Credit Union Interest Rates
Key takeaways
Because they are member-owned and not-for-profit, credit unions may provide higher savings rates and lower fees compared to traditional banks.
To access credit union savings rates, you typically need to meet specific membership criteria, such as living in a certain area, working in a particular industry, or joining an affiliated organization.
Savings accounts at credit unions are usually insured by the NCUA (up to applicable limits), offering similar protection to FDIC insurance while emphasizing community-focused service.
If you’re looking for an account that offers a solid return on your savings, your first thought may be to open an account at a traditional bank. But what about credit union interest rates?
These types of accounts can provide some of the best savings opportunities, offering competitive interest rates and a range of benefits tailored to their members. Let’s break down the best credit union savings rates, compare interest rates across credit unions, and explore how you can maximize your savings.
What are credit union savings rates?
Credit union savings rates refer to the dividends, or interest, that credit unions pay on the money deposited into savings accounts. Unlike banks, which are for-profit institutions, credit unions are not-for-profit and typically return their earnings to their members in the form of higher savings rates and lower loan interest rates. Because of this structure, many credit union interest rates may be more attractive than those offered by traditional banks, which can make them a great option.
Credit union interest rates: How do they compare?
When looking for the best credit union interest rates, it’s important to understand that rates vary based on the type of account, the credit union itself, and the current economic climate. Generally, credit unions offer higher rates on basic savings accounts, but you may be able to find even better returns through special accounts like certificates of deposit (CDs) or money market accounts.
Some top-performing credit unions offer interest rates on savings accounts that can exceed the national average by a significant margin. For example, while many big banks offer savings account interest rates below 1%, many credit unions provide rates multiple times the national average. Using a savings platform like Raisin makes it simple to find and earn some of the best credit union interest rates nationwide.
Best credit union savings rates
When evaluating the best credit union savings rates, comparing rates from various credit unions to find the highest return for your savings is important. You can check the websites of individual credit unions by state and city for information on current rates. The NCUA also provides detailed information about average rates at credit unions versus banks. Savings platforms, like Raisin, can help you with detailed comparisons between interest rates offered by different credit unions, while also letting you fund and manage accounts with multiple credit unions from a single login.
Which credit union has the highest interest rate on savings accounts?
Finding the best credit union savings rates is easy with Raisin. You can use the table below to filter for credit unions and easily find the highest interest rates on savings accounts and CDs. Best of all, there are no fees and a minimum deposit of just $1.
What to look for in credit union savings account interest rates
When comparing credit union savings account interest rates, there are several factors to consider:
1. APY: The annual percentage yield (APY) is a key metric to look at when comparing savings accounts. It reflects the total return you’ll earn over the course of a year, including compounding interest.
2. Minimum balance requirements: Some credit unions require a minimum balance to earn the highest interest rates. It’s important to choose an account that aligns with how much you plan to deposit. For instance, accounts opened through the Raisin platform have a $1 initial deposit and no ongoing minimum balance requirements.
3. Fees: While credit unions often have fewer fees than traditional banks, it’s still important to check for any potential monthly maintenance fees that could eat into your savings. For instance, accounts opened through the Raisin platform have no fees, making it even easier to get more out of your savings.
4. Accessibility: Credit unions may have more limited branch networks than national banks. Ensure that your credit union offers online or mobile banking features allowing you to manage your savings account conveniently.
Can you get a high-yield savings account at a credit union?
Yes, many credit unions offer high-yield savings accounts. These accounts typically provide much higher interest rates than standard savings accounts, making them an excellent choice for those looking to grow their savings faster. While the best credit union savings rates are often reserved for high-yield accounts, the requirements to open one — such as minimum balance thresholds — are usually lower than what you might find at a bank.
Benefits of choosing a credit union for your savings
Choosing a credit union over a traditional bank for your savings needs offers several advantages:
1. Higher interest rates: Credit unions tend to offer better interest rates on savings accounts than banks, thanks to their not-for-profit status.
2. Member focused: Unlike banks, credit unions are owned by their members. This means they’re more likely to offer products and services that benefit members rather than focusing solely on profit.
3. Lower fees: Credit unions typically charge lower fees than banks. Many credit union savings accounts have no monthly fees, allowing you to keep more of your money.
4. Personalized service: Credit unions often pride themselves on providing personalized, community-focused service.
Comparison of credit union interest rates vs. traditional banks
If you’re deciding between a credit union and a traditional bank, one of the most important factors to consider is the difference in interest rates. Credit unions can typically afford to offer better rates because they return profits to their members rather than shareholders. This often makes credit unions a better choice for savers looking for long-term growth.
How to choose the best credit union for your savings
With so many credit unions offering competitive interest rates, how do you choose the best one for your savings? Below are a few tips:
1. Check membership eligibility: Many credit unions have membership requirements, which could be based on where you live, work, or other affiliations. However, there are credit unions with more flexible membership criteria, allowing almost anyone to join.
2. Compare rates: Consider comparing credit union savings rates before opening an account. Even a slight difference in APY can significantly impact your returns over time.
3. Consider accessibility: If you prefer in-person banking, you may want to select a credit union with branches nearby. If you’re comfortable with digital banking, you may want to make sure that the credit union offers a user-friendly online platform or mobile app.
4. Look for additional products: Some credit unions may offer bundled deals, where you might get a higher savings rate if you also open a checking account or take out a loan. These additional products could help you save even more.
Are credit union savings accounts worth it?
In most cases, opening a savings account with a credit union is a smart move, especially for those looking to earn more on their deposits. With higher interest rates, fewer fees, and member-focused service, credit unions offer an attractive alternative to traditional banks.
Have you decided to move your savings to a credit union but don’t know which one to sign up with? Raisin is the perfect place to refine your search for the credit union that best suits your needs.
We are a digital savings marketplace that exclusively partners with federally regulated credit unions and banks. Raisin allows you to open savings and deposit accounts with multiple financial institutions, including credit unions, all from the convenience of a single login.
Sign up with Raisin today to begin your credit union savings journey!
The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.
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*APY means Annual Percentage Yield. APY is accurate as of April 10, 2026. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00.
Raisin is not an FDIC-insured bank, and FDIC deposit insurance only covers the failure of an insured bank.
Raisin is not an NCUA-insured credit union. NCUA deposit insurance only covers the failure of an insured credit union.
Raisin does not hold any customer funds. Customer funds are held in various custodial deposit accounts. Each customer authorizes the Custodial Bank to hold the customer’s funds in such accounts, in a custodial capacity, in order to effectuate the customer’s deposits to and withdrawals from the various bank and credit union products that the customer requests through Raisin.com. The Custodial Bank does not establish the terms of the bank or credit union products and provides no advice to customers about bank or credit union products offered by the applicable bank or credit union through Raisin.com. Each customer also authorizes the Service Bank to move funds among the various banks and credit unions at the customer’s request. First International Bank & Trust (FIBT), Member FDIC, is the Service Bank. Bell Bank and Starion Bank, each Member FDIC, are the Custodial Banks.
†Based on $250,000 in FDIC or NCUA insurance coverage per insurable category of ownership at each partner bank or credit union on the Raisin platform (each a "Product Bank"), when aggregated with all other deposits held by you at such Product Bank and in the same insurable category. Deposits made through Raisin will be eligible to receive deposit insurance from the FDIC or the NCUA (each a "Deposit Insurer") in accordance with and up to the maximum amount permitted by law at each Product Bank. Raisin is not a bank or credit union and does not hold any customer funds. Funds are held at FDIC-insured banks and NCUA-insured credit unions. Deposit insurance covers the failure of an insured bank or credit union. Certain conditions must be satisfied for pass through deposit insurance coverage to apply. Customers may choose to deposit funds with identically registered accounts at different Product Banks on the Raisin platform to be eligible for Deposit Insurer coverage up to $10 million for individual accounts and $20 million for joint accounts when at least 40 Product Banks are utilized. Please be aware, however, that any deposits you have at a Product Bank, whether through the Raisin platform or outside the Raisin platform, that you may hold in the same capacity (such as in an individual capacity or joint capacity) count toward the applicable Deposit Insurer's deposit insurance maximum amount, and any such amounts that you hold in the same capacity at a Product Bank that exceed the maximum insurance coverage by the applicable Deposit Insurer will not be insured. For more information on FDIC deposit insurance, please see here. For more information on the NCUA share insurance fund, please see here. You are solely responsible for monitoring the amount of funds you have on deposit at each a Product Bank, whether through the Raisin platform or outside the Raisin platform, to confirm that the deposits you hold in the same capacity at each Product Bank do not exceed the maximum deposit insurance coverage provided by the applicable Deposit Insurer.