---
title: Why Are Credit Union Rates Better?
description: Credit unions offer many benefits – lower fees, fewer account rules, and a larger ATM network than other financial institutions. Here's why.
image: https://go.hfcu.org/hubfs/Why%20Are%20Credit%20Union%20Rates%20Better.png
---

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# Why Are Credit Union Rates Better?

** [MoneyWisdom Newsletter](https://go.hfcu.org/blog/author/moneywisdom-newsletter) ** Sep 28, 2022

![Three generations of a white family take a walk through a path in a field. ](https://go.hfcu.org/hubfs/Why%20Are%20Credit%20Union%20Rates%20Better.png)

Credit unions offer a slew of benefits — [lower fees](https://go.hfcu.org/blog/you-areavoiding-rising-atm-fees.-brilliant), fewer account rules, and a larger ATM network than other financial institutions. One popular perk is the ability to provide better rates than banks. How do we do this? The answer is multifaceted.

### Reason #1:

**Credit unions are not-for-profit. **Credit unions are not-for-profit. Banks are typically in the business of making money. This for-profit approach means they aren't passing savings on to their customers. [Credit unions](https://go.hfcu.org/blog/5-ways-your-credit-union-saves-you-money), on the other hand, pour earnings back into their product and service offerings, providing higher rates on savings accounts and lowering rates on loans and credit cards. This not-for-profit approach is designed for and by members.

### Reason #2:

**Credit unions have a members-first mentality. **A hallmark of the credit union movement is that they are owned by members. So if you become a member, you are an owner. The cooperative structure means members’ financial needs are the top priority. That means offering competitive or even above-market rates is important. That ties into [our number one value](https://www.hfcu.org/why-us/about-hanscom-fcu/about-hanscom-fcu.html): Members First.

### Reason #3:

**Credit unions build products around service, not selling. **Credit unions build products around service, not selling. It may sometimes seem like a lost art — but there are organizations out there still dedicated to putting service before the sale. As has been mentioned before, banks sell for the benefit of others. Their goal is to draw customers into the bank and profit from the products and services they offer.

The mission of credit unions is to benefit their members, which is a direct contrast to a profits-first approach. Credit unions offer higher savings rates because members benefit when we do.

These superior rates help support financial wellness for a lifetime because they allow savings to grow faster and members to owe less over the long term. Those savings can then be put toward other uses – like [buying a home](https://go.hfcu.org/blog/introducing-hanscom-fcus-no-money-down-mortgage), tucking money away in a college fund, [saving for retirement](https://go.hfcu.org/blog/save-for-retirement-while-paying-for-college), and more.

These three reasons are just the beginning. Our mission is to be the trusted advisor that people turn to for unbiased financial guidance. Credit unions offer a wide range of other benefits to members. If you want to learn more about credit unions or check on our current rates, contact Hanscom FCU today by visiting www.hfcu.org or calling 800-656-4328.

[![Account Rates](https://no-cache.hubspot.com/cta/default/118438/0c1b30db-4f17-45f2-9b22-8c3cae5fe89b.png)](https://cta-redirect.hubspot.com/cta/redirect/118438/0c1b30db-4f17-45f2-9b22-8c3cae5fe89b) [![Loan Rates](https://no-cache.hubspot.com/cta/default/118438/48130782-c2cc-4eae-be7f-a880a6eee1f8.png)](https://cta-redirect.hubspot.com/cta/redirect/118438/48130782-c2cc-4eae-be7f-a880a6eee1f8) [![Mortgage Rates](https://no-cache.hubspot.com/cta/default/118438/0d928831-bbcc-4355-8d8e-07c696163153.png)](https://cta-redirect.hubspot.com/cta/redirect/118438/0d928831-bbcc-4355-8d8e-07c696163153)

 

*Others are reading:*

- [3 Tips To Boost Your Credit Score Quickly](https://go.hfcu.org/blog/3-tricks-to-boost-your-credit-score)
- [CU Thrive: The Automated Savings Program That Pays 5.00% APY*](https://go.hfcu.org/blog/cu-thrive-the-automated-savings-program-that-pays-2.00-apy)
- [The Top 3 Questions We Get About Credit Reports and Scores](https://go.hfcu.org/blog/the-top-3-questions-with-answers-we-get-on-credit-scores)
- [The Top 2 Factors That Make Up 65% of Your Credit Score](https://go.hfcu.org/blog/credit-score-factors)
- [The Difference Between a CD and a Share Certificate](https://go.hfcu.org/blog/share-certificate)

 

** [Hanscom FCU](https://go.hfcu.org/blog/topic/hanscom-fcu), [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance)

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