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Financial Education

How You Benefit by Choosing a Credit Union

Financial institutions can appear to be alike from the outside, but once you look inside, you remember the reasons you chose (or are about to choose) to become a member of SIU Credit Union:

Competitive car loans

Couple car shopping

The National Credit Union Administration (NCUA) reports that in 2014, credit unions charged a 2.72% interest rate for the average 36-month used-car loan. Compare that to the 5.26% rate that a typical bank charged during the same time period.

Free checking

Woman working in home office

Credit unions outnumber banks by almost two-to-one in offering no-cost checking. A Bankrate survey finds that 72% of credit unions have no fees with no minimum balance, compared with 38% of banks.

Flexibility in lending

Car keys and approved loan application

While banks have hard-and-fast lending requirements for credit scores, income, debt, and so forth, credit unions are more likely to consider individual circumstances in making lending decisions.

Costs to open accounts

Bankrate’s survey also finds that the typical cost to open an account at a bank is $60. Credit unions typically charge less than $10.

Shared branches


At any credit union in our shared branching network, you can conduct transactions just as you would at your credit union, with no extra charges.


Join a Credit Union

If you live or work in southern Illinois you can join SIU Credit Union or find a credit union to join in your area at

Banks exist to do business with their customers and make money for their shareholders. Credit unions are not-for-profit–there are no shareholders or customers, just members who may also volunteer to serve on their governing boards.

When you look at credit unions vs. banks, the difference matters. Come see us today or call us at 618-457-3595 for all your financial needs.

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