Raise your hand if you currently bank at an institution solely because your parents did, or your spouse does! We would BOTH be raising our hands! The truth is, most of us open accounts at a young age (most often with the help and guidance of a parent) and unless we have a really terrible experience, move away, or end up merging accounts with a spouse or partner, our money stays in the same place! But have you ever thought of exploring different options to see if your hard earned cash would be better placed elsewhere? Ever considered moving to a Credit Union? In all honestly, Credit Unions have always seemed quite an enigma to us! I mean, what even is the difference between a Bank and Credit Union?
Recently, we got a little education on the topic! Consider us #elightened! After chatting with the team at Credit Unions of Alberta, we learned there are quite a few benefits of moving your money to a Credit Union. First up- just like with banks, you can access your money anywhere, anytime. This is critical for us and our busy, on-the- go lives! Credit Unions offer innovative mobile and online banking solutions so you can manage your finances wherever you are. This means you can pay bills, send money transfers, and check your investments from the convenience of your phone or computer. PLUS, we were shocked to learn their ATM network is bigger than most banks, so credit union members have access to thousands of surcharge-free ATMs! HELLLOO!
If that was’t enough, Credit Unions share profits back with members in the form of annual returns. When you bank with Credit Unions, you make money while you save money, whether you are making investments or not. As two stay at home mama’s with little expertise in investing, this is sounding more and more like an incredible option to us!
As well, Credit unions are subject to a deposit insurance regime that offers a 100 per cent guarantee through the Alberta Credit Union Deposit Guarantee Corporation. That means the money you put in and the interest you earn is safe and secure up to any dollar amount, without limits or restrictions.
Credit Unions meet you in real life. Alberta’s credit unions make banking work for you, wherever life takes you, which for us, is HUGE!! We love that when you bank with Credit Unions in Alberta, you are banking with real people in real communities who care about your real goals. If you have questions or would like to learn more about Alberta Credit Unions please visit their Facebook Page, webiste here! You can also find them on Twitter or Instagram!
- This post was done in partnership with Alberta Credit Unions. As always, the thoughts and opinions expressed are our own. Photographs feature Alberta Credit Union CEO, Ian Burns at the Pop Up Cafe Event at Trancend Coffee, that took place on July 18, 2019. Images courtesy of Jason Fransen. *