Best Credit Unions Of January 2024

A credit union is a not-for-profit financial institution that’s owned by its members. Credit unions are similar to banks in that they often provide the same kinds of financial products like checking accounts, high-yield savings, credit cards and loans. But, sometimes, credit unions can offer an advantage over banks: Because credit unions reinvest the profits they make back into the products they offer, whereas for-profit banks give their profits to shareholders, your account rates and fees may be better with a credit union than a bank.

You’ll generally need to meet eligibility requirements in order to join a credit union and open an account. The eligibility requirements differ across credit unions, but can include where you live or work, or your affiliation with certain groups like labor unions and schools. But our favorite credit unions make eligibility easy, allowing you to join by donating a small fee to a participating organization.

CNBC Select set out to find the best credit unions on the market. Our top picks stand out for their availability nationwide, their easy-to-join membership, their variety of financial products and online/mobile services, as well as their security with National Credit Union Administration (NCUA) insurance. (See our methodology for more information on how we made this list.)

PenFed Credit Union is a close runner-up on our list because it offers its members a standout rewards credit card, on top of good ATM access for deposit holders. PenFed also offers other types of credit cards, checking and savings accounts, mortgages, auto, personal and student loans and more.

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The easiest way to become an Alliant Credit Union member is by supporting Alliant’s partner charity, Foster Care to Success (FC2S). Alliant will even cover the one-time $5 membership fee to FC2S on your behalf when you apply to join the credit union.

Membership is also open to the following:

• Employees and retirees of select organizations that Alliant partners with
• Family members of current Alliant members
• Those who live or work in a qualifying community in Illinois

Locations

Alliant is an online-only credit union based in Chicago, Illinois. While there are no physical locations, Alliant offers customers access to a network of more than 80,000 surcharge-free ATMs.

Notable perks

With the Alliant Credit Union High-Rate Checking, account holders get reimbursed up to $20 per month in out-of-network ATM fees — a savings of up to $240 over the course of a year. Otherwise, get access to 80,000-plus fee-free ATMs that are in-network. Cardholders of the no-annual-fee Alliant Cashback Visa® Signature Credit Card earn up to 2.5% cash back on their first $10,000 of qualifying eligible purchases (1.5% for purchases over $10,000).

The Alliant app allows users to deposit checks, make payments, manage accounts and use Alliant’s built-in budgeting tool to set financial goals — all while on the go.

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You can become a member of PenFed Credit Union by opening a PenFed savings/share account with a $5 deposit and maintaining a $5 account balance in order to keep your PenFed membership active.

Locations

PenFed has 48 branches in 15 states and is based in McLean, Virginia.

Notable perks

The no-annual-fee PenFed Platinum Rewards Visa Signature® Card tops CNBC Select’s ranking of the best gas rewards credit cards for offering the highest rewards rate at gas stations with 5X points per dollar spent on gas purchases at the pump. Drivers of electric vehicles get this same return at EV charging stations, too. Cardholders can also benefit from unlimited 3X points on supermarket purchases.

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Applying for a CCU membership is a two-step process: First, pay a one-time, non-refundable $5 fee to CCU’s sponsor, the Consumers Cooperative Association. Second, deposit and maintain a minimum $5 balance in your Membership Share/Savings Account.

Locations

CCU is based in Gurnee, Illinois, and has 11 branches across the state. CCU is also part of the Credit Union Service Centers network, which provides access to over 5,000 shared branches and 30,000 co-op ATMs, primarily located in the U.S.

Notable perks

With the Consumers Credit Union Rewards Checking Account, you can earn 5.00% APY on balances up to $10,000 if you meet the below requirements:

1. Receive bank statements electronically
2. Make at least 12 debit card purchases each month
3. Set up direct deposits, mobile check deposits or ACH credits totaling $500 or more monthly
4. Spend $1,000 or more in CCU Visa Credit Card purchases each month (no minimum number of transactions)

This checking account also comes with no monthly maintenance fees, no minimum balance requirements, unlimited reimbursement for any and all ATM fees, access to over 30,000 ATMs and over 5,000 shared branches, plus the opportunity to get paid two days early with early direct deposit.

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The simplest path to First Tech Federal Credit Union membership is to join the Computer History Museum (CHM) or Financial Fitness Association (FFA). The first year’s membership fee for the CHM or FFA is paid by First Tech, and you can cancel your CHM or FFA membership after opening an account with no impact on your First Tech membership.

Membership is also open to the following:

• Employees of (or family members of employees of) a partner company or for the State of Oregon
• Those who live or work in Lane County, Oregon
• Families or household members of a current First Tech member

Locations

First Tech has 39 branches in eight states, plus Puerto Rico, and is based in San Jose, California. Like CCU, First Tech is also part of the Credit Union Service Centers network, which provides access to over 5,000 shared branches and 30,000 co-op ATMs, primarily located in the U.S.

Notable perks

The Platinum Mastercard® from First Tech Federal Credit Union offers a pretty low regular APR (12.24% to 18.00% variable) compared to other credit cards.

Another top low-interest credit card is for reward-seekers, the Choice Rewards World Mastercard® from First Tech Federal Credit Union. The no-annual-fee card has an affordable APR (of 13.50% to 18.00% variable). Cardholders will earn 2X points on gas, groceries, household goods and more, plus there’s currently a welcome bonus in place of 20,000 bonus points when spending at least $3,000 within the first 60 days.

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Military affiliation is required to join Navy Federal Credit Union.

Eligibility options include:

• Active duty members of the Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard and Space Force
• Members of the Delayed Entry Program (DEP)
• Department of Defense (DoD) officer candidate/ROTC
• Veterans, retirees and annuitants
• DoD reservists, civilian employees, civilian retirees and annuitants
• U.S. Government employees and DoD contractors assigned to DoD installations
• Family and household members of the groups above

Locations

Navy Federal has 341 branches in 31 states and is based in Vienna, Virginia.

Notable perks

With the Visa Signature® Flagship Rewards Credit Card, cardholders earn 3X points for every $1 spent on travel and 2X points on everything else. The card also offers statement credits (up to $100) for Global Entry or TSA PreCheck®, no foreign transaction fees, a complimentary year of Amazon Prime, a one-time annual fee waiver (after, $49 per year) and a welcome bonus: earn 30,000 bonus points — a $300 value — when spending $3,000 within 90 days of account opening.

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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every credit union review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of credit union products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best credit unions.

To determine which credit unions provide the best place to bank, CNBC Select analyzed the largest U.S. credit unions. We narrowed down our rankings by only considering credit unions that include the following features:

• Available nationwide
• Easy to join
• Offer a wide variety of financial products
• Have some standout products
• Offer online and mobile banking
• Ease of use and account accessibility
• Customer reviews, when available

All of the accounts included on this list are National Credit Union Administration (NCUA)-insured up to $250,000. This insurance protects and reimburses you up to your balance and the legal limit in the event your credit union fails.

The rates and fee structures for credit union products are subject to change without notice, and they often fluctuate in accordance with the prime rate. Your earnings depend on any associated fees and the balance you have in your account.

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