The 6 Best Credit Unions Anyone Can Join (2023)

Banks are not the only option for banking services. Credit unions are an alternative worth considering. While credit unions have traditionally been limited to specific areas or groups, there are now credit unions that anyone can join.

In this article, we'll take a look at 6 credit unions with membership criteria that anyone can meet, and we'll examine their best products and services.

Credit unions that anyone can join

In this article, we look at 6 credit unions, all of which offer membership to anyone nationwide. Each offers basic banking services with slight differences in the products and rates offered.

1. connected– Best for student loans and credit cards
2. Allianz– Best for online banking
3. consumer– Best for business accounts
4. First Tech– Best for insurance and credit building
5. PenFed– Best for mortgage financing and resources
6. Freedom FCU– Best for interest rate transparency and specialty mortgages

We'll examine the pros and cons of each of the credit unions on this list and summarize their account offerings and terms.

1. Connexus Kreditgenossenschaft

🏆Best for student loans and credit cards

connectedis a Midwest-based credit union with over 400,000 members.

Membership is open to anyone in the US, although their physical offices are limited to 3 states: Wisconsin, Minnesota, and Illinois.

Members outside of this geographic area can access their accounts through ATMs or credit unions on the CO-OP or MoneyPass network.

This credit union offers a variety of personal account options, including checking and savings accounts, retirement accounts, loans, and more.

The two areas where Connexus excels are student loans and credit cards. They offer 10 credit cards (6 personal and 4 business). They also partner with ISL Education Lending to offer a variety of student loan and refinance plans.

Pros and Cons of Connexus Credit Union

Accounts & Fees

Connexus membership is open to anyone who makes a $5 donation to the Connexus Association.

Or you can qualify for a free membership if you are a local resident, family member of an existing member, or have an affiliation with one of thempartner organizations.

You must open a savings account and deposit at least $5 to activate your membership.

Available Accounts and Associated Fees

Prices are current from 10/2022

In addition to the above accounts, Connexusspecialized current and savings accounts for young peopleas well as aholiday savings account.And they offer abasic IRA savings accountand aHealth Savings Account (HSA).

They also offer a variety of loans including

• Auto Loans & Refinancing
• Mortgages
• Personal Loans
• Personal Credit Lines
• Student Loans and Refinancing
• RV Loan

One fee to note is Connexus' $5 inactivity fee. If your account remains inactive for 12 months or more, you will be charged this fee.

2. Alliant Credit Union

🏆Best for online banking

Allianzis a unique credit union: they are100 % digital. There are no physical branches. Instead, they have their own network ofOver 80,000 ATMswhich you can use without any fees.

Founded in 1935 as the United Airlines Employees Credit Union, membership is open to all.

membershipis free if you are employed by one of its partner organizations, if you live in the Chicago area, or if you are a family member of an existing member. If none of these apply, you can join Alliant by becoming a member of Foster Care to Success, which entitles you to Alliant membership. Alliant pays the one-time membership fee of $5 to FC2S on behalf of the member.

You can sign up for membership, buy insurance, open accounts and apply for loans through the online banking platform or mobile app.

Alliant Credit Union pros and cons

Accounts & Fees

Aside from the required registration with FC2S, you need to openeithera checking or savings account.Most credit unions require a savings account.

In addition, you must maintain a minimum balance of $5 in your account. Still, Alliant will help you by giving you a $5 deposit.

Available Accounts and Associated Fees

*Alliant gives you $5 free when you register the account.
Prices are current from 11/2022

TraditionalIndividual Retirement Accounts(IRAs) are also available.

In addition to their bank and investment accounts, Alliant also offers a variety of loans with reasonable APRs, including

• Mortgages
• home equity line of credit
• Autokredit
• RV Loan
• Personal Loans
• Commercial real estate loans

They also offerHome, auto and life insuranceas well astwo credit cards, one with a 12-month introductory offer of 0% and the other with cashback earnings of up to 2.5%.

All of these accounts can be set up and managed online or through their mobile app.

3. Consumer Credit Union

🏆Best for business accounts

consumer credit unionis a Chicago-based financial institution with 17 offices in the Chicago area.

To support customers outside of this limited geographic area, Consumers has joined the CO-OP network, which offers over 30,000 free ATMs.

Membership is open to anyone who joins itConsumers' Cooperative Association.

Pros and cons for consumers

Accounts & Fees

Membership in the Consumer Credit Union is open to everyone. All that is required is a one-time donation of $5 to the Consumers Cooperative Association.

Available Accounts and Associated Fees

*These are the minimum requirements for 3% APY. To thehigher rates, you need a consumer Visa credit card.
Prices are current from 10/2022

In addition to the accounts listed above, Consumer offers investment accounts,Education accounts, vacation savings accounts and more.

They also offer a variety ofLoans, credit cards and other products. In particular, they have a wide range ofbusiness products, including:

• 4 types of checking accounts
• Business Savings
• Money market accounts for companies
• Commercial Mortgages
• Secured Lines of Credit
• equipment financing
• 2 business credit cards
• Additional services for companies

Consumers Credit Union offers a variety of banking products and services to its members, but the area where Consumers really excels is in their business offerings. They offer a variety of accounts, loans, and services for businesses and business owners.

4. First Tech Federal Credit Union

🏆Best for insurance and credit building

First Tech Federal Credit Unionwas founded in 1952 by employees of Hewlett-Packard. Since then it has opened membership to everyone. However, free banking services will still be offered to those working for certain tech companies.

Originally based in Oregon and California, Frist Tech now has more than 30 locations across the United States. They've also partnered with the CO-OP network to offer free ATM and branch services at more than 30,000 locations nationwide.

While First Tech offers a variety of products and services, there are two areas where they excel: insurance offerings and credit accounts.

First technical advantages and disadvantages

Accounts & Fees

First Tech membership is open to everyone. If you have a family member who is a member, work/live in Lane County, Oregon or work for one of their family memberspartner companies, your membership is free.

If none of the above apply, you can still become a member if you belong to the Computer History Museum ($15 membership fee) or the Financial Fitness Association ($8 membership fee).

Available Accounts and Associated Fees

Prices are current from 11/2022

In addition to the accounts listed above, First Tech also offersChild/teen accounts, IRAs, and business checking and savings accounts.

On the credit front, Frist Tech offers several products that can help bad credit members obtain financing, consolidate debt, andimprove their creditworthiness. Such accounts include

• Asecured credit card
• A credit card with a low APR
• Secured loans and lines of credit
• Refinance student loans
• refinance mortgage
• Auto loan refinance

Additionally; First Tech offers a wide rangeinsurance; outAuto insurance and life insurance to pet insurance and earthquake insurance. They also have many types ofbusiness insurance.

5. PenFed-Kreditgenossenschaft

🏆Best for mortgage financing and resources

PenFed, also known as the Pentagon Federal, was originally established to serve government employees and members of the military. PenFed has now opened its doors to everyone. No membership fee or donation is required!

All you have to do is apply and open a savings account with a minimum deposit of $5.

While many of PenFed's original locations served the DC area, they have since expanded across the country with more than 40 branch offices. To support those who don't live/work close to a branch, they are also members of the Allpoint network of over 55,000 free ATMs.

PenFed offers the usual menu of bank accounts and credit accounts, but the only area where they excel is in their ownMortgage Resources.

They offer a range of mortgage types from conventional to ARM and even a special PowerBuyer loan. They also offer home loan refinancing options, lenders (up to $2,500), and home buying educational resources.

PenFed pros and cons

Accounts & Fees

Membership for PedFed is nowopen to everyoneand is 100% free.

Available Accounts and Associated Fees

Tariffs current from 11/2022

PenFed also offers severalcredit cardsas well asPersonal loans, car loans and student loans. They don't offerBusiness loans.

There are alsomany mortgage optionsoffered via PenFed. They offer FHA loans, VA loans, conventional loans, ARM loans, jumbo loans, and a special PowerBuyer loan that caters to those buying a home in a hot housing market.

In addition, there are several home loan refinancing options available.

And when you get a mortgage loan from PenFed, you're rewarded with a lender. This loan can be as much as $2,500 depending on the purchase price of your home. A lender reduces your closing costs but could earn you a higher interest rate. Be sure to check the impact on your interest rate before taking out a loan.

6. Evansville Teacher’s Federal Credit Union

🏆Best for interest rate transparency and specialty mortgages

Liberty Federal Credit Union, or Liberty FCU for short, is an Indiana-based credit union.

However, you don't have to be a teacher to participate. Membership is open to anyone willing to make a $5 donation to their partner alumni association's fund.

Liberty FCU has physical offices in Indiana, Kentucky and Tennessee. To support their customers nationwide, they have also joined the Alliance One network, which includes nearly 5,000 ATMs.

Liberty FCU offers the usual range of services, but goes one step further by disclosing its tariffsbank accountsandloan.

They also offer some pretty unique home financing options.

This includes home types that other lenders may reject, such as B. Prefabricated houses and dedicated loans for certain professions.

ETFCU pros and cons

Accounts & Fees

Liberty FCU membership is open to everyone. Those who work for a qualifying organization or have a family member who is a member receive their membership to Liberty FCU free of charge.

Those not immediately eligible can participate with a $5 donation to the Mater Dei Freinds & Alumni Association.

Available Accounts and Associated Fees

Current prices from 10/2022

Liberty FCU also offers a variety ofLoans, credit cards and business accounts. Additionally, they have partnered with CUNA Brokerage Services to offer a variety of offeringsinvestment services.

Liberty FCU also offers somehighly specialized mortgages. In addition to the common types of mortgages such as conventional and FHA, Liberty FCU makes loans for the following

• Pole Barn Homes
• Manufactured houses
• Fannie Mae home ready
• renovations
• Community Hero - Nurses, First Responders, Teachers, etc.
• home loan
• Freddie Mac Home possible
• bridging loan
• USDA Rural Housing
• ransom purchases
• Doctors – MD, DO, DDS, DMD, OD, DP or DPM
• construction

Many of their home loan products also come with gift cards worth up to $500 upon closing.

Credit unions can offer the same variety of services as a traditional bank, and the customer service you're likely to receive will be far better. Many traditional banks still offer a much wider range of products and services, and if your banking needs are complex a traditional bank may be a better option.

📕 Read our detailed overview of the most important onesDifferences between a bank and a credit unionto find out more.

Sure, credit unions require membership, but the potential dividend income and interest savings outweigh the upfront cost.

However, if you do decide to open an account with a credit union, take a good look at all the features on offer. After all, you don't want to be stuck with a credit union that doesn't offer all the services you need or has account requirements that you can't meet.

There are a few things to consider when looking for the perfect credit union.

size– Does the credit union have locations near you? If not, will they work with an ATM network?

insurance- The National Credit Union Administration (NCUA) offers insurance up to $250,000 per customer account for Federal Credit Unions. But not all credit unions use this insurance. Some credit unions use government or private insurance instead.

Account requirements versus earnings– For example, a checking account may have a high APY rate, which means little if you cannot meet the minimum balance and transaction requirements.

Account types available– Does the credit union offer all the banking and lending services you need? If not, you might find accounts scattered across many financial institutions.