Top 10 Best Credit Unions in Minnesota of 2023
Credit unions are non-profit financial institutions owned and controlled by their members, making them a great option for those seeking more personalized and friendly banking experiences. And if you’re in Minnesota, you’re in luck, as the state is home to some of the best credit unions in the country.
This comprehensive guide will examine the “10 Best Credit Unions in Minnesota.” We’ve evaluated a range of factors, including low fees, high-interest rates, excellent customer service, and more, to bring you a definitive list of the best credit unions in the state. Whether you’re a student, a small business owner, or just someone looking for a better banking experience, you can find the perfect credit union for your needs in this guide.
Brief overview of credit unions
Credit unions are member-owned, not-for-profit financial institutions that provide various financial products and services to their members. They typically offer lower fees, better rates, and more personalized services than traditional banks.
Importance of choosing the right credit union
When managing your finances, choosing the right financial institution is just as important as creating a budget or investing in stocks. With so many options available, it can be overwhelming to determine which institution is right for you. However, by considering a credit union, you can rest assured that you’re making a smart choice for your financial well-being.
Credit unions are non-profit financial institutions owned and controlled by their members. This means that unlike big banks, credit unions prioritize the financial well-being of their members over profits. By choosing a credit union, you can enjoy a more personalized and friendly banking experience tailored to your needs.
What to Look for in a Credit Union
1. Membership eligibility Different credit unions have varying membership criteria, such as living in a specific geographic area, working for a particular employer, or being a member of a certain organization. Make sure you qualify for membership before considering a credit union.
2. Financial products and services Compare the range of financial products and services each credit union offers, such as checking and savings accounts, loans, credit cards, and investment options.
3. Rates and fees Credit unions generally offer better rates on loans and savings accounts, as well as lower fees for various services. Compare rates and fees across credit unions to find the most competitive options.
4. Branch and ATM access Consider the availability of branch locations and ATMs for each credit union, especially if you prefer in-person banking or require regular access to your accounts.
5. A credit union’s customer service can greatly impact your overall experience. Look for institutions with a reputation for responsive, helpful, and friendly customer support.
Comparison of Top 10 Credit Unions
1. Rates and fees: the best credit unions offer competitive rates on loans and savings accounts and low fees on services.
2. Financial products and services: A comprehensive range of services is essential to accommodate diverse member needs.
3. Branch and ATM access: Accessible branch locations and ATMs are important for convenient in-person banking and account access.
4. Customer service: Excellent customer service is key when selecting a credit union, as it can greatly impact your overall experience.
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How to Join a Credit Union
1. Research membership eligibility. Determine if you qualify for membership in the credit unions you’re considering.
2. Gather necessary documentation. Collect the required documents, such as proof of identity, address, and eligibility.
3. Visit a branch or apply online. Apply for membership in person at a branch or through the credit union’s website.
Top 10 Best Credit Unions in Minnesota
Below we have the list of the top best Credit Unions in Minnesota, and they include the following:
1. Affinity Plus Federal Credit Union
History and background Established in 1930, Affinity Plus Federal Credit Union has become one of Minnesota’s largest credit unions. It is headquartered in St. Paul and serves over 200,000 members.
Membership eligibility Membership is open to anyone living, working, worshiping, attending school, or volunteering in Minnesota. Family members of current members are also eligible.
Products and services offered Affinity Plus offers a wide range of financial products and services, including checking and savings accounts, loans, mortgages, credit cards, and investment and insurance services.
Pros:
- Competitive rates on loans and savings products
- Low fees
- Access to a large network of ATMs
- Extensive online and mobile banking features
Cons:
- Limited branch locations outside the Twin Cities area
2. Wings Financial Credit Union
History and background Founded in 1938, Wings Financial Credit Union was initially established to serve airline industry employees. Today, it has expanded its membership base and has over 300,000 members.
Membership eligibility Membership is open to anyone who lives or works in the 13-county Minneapolis-St. Paul metropolitan area or the Seattle-Tacoma area, as well as current and retired employees of the aviation industry and their families.
Products and services offered Wings Financial offer a comprehensive range of products and services, such as checking and savings accounts, loans, mortgages, credit cards, and investment and insurance services.
Pros:
- Competitive rates on loans and savings products
- No-fee checking accounts
- Access to a large network of ATMs
- Award-winning mobile banking app
Cons:
- Limited membership eligibility
3. Royal Credit Union
History and background Established in 1964, Royal Credit Union is a member-owned credit union that has grown to serve over 200,000 members across Minnesota and Wisconsin. Its headquarters are in Eau Claire, Wisconsin.
Membership eligibility Membership is available to anyone who lives, works, attends school, or worships in any of the 26 counties in Minnesota and Wisconsin that Royal Credit Union serves.
Products and services offered Royal Credit Union offers a diverse range of financial products and services, including checking and savings accounts, loans, mortgages, credit cards, and investment and insurance services.
Pros:
- Competitive rates on loans and savings products
- Personalized financial guidance
- Access to a large network of ATMs
- Extensive online and mobile banking features
Cons:
- Limited branch locations in Minnesota
4. Hiway Federal Credit Union
History and background Founded in 1931, Hiway Federal Credit Union was created to serve Minnesota Department of Transportation employees. Today, it has expanded its membership base and serves over 75,000 members.
Membership eligibility Membership is open to anyone living, working, worshiping, attending school, or volunteering in Minnesota.
Products and services offered Hiway Federal Credit Union provide a comprehensive range of financial products and services, such as checking and savings accounts, loans, mortgages, credit cards, and investment and insurance services.
Pros:
- Competitive rates on loans and savings products
- Low fees
- Financial education resources
- Access to an extensive network of ATMs
Cons:
- Limited number of branch locations
5. SPIRE Credit Union
History and background SPIRE Credit Union was established in 1934 and has grown to serve over 125,000 members throughout Minnesota. Its headquarters are in Falcon Heights.
Membership eligibility Membership is available to anyone who lives, works, worships, attends school, or volunteers in any of the 30 Minnesota counties SPIRE Credit Union serves.
Products and services offered SPIRE Credit Union provides a wide range of financial products and services, including checking and savings accounts, loans, mortgages, credit cards, and investment and insurance services.
Pros:
- Competitive rates on loans and savings products
- Award-winning customer service
- Access to a large network of ATMs
- Strong community involvement
Cons:
- A limited number of branch locations
6. TruStone Financial Federal Credit Union
History and background TruStone Financial Federal Credit Union was founded in 1939 as the Minneapolis Federation of Teachers Credit Union. Over the years, it has expanded its membership base and now serves over 100,000 members in Minnesota and Wisconsin.
Membership eligibility Membership is open to anyone who lives, works, worships, attends school, or volunteers in the Twin Cities metro area and several counties in Wisconsin.
Products and services offered TruStone Financial offers a variety of financial products and services, including checking and savings accounts, loans, mortgages, credit cards, and investment and insurance services.
Pros:
- Competitive rates on loans and savings products
- User-friendly online and mobile banking tools
- Access to a large network of ATMs
- Strong commitment to community involvement
Cons:
- Limited branch locations outside the Twin Cities metro area
7. Firefly Credit Union
History and background Firefly Credit Union was established in 1925 and is one of Minnesota’s oldest member-owned credit unions. It serves over 80,000 members across the state.
Membership eligibility Membership is open to anyone who lives, works, worships, attends school, or volunteers in the nine-county Minneapolis-St. Paul metropolitan area.
Products and services offered Firefly Credit Union provide a comprehensive range of financial products and services, such as checking and savings accounts, loans, mortgages, credit cards, and investment and insurance services.
Pros:
- Competitive rates on loans and savings products
- Financial wellness resources
- Access to a large network of ATMs
- Award-winning mobile banking app
Cons:
- Limited membership eligibility
8. City & County Credit Union
History and background City & County Credit Union was founded in 1928 to serve Ramsey County and St. Paul employees. Today, it has expanded its membership base and serves over 40,000 members.
Membership eligibility Membership is open to anyone who lives, works, worships, attends school, or volunteers in Ramsey, Washington, Anoka, Dakota, or Hennepin County.
Products and services offered City & County Credit Union offers a wide range of financial products and services, including checking and savings accounts, loans, mortgages, credit cards, and investment and insurance services.
Pros:
- Competitive rates on loans and savings products
- Personalized financial guidance
- Access to a large network of ATMs
- Strong community involvement
Cons:
- Limited branch locations
9. TopLine Federal Credit Union
History and background TopLine Federal Credit Union was established in 1935 and served over 45,000 members in the Twin Cities area.
Membership eligibility Membership is open to anyone who lives, works, worships, attends school, or volunteers in Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, or Washington County.
Products and services offered TopLine Federal Credit Union provide a comprehensive range of financial products and services, such as checking and savings accounts, loans, mortgages, credit cards, and investment and insurance services.
Pros:
- Competitive rates on loans and savings products
- Financial education resources
- Access to a large network of ATMs
- Strong commitment to community involvement
Cons:
- Limited branch locations
10. Anoka Hennepin Credit Union
History and background Anoka Hennepin Credit Union was founded in 1963 and served over 17,000 members in Anoka County and the surrounding areas.
Membership eligibility Membership is open to anyone who lives, works, worships, attends school, or volunteers in Anoka, Hennepin, Ramsey, and Washington counties, as well as the cities of Champlin, Brooklyn Park, and Brooklyn Center.
Products and services offered Anoka Hennepin Credit Union offers various financial products and services, including checking and savings accounts, loans, mortgages, credit cards, and investment and insurance services.
Pros:
- Competitive rates on loans and savings products
- Personalized customer service
- Access to an extensive network of ATMs
- Strong commitment to community involvement
Cons:
- A limited number of branch locations
Conclusion
This comprehensive guide has provided an overview of Minnesota’s top 10 credit unions, highlighting their history, membership eligibility, products and services offered, and pros and cons. Each credit union offers a unique set of benefits and features that cater to the needs of different individuals.
Selecting a credit union involves careful consideration of your financial needs and priorities. It’s essential to compare the products, services, and rates different credit unions offer and choose one that best aligns with your requirements. Remember, joining a credit union provides access to competitive financial products and services and supports the local community’s economic growth and well-being.
FAQs
Q1: What are the main differences between credit unions and banks?
A: Credit unions are not-for-profit, member-owned financial institutions prioritizing serving their members over generating profits for shareholders. Banks, on the other hand, are for-profit institutions owned by shareholders. Credit unions generally offer lower fees, better interest rates on loans and savings products, and personalized customer service compared to banks.
Q2: How can I choose the best credit union for my needs?
A: To choose the best credit union, consider factors such as membership eligibility, branch locations, fees, interest rates, variety of products and services, online and mobile banking features, customer service, and community involvement. It’s essential to compare different credit unions and select the one that aligns best with your financial needs and priorities.
Q3: Is my money safe in a credit union?
A: Yes, your money is safe in a credit union. Credit unions in the United States are insured by the National Credit Union Administration (NCUA), which provides the same level of protection as the Federal Deposit Insurance Corporation (FDIC) for banks. Your deposits are insured up to $250,000 per individual depositor.
Q4: Can I join more than one credit union?
A: Yes, you can join multiple credit unions as long as you meet the membership eligibility requirements for each. However, weighing the advantages and disadvantages of managing multiple financial relationships before deciding to join multiple credit unions is essential.
Q5: Are credit unions only for people with good credit?
A: No, credit unions serve members with diverse financial backgrounds and credit histories. Many credit unions offer products and services specifically designed for members with poor or no credit, such as secured credit cards and credit-builder loans, to help them improve their credit scores.
