfectly though; PenFed has awesome auto loan rates and a 2% cash back Visa but Navy offers a lower APR platinum card etc. So, it is a good idea to have a few credit unions in your back pocket to shop from for a particular product. 

 

And frankly, sometimes banks do better than credit unions. Point being is that you should not blindly bank with just 1 financial institution as it pays to shop around. 


I am also in Utah! Curious what CU's you are referring, I am guessing MACU, America First, and UCCU? I am currently with MACU and was a member of America First and UCCU prior to my BK, as a result neither want anything to do with me as I burned them both. MACU has been decent but I have been getting a lot more success with other out of state Credit Unions.  My mother and sister are both members of Security Service CU and I was planning on joining them in the near future to see how they are. Current target is for an "In House" Mortgage (Due to recent BK), Heloc 2nd and/or PLOC. I did find what used to be VAMCU now American United CU (Salt Lake/Tooele) that may help me with a HELOC but its looking like a local Bank "First Community" may end up working out better.  Would love to hear your thoughts/experiances with any other local to us Finacial Institutions.  



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Message 26 of 62
ComeBackLady
Established Contributor

Re: CU Members: Do you belong to multiple Credit Unions? Why?


@Aim_High wrote:

@OmarR wrote:

@sarge12
I love credit unions for everything except credit card rewards.

I am opposite. 

 

I only join institutions for their rewards credit cards and I pif. Aside from my mortgage, I don't do or need loans. I'm surprised half of them (or all of them) haven't found a reason to kick me out. 


If you aren't into collecting travel points from AMEX, Chase, or Citi and you focus on Cash Back, it's hard to beat the best credit union cards.  While some of these are geofenced or restricted by Select Employer Groups (SEGs), if you qualify they offer awesome cash rewards.  These offering are often at least as good if not better to cards from the national banks if you shop around and if you qualify.  Here are just a few I know about that are high-earning cash back cards.

 

AOD FCU Visa Signature:  3% on everything, uncapped and uncategorized, combined with a fixed APR as low as 7.49% and no/low fees.

 

Mid-Florida Credit Union Visa Signature:  2.5% on everything, uncapped and uncategorized.

 

Alliant FCU and Farmer's Insurance FCU both offer cards that pay 2.5% on everything, albeit with $99 AFs.  (But if you spend more than $19,800 on either of these cards annually, they start to earn more than a flat 2% card.)   Both cards spend is uncategorized. 

 

Abound FCU Platinum Visa (formerly Fort Knox):  5% on gas, uncapped.

 

Aerospace FCU Platinum Visa: 5% on gas, 4% on dining, 3% on travel, 2% everything else.  (caps of $7K, $9K, and $12K apply on 5/4/3)

 

People Caring More CU (PCMCU) Platinum Rewards Mastercard:  5% back uncategorized on the first $1K spend every month.

 

Nusenda FCU Platinum Cash Rewards Visa:  5% on rotating categories (cap of $1500 per quarter.)  Current offerings for 2021:

 

Nusenda_FCU_2021_Cashback.jpg

 

All the credit unions offering the new Elan Max Cash Preferred card:  5% on two categories (cap of $2K per quarter.)  See a partial list at:

https://ficoforums.myfico.com/t5/Credit-Cards/Elan-quot-Max-Cash-quot-vs-US-Bank-Cash/td-p/6198795

 

Green State Credit Union World Mastercard:  5% on hotels and airfare with no AF.

 

Vantage West Credit Union Connect Rewards Visa:  5% back in a category of your choice (cap of $1500 per quarter)

 

Credit Unions offer a substantial number of the flat-rate 2% cash back cards, including PenFed CU, State Department FCU, Randolph-Brooks FCU, Signature FCU, and Pennsylvania State Employees CU (PSECU.)

 

This list doesn't even count all the CU cards that pay 2% to 3% in selected categories. Smiley Happy

Which 4% and 5%+ cards from Credit Unions am I missing? 

 


Awesome summary! TY!

After having posted this, I'm now on a slow gentle and persistent mission to get my gf and then her whole family into NFCU. 

 

I still adore the Auto Buying Member Perk at Tech CU. So funny because I was a member for yeaaaaaars. Those bennies just sat there. Then 15 years later, that Members Benefit was perfect for me and I still kvele about it to this day 19 years later. 

My mother was my early proponent of CU's and always joining them. Now 40 years later, I encourage folks on my team to join and leverage them. TY for chiming in. 🙏🏻

Starting Score: June 2020: 502
Current Score: EX: May 15 - 687, EQ: APR 2021 – 668, MAY 2021 – 726, APR 26 - TU: 673
May 15 - TU: 697

Goal Score: Good: 670 by May ✅. By JUN 675✅,
Come on 680 across all 3 ✅, 690’s by JUN. Over 700 in 2021, ideally 725plus, 805 LT
Inquiries: 30/0, 60/1, 90/6, 12/13
TCL: JUN 2020 $700, MAY 2021 $13,051
AAoA 1 YR 6 Months AoYA 7 weeks
2021 Goal Cards: NAFs and $5K CL’s


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Message 27 of 62
BearsCubsOtters
Frequent Contributor

Re: CU Members: Do you belong to multiple Credit Unions? Why?


@oorhett wrote:

@BearsCubsOtters wrote:

I've been a member of credit unions before it was cool-but then it has been said Utah is one of the most credit union-savvy states in the US. 2 of the top 20 are located in Utah-bested only by Virginia and California and both are much larger in terms of population. 

 

I am glad MyFico has taught others to join credit unions. 

 

As others have said, it is a good idea to be a member of a few credit unions. Credit unions typically offer higher interest rates on savings and lower interest rates on loans. No 1 credit union seems to do everything perfectly though; PenFed has awesome auto loan rates and a 2% cash back Visa but Navy offers a lower APR platinum card etc. So, it is a good idea to have a few credit unions in your back pocket to shop from for a particular product. 

 

And frankly, sometimes banks do better than credit unions. Point being is that you should not blindly bank with just 1 financial institution as it pays to shop around. 


I am also in Utah! Curious what CU's you are referring, I am guessing MACU, America First, and UCCU? I am currently with MACU and was a member of America First and UCCU prior to my BK, as a result neither want anything to do with me as I burned them both. MACU has been decent but I have been getting a lot more success with other out of state Credit Unions.  My mother and sister are both members of Security Service CU and I was planning on joining them in the near future to see how they are. Current target is for an "In House" Mortgage (Due to recent BK), Heloc 2nd and/or PLOC. I did find what used to be VAMCU now American United CU (Salt Lake/Tooele) that may help me with a HELOC but its looking like a local Bank "First Community" may end up working out better.  Would love to hear your thoughts/experiances with any other local to us Finacial Institutions.  


@oorhett 

 

Yeah, like you I am a member of MACU and still am with AFCU. I joined Goldenwest a few years ago and I was a member of Beehive which was taken over by Security Service over a decade ago. 

 

I like MACU the best-and like you, I now prefer the bigger, out-of-state credit unions like PenFed and Navy. But back in the day, the local ones were better than any bank.

Message 28 of 62
sxa001
Established Contributor

Re: CU Members: Do you belong to multiple Credit Unions? Why?

I belong to three and each serve a purpose.  I started with NASA, partly as a novelty at the time but also at the time I thought their loan rates were good (and they are compared to the big banks).  I have had two automotive loans with NASA over the years and I have their credit card but that account sees very little transactions these days. 

I joined AOD because of the folks here and the 3% card.  I also joined Amplify, for years I have wanted to join a local Credit Union and Amplify did have an Elan credit card that I wanted so I went with them.  Most likely though when it comes time for another automotive loan I will create an account with Austin Telco.  Also considering parking a grand in DCU at some point. 





Message 29 of 62
ComeBackLady
Established Contributor

Re: CU Members: Do you belong to multiple Credit Unions? Why?


@BearsCubsOtters wrote:

@oorhett wrote:

@BearsCubsOtters wrote:

I've been a member of credit unions before it was cool-but then it has been said Utah is one of the most credit union-savvy states in the US. 2 of the top 20 are located in Utah-bested only by Virginia and California and both are much larger in terms of population. 

 

I am glad MyFico has taught others to join credit unions. 

 

As others have said, it is a good idea to be a member of a few credit unions. Credit unions typically offer higher interest rates on savings and lower interest rates on loans. No 1 credit union seems to do everything perfectly though; PenFed has awesome auto loan rates and a 2% cash back Visa but Navy offers a lower APR platinum card etc. So, it is a good idea to have a few credit unions in your back pocket to shop from for a particular product. 

 

And frankly, sometimes banks do better than credit unions. Point being is that you should not blindly bank with just 1 financial institution as it pays to shop around. 


I am also in Utah! Curious what CU's you are referring, I am guessing MACU, America First, and UCCU? I am currently with MACU and was a member of America First and UCCU prior to my BK, as a result neither want anything to do with me as I burned them both. MACU has been decent but I have been getting a lot more success with other out of state Credit Unions.  My mother and sister are both members of Security Service CU and I was planning on joining them in the near future to see how they are. Current target is for an "In House" Mortgage (Due to recent BK), Heloc 2nd and/or PLOC. I did find what used to be VAMCU now American United CU (Salt Lake/Tooele) that may help me with a HELOC but its looking like a local Bank "First Community" may end up working out better.  Would love to hear your thoughts/experiances with any other local to us Finacial Institutions.  


@oorhett 

 

Yeah, like you I am a member of MACU and still am with AFCU. I joined Goldenwest a few years ago and I was a member of Beehive which was taken over by Security Service over a decade ago. 

 

I like MACU the best-and like you, I now prefer the bigger, out-of-state credit unions like PenFed and Navy. But back in the day, the local ones were better than any bank.


I still love the local access for so many starter services. But when you start to want to get to being interested in MORE, member discounts, car buyer program, rewards programs, the larger CU's rule that arena. 

What's nice is often belonging to one got me in with another when I moved. 

Starting Score: June 2020: 502
Current Score: EX: May 15 - 687, EQ: APR 2021 – 668, MAY 2021 – 726, APR 26 - TU: 673
May 15 - TU: 697

Goal Score: Good: 670 by May ✅. By JUN 675✅,
Come on 680 across all 3 ✅, 690’s by JUN. Over 700 in 2021, ideally 725plus, 805 LT
Inquiries: 30/0, 60/1, 90/6, 12/13
TCL: JUN 2020 $700, MAY 2021 $13,051
AAoA 1 YR 6 Months AoYA 7 weeks
2021 Goal Cards: NAFs and $5K CL’s


Bank and Credit Union Memberships:

Take the myFICO Fitness Challenge

Message 30 of 62
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