Top 10 Best Credit Unions in NJ of 2023
Are you looking for a financial institution that offers personalized services, competitive rates, and a strong community focus? Look no further than these best credit unions in NJ!
In this blog post, we will explore the best credit unions in NJ that offer exceptional services and benefits to their members. From convenient online banking options to low-interest loans and credit cards, these credit unions have it all. Keep reading to find out which credit unions in NJ make the cut for the best of the best.
Top 10 Best Credit Unions in NJ
The importance of choosing the right financial institution Navigating the world of personal finance can be overwhelming, especially when it comes to selecting the right financial institution for your needs.
The decision you make today can significantly impact your financial well-being in the future. Finding a partner that offers the products, services, and support that align with your goals and values is crucial.
1. Affinity Federal Credit Union
Established in 1935, Affinity Federal Credit Union has grown into New Jersey’s largest credit union, serving over 140,000 members. Requirements Affinity is open to individuals who live, work, worship, or attend school in select New Jersey counties, as well as employees and members of partner organizations.
Affinity offers various products and services, including checking and savings accounts, loans, credit cards, and investment services.
Pros:
- Wide range of financial products and services
- Competitive interest rates on loans and savings
- Excellent customer services
Cons:
- Limited branch locations
2. Garden Savings Federal Credit Union
Founded in 1968, Garden Savings Federal Credit Union has served New Jersey residents’ financial needs for over 50 years.
Membership is open to individuals who live, work, worship, or attend school in select New Jersey counties, as well as employees of partner companies. Garden Savings offers a variety of financial products, including checking and savings accounts, loans, credit cards, and business services.
Pros:
- Low fees and competitive rates
- Strong community involvement
- Personalized customer service Cons:
- Fewer branches compared to larger credit unions
3. Atlantic Federal Credit Union
Atlantic Federal Credit Union was established in 1935, with a mission to serve the financial needs of its members. Over the years, Atlantic Federal has expanded its reach and now serves over 20,000 members, with assets totaling over $200 million.
Atlantic Federal Credit Union membership is open to individuals who live, work, worship, or attend school in Union County, New Jersey. Additionally, employees of partner companies and immediate family members of current members are eligible to join. Atlantic Federal Credit Union offers a comprehensive range of financial products and services, including:
- Checking and savings accounts
- Money market accounts
- Certificates of deposit individual
- Retirement Accounts (IRAs)Auto, personal, and home loans credit
- CardsOnline and mobile banking
- Investment and insurance services
Pros:
- Competitive interest rates on loans and deposit accounts
- Low or no fees on many services
- Excellent customer service
- Access to a nationwide network of surcharge-free ATMs
Cons:
- Limited branch locations
4. Greater Alliance Federal Credit Union
Founded in 1937, Greater Alliance Federal Credit Union has been dedicated to providing its members with financial solutions and personalized services. They have a strong commitment to the communities they serve and take pride in their member-focused approach.
Greater Alliance membership is open to individuals living, working, worshiping, or attending school in Bergen or Passaic Counties in New Jersey. Family members of current members and employees of partner organizations are also eligible to join.
Greater Alliance offers a variety of financial products and services, such as:
- Checking and savings accounts
- Certificates of deposit
- Money market accountsIRAsMortgage, auto, and personal loans credit
- Cards online and mobile banking
- Financial education resources
Pros:
- Competitive rates on loans and savings products
- Low fees
- Excellent member support
- Commitment to financial education and community involvement
Cons:
- A limited number of branches
5. XCEL Federal Credit Union
Established in 1964, XCEL Federal Credit Union has been committed to offering its members a wide range of financial services while focusing on financial stability and growth.XCEL membership is available to employees and retirees of select organizations, their family members, and individuals who live, work, worship, or attend school in select New Jersey cities.
XCEL Federal Credit Union provides an array of financial products and services, including:
- Checking and savings accounts
- Certificates of deposit and money market accounts
- IRAsAuto, personal, and mortgage loansCredit cardsInsurance and investment services
- Online and mobile banking
Pros:
- Wide range of financial products and services
- Competitive rates and low fees
- Strong online and mobile banking capabilities
Cons:
- Limited branch locations
- Membership eligibility may be restrictive for some individuals
6. Deepwater Industries Federal Credit Union
Deepwater Industries Federal Credit Union was established in 1957 to serve the employees of Deepwater Industries and their families. Since then, they have expanded their membership to include select employee groups, organizations, and individuals in their community.
Membership is open to employees of select partner organizations, their family members, and individuals who live, work, worship, or attend school in Pennsville Township, New Jersey.
Deepwater Industries Federal Credit Union offers various financial products and services, including:
- Checking and savings accounts
- Money market accounts
- Certificates of depositIRAsMortgage, auto, and personal loans
- Online and mobile banking
Pros:
- Competitive rates on loans and deposit accounts
- Personalized customer service
- Commitment to community involvement
Cons:
- Limited branch locations
- Membership eligibility may be restrictive for some individuals
7. First Atlantic Federal Credit Union
First Atlantic Federal Credit Union was founded in 1935 with a mission to provide affordable and accessible financial services to its members. Today, they continue to uphold this mission by offering a wide range of products and services. Membership is open to individuals who live, work, worship, or attend school in Monmouth or Ocean Counties in New Jersey, as well as employees of partner organizations and family members of current members.
First Atlantic Federal Credit Union provides an array of financial products and services, such as:
- Checking and savings accounts
- Money market accounts
- Certificates of depositIRAsMortgage, auto, and personal loansCredit cardsOnline and mobile banking
- Financial education resources
Pros:
- Competitive rates on loans and savings products
- Low fees
- Excellent member support
- Commitment to financial education and community involvement
Cons:
- Limited number of branches
8. Healthcare Employees Federal Credit Union
Founded in 1956, Healthcare Employees Federal Credit Union (HEFCU) was established to serve the financial needs of healthcare employees and their families. Over the years, they have remained committed to providing personalized service and competitive rates.
Membership is open to employees, retirees, and volunteers of select healthcare organizations, as well as their family members.
HEFCU offers a variety of financial products and services, including:
- Checking and savings accounts
- Money market accounts
- Certificates of depositIRAsMortgage, auto, and personal loansCredit cards
- Online and mobile banking
Pros:
- Competitive rates and low fees
- Exclusive focus on healthcare employees
- Strong online and mobile banking capabilities
Cons:
- Limited branch locations
- Membership eligibility restricted to the healthcare sector
9. Liberty Savings Federal Credit Union
Liberty Savings Federal Credit Union was established in 1951 to serve the financial needs of its members. With a strong focus on community involvement, they continue to offer a wide range of products and services tailored to meet the needs of their diverse membership.
Membership is open to individuals who live, work, worship, or attend school in Hudson County, New Jersey. Additionally, employees of partner organizations and family members of current members are eligible to join.
Liberty Savings Federal Credit Union provides various financial products and services, such as:
- Checking and savings accounts
- Money market accounts
- Certificates of depositIRAsMortgage, auto, and personal loansCredit cardsInsurance and investment services
- Online and mobile banking
Pros:
- Competitive interest rates on loans and deposit accounts
- Low fees on many services
- Strong commitment to community involvement and financial education
- Access to a network of surcharge-free ATMs
Cons:
- Limited branch locations
- Membership eligibility may be restrictive for some individuals
10. New Jersey Community Federal Credit Union
New Jersey Community Federal Credit Union was founded in 1960 to provide financial services to its members. With a focus on member satisfaction and community involvement, they strive to offer a range of products and services that cater to the needs of their members. Membership is open to individuals who live, work, worship, or attend school in the city of Paterson, New Jersey, as well as employees of partner organizations and immediate family members of current members.
New Jersey Community Federal Credit Union offers a variety of financial products and services, including:
- Checking and savings accounts
- Money market accounts
- Certificates of depositIRAsMortgage, auto, and personal loans Credit cards
- Online and mobile banking
Pros:
- Competitive rates on loans and deposit accounts
- Personalized customer service
- Strong commitment to community involvement
Cons:
- Limited branch locations
- Membership eligibility may be restrictive for some individuals
Tips for choosing the best credit union based on individual needs
When selecting the best credit union for your needs, consider factors such as location, fees, interest rates, and the rangeof products and services offered. It’s also important to evaluate the credit union’s reputation, customer service, and online and mobile banking capabilities. Keep in mind that some credit unions may have specific membership requirements, so be sure to check if you are eligible to join.
- Location: Consider whether the credit union has branches and ATMs conveniently located near your home or workplace. This is particularly important if you prefer in-person banking services or require frequent access to ATMs.
- Fees: Compare the fees associated with different credit unions, such as monthly service fees, ATM fees, and overdraft fees. Many credit unions pride themselves on offering low or no-fee options for their members.
- Interest rates: Evaluate the interest rates offered on loans, credit cards, and savings accounts. Credit unions often provide competitive rates compared to traditional banks.
- Products and services: Determine if the credit union offers a comprehensive suite of products and services that meet your financial needs, including checking and savings accounts, loans, and investment services.
- Reputation and customer service: Research the credit union’s reputation and customer service track record. Look for reviews from current members and ask for recommendations from friends or family members.
- Online and mobile banking: Assess the credit union’s online and mobile banking capabilities, as these features can provide added convenience for managing your finances.
- Membership eligibility: Verify that you meet the credit union’s membership requirements before applying. Some credit unions have more flexible eligibility criteria, while others may cater to specific industries or communities.
Conclusion
We have presented the top 10 credit unions in New Jersey, each offering unique advantages to meet your financial needs. Whether you’re looking for a high-yield savings account, low-interest loans, or exceptional customer service, this list offers an option for everyone.
FAQs
What is a credit union, and how does it differ from a traditional bank?
Credit union is a not-for-profit financial institution owned and operated by its members. They offer many services like traditional banks, such as checking and savings accounts, loans, and credit cards. However, credit unions typically have lower fees and offer better interest rates on loans and savings accounts because they aim to serve their members rather than maximize profits.
Why should I choose a credit union over a bank?
There are several advantages to choosing a credit union over a traditional bank, including lower fees, better interest rates, personalized customer service, and a focus on community involvement. As member-owned institutions, credit unions often prioritize the needs of their members over corporate profits.
How can I join a credit union?
To join a credit union, you typically need to meet specific membership eligibility requirements. These requirements can include living, working, worshipping, or attending school in a particular area or being employed by a partner organization. Immediate family members of current credit union members may also be eligible to join.
Are my deposits insured at a credit union?
Yes, deposits at federally insured credit unions are insured by the National Credit Union Share Insurance Fund (NCUSIF), which is administered by the National Credit Union Administration (NCUA). Deposits are insured up to $250,000 per account, similar to the FDIC insurance provided for bank deposits.
Can I access my credit union account from anywhere?
Most credit unions offer online and mobile banking services, allowing you to access your accounts, transfer funds, and pay bills from anywhere with an internet connection. Additionally, many credit unions participate in shared branching networks or offer access to surcharge-free ATMs, making it convenient for members to access their accounts even when traveling.
