Credit unions have been around since the turn of the 20th century, and have provided financial services to members throughout their entire history. However, the evolution of credit unions has brought about great benefits and advantages that are often overlooked. Here are some of the positives that come with being a member of a credit union.

1. Lower interest rates: Credit unions often offer significantly lower interest rates than banks, meaning you can save money on loan repayments. The interest rates at credit unions tend to be more favorable for their members since their business model is based on cooperation and mutual benefit.

2. Higher deposit rates: Credit unions typically offer higher interest rates on deposit accounts than banks, providing members with an alternative way to increase their savings. This makes them a great option for those looking to maximize their returns without taking on extra risk.

3. Flexible payment options: Credit unions often offer flexible payment plans for loans that are far more generous and better suited to the needs of their members. This includes payment plans and interest rate options that can be tailored to their members’ budget and lifestyle.

4. Local attention and support: Credit unions are known for being much more in tune with the needs of their members,