Today, most big banks require account holders to maintain a minimum amount of around $1,500 to avoid monthly fees. This is not a small amount of money for everyday Americans and, as a result, many end up paying a monthly fee of up to $15 just to have an account.
Omaha FCU only requires a $5 deposit to open a savings account, making banking affordable and accessible to everyone in the surrounding communities and counties that it serves.
Credit Union Account Holders Save on Checking
Research shows that credit union account holders pay less than one-half the amount bank customers pay on their checking accounts annually.
In a comprehensive panel study of consumers’ detailed bank and credit union account statements, researchers Victor Stango (UC-Davis) and Johnathan Zinman (Dartmouth) found that credit union account holders incurred an annual average of $72 in total checking fees whereas bank customers incurred an annual average of $183. They also found that credit union account holders with low balance accounts paid less in annual total checking account fees than did bank customers with high balance accounts.
Credit Union Account Holders Get Lower Loan Rates and Higher Savings Rates
The current average interest rate on a credit union 5-year new car loan is 1.21 percentage points lower than a similar bank loan. That difference can result in an approximate $975 savings over the 5-year life of a $30,000 new car loan.