How to Join a Credit Union

What Is a Credit Union?

A credit union is a not-for-profit financial institution that functions like a bank. A typical credit union offers checking accounts, savings accounts, car and home loans and credit cards.

But, unlike a bank, a credit union isn't in business to turn a profit. Instead of offering products and services with the goal of making money for shareholders, credit unions return any surplus earnings to their members in the form of lower borrowing rates and higher yields on deposit accounts.

Tip: Although rates vary from one bank or credit union to the next, credit unions are a reliable source for more favorable rates. For example, Curinos data from January 2026 shows credit unions offering an average 2.92% rate on 60-month certificates of deposit (CDs) versus a 1.26% average rate from banks. Check loan and CD rates online when you're shopping for a new account.

Promoting financial wellness is part of the credit union mission, so many offer counseling, workshops and online financial education to help members manage money wisely and work toward financial goals. If a not-for-profit financial institution that puts your financial wellness first sounds interesting, a credit union might be worth a closer look.

Learn more: Pros and Cons of Banking With a Credit Union

Credit Union vs. Bank

Compared to banks, credit unions generally offer favorable rates on loans and savings, highly rated customer service and a competitive digital experience. Credit unions are member-owned and not-for-profit, which means they aren't motivated by making a profit for shareholders. Although every credit union has a field of membership that determines whether you can become a member, many are relatively easy to join.

Here's a quick breakdown of the differences between credit unions and banks.

Can Anyone Join a Credit Union?

Most people are eligible to join at least one credit union. The catch is that not every credit union works for every person. Each credit union has a limited "field of membership," the legal term for the population of people who are eligible to join. Here are a few examples of fields of membership and credit unions that illustrate how they work.

How Do You Join a Credit Union?

As long as you're eligible, joining a credit union is quick and easy. Once you find the right credit union, getting set up is similar to opening a bank account. Here are the basic steps:

1. Find a Credit Union

Not sure where to start? The NCUA has an online credit union locator that can help you find credit unions by location, name or charter number. Also check out credit unions that have branches in your neighborhood or credit unions you've come across online. Credit unions often show up in online searches for loans, CDs and credit cards: A credit union with an account you're interested in is worth further investigation.

2. Verify Eligibility

Visit the credit union's website and look for membership eligibility, or pop into a branch and ask about joining. Fields of membership can be confusing. Many credit unions serve both employee groups and community members, for example, so you may have more choices than you think. While you're at it, look into branch and ATM locations, savings and loan rates and other financial products and services that interest you.

3. Gather Documents

Opening a credit union account typically requires the same documents you need to open a bank account: a government-issued ID and a second form of identification, such as a Social Security card, a bill with your name and address on it or your birth certificate. You also need a Social Security number so the credit union can report any interest you earn to the IRS.

You may need additional documents to prove your eligibility. For example, you may need a pay stub to show that you work for a specific employer.

4. Apply

Complete an application for membership and account opening. The application process can vary from one credit union to the next. Online applications and account opening are common, but not necessarily universal. If needed, you may have to visit a branch to complete your application and set up your account.

If you're applying for a loan or credit card, you may be able to submit your application at the same time you apply for membership or immediately after.

5. Fund Your Account or Request a Loan

Fund a new checking or savings account by transferring money or depositing a check. Accounts may have minimum opening balance requirements, but they're typically low.

6. Set Up Access

Activate your debit or ATM card and download the credit union's mobile app. Set up direct deposit and change account numbers for automatic bill payments and subscriptions. Add your new account information to any payment apps you use. If you have a new loan, make sure your payment information for it is up to date.

How Much Are Credit Union Fees?

Joining a credit union may require a one-time fee of $5 to $25, though some credit unions waive membership fees if you open an account. Credit unions also charge fees that are similar to bank fees: overdraft fees, late payment fees or fees for cashier's checks, for example.

In general, credit unions are known for charging lower fees than banks typically do. However, it's always wise to check out the fees attached to your deposit accounts, credit cards and loans, so you know what you're being charged and when.

Learn more: Common Bank Fees and How to Avoid Them

Tips for Getting Started With a Credit Union

You can use a credit union just like a bank, but here are a few additional tips for getting the most out of your credit union membership:

• Explore products and services. Check out the full range of products and services your credit union offers. Some may surprise you: For instance, some credit unions offer a car-buying service that helps you find, purchase and finance a car.
• Look for special programs and features. Credit unions may tailor services to their membership. At SchoolsFirst Federal Credit Union, for example, the Summer Saver program helps school employees set aside a portion of their paychecks automatically during the school year so they have money available during the summer when they might not get paid.
• Ask about financial education. Whether you want to learn more about building your credit or buying your first home, your credit union may offer workshops or online coursework to build your knowledge.
• Get help with insurance and investing. Some credit unions partner with insurance providers to offer low-cost car, home and life insurance. Credit unions may have investment advisors on staff, or partner with independent investment advisors who can provide help.
• Check out member discounts. Check your credit union's website for member discounts from local merchants, theme parks, tax preparation companies and more.
• Watch for charity events and fundraising. Your credit union may host, sponsor or send volunteers to local charity events or raise funds for organizations like Children's Miracle Network Hospitals.

Frequently Asked Questions

The Bottom Line

When you join a credit union, you become a stakeholder in an organization that exists solely for the financial benefit of its members. If you want to bank at a place where you "belong," maybe that's a good reason to consider a credit union.

Each one of the nation's 4,000-plus credit unions is unique. And while you probably can't join them all, you can almost certainly find at least one with a loan, account or field of membership that works for you.