Once you find a credit union you’re eligible to join, you can apply for membership online or in person in just a few steps.
Published Mar 27, 2024 5:36 p.m. PDT · 2 min read Written by Ruth Sarreal Content Management Specialist Ruth Sarreal
Content Management Specialist | Bank accounts, bank account bonuses
Ruth Sarreal is a content management specialist covering consumer banking topics at NerdWallet. She has over a decade of experience writing and editing for consumer websites. She previously edited content on personal finance topics at GOBankingRates. Her work has been featured by Nasdaq, MSN, TheStreet and Yahoo Finance.
Assigning Editor Yuliya Goldshteyn
Assigning Editor | Banking
Yuliya Goldshteyn is a former banking editor at NerdWallet. She previously worked as an editor, a writer and a research analyst in industries ranging from health care to market research. She earned a bachelor's degree in history from the University of California, Berkeley and a master's degree in social sciences from the University of Chicago, with a focus on Soviet cultural history. She is based in Portland, Oregon.
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Credit unions offer unique benefits — such as potentially higher interest rates than at traditional banks. While many credit unions offer membership only to certain groups, some credit unions are open to everyone. Becoming a member of a credit union requires applying for membership and meeting a credit union's requirements. Here’s what you need to know about how to join one.
The steps for joining a credit union are similar to ones you’d take to open an account at a bank :
Credit unions are as varied as banks. Before joining one, consider what you want out of your experience and choose the institution that's right for you. Here are a few questions to ask yourself:
Do you prefer an online-only option or one that offers branches? Do you need access to ATMs?Are you looking for high interest rates on deposits, low interest rates on loans, or specialized options such as accounts for kids or teens?
Will you be able to avoid any fees the credit union charges?Is there a credit union that supports a cause or community you also want to support or are a part of?
Cash Management Money Market Learn MoreSoFi Checking and Savings
SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Min. balance for APY Learn MoreEverBank Performance℠ Savings
Min. balance for APY Learn MoreBarclays Tiered Savings Account
Min. balance for APYThese cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
These cash accounts combine services and features similar to checking, savings and/or investment accounts in one product. Cash management accounts are typically offered by non-bank financial institutions.
Learn Moreon Wealthfront's website
Wealthfront Cash Account
Min. balance for APY Learn Moreon Betterment's website
Betterment Cash Reserve – Paid non-client promotion
*Current promotional rate; annual percentage yield (variable) is 5.50% as of 4/2/24, plus a .50% boost available as a special offer with qualifying deposit. Terms apply; if the base APY increases or decreases, you’ll get the .75% boost on the updated rate. Cash Reserve is only available to clients of Betterment LLC, which is not a bank; cash transfers to program banks conducted through clients’ brokerage accounts at Betterment Securities.
Min. balance for APYCDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
CDs (certificates of deposit) are a type of savings account with a fixed rate and term, and usually have higher interest rates than regular savings accounts.
Read reviewMarcus by Goldman Sachs High-Yield CD
4.70% APY (annual percentage yield) as of 08/30/2024
Federally insured by NCUA
Alliant Credit Union Certificate
Annual Percentage Yield (APY) is accurate as of 08/20/2024
Checking accounts are used for day-to-day cash deposits and withdrawals. Checking accounts are used for day-to-day cash deposits and withdrawals.
Discover® Cashback Debit
Chase Total Checking®
Deposits are FDIC Insured
Chime Checking Account
Monthly fee Money market accounts pay rates similar to savings accounts and have some checking features. Money market accounts pay rates similar to savings accounts and have some checking features.
Discover® Money Market Account
Some credit unions require that you live, work or worship in a certain area, or that you be part of certain associations or organizations. A local teachers credit union, for example, may be available only to educators of a particular school district or state. Other credit unions have open membership requirements — meaning anyone can join as long as they meet a requirement such as opening a savings account or making a donation to an affiliated cause or organization.
» Ready to choose? See our picks for the best credit unions
Once you’ve verified you’re eligible to join the credit union you’ve selected, gather the required things to apply for membership. You’ll need to provide personal information such as:
Date of birth. Contact information (email address, mailing address and phone number). Drivers license or government-issued ID. Social Security number.If you’re joining a credit union that’s exclusive to certain people, you may also need to provide proof that you are eligible for membership: a pay stub or a school transcript, for example, or other documentation.
Follow the application process. Depending on the credit union, you can do this online or in person at a branch if the credit union has them. Applying for membership can take as little as a few minutes.
Once your application is approved and your membership begins, make a deposit into your new account. Note that some accounts require a certain minimum deposit to open or a certain minimum balance to avoid fees.
Ready to join a credit union?
SEE NERDWALLET’S PICKS FOR BEST CREDIT UNIONSCredit unions are different from banks. Credit unions are not-for-profit financial institutions, and when you join a credit union, you become a shareholder, or owner. In contrast, banks are for-profit businesses that allow customers to have accounts.
Deposit accounts are called share accounts. At a credit union, deposit accounts are called “share accounts” (and “ share certificates ” for certificates of deposit) — because as a member, you own a share of the credit union. Thus, your account earnings at a credit union are referred to as “dividends” (the equivalent of interest at a bank).
Credit union membership requirements vary. Many credit unions offer membership only to certain groups (for example, firefighters, teachers or residents of particular regions). Some credit unions are open to anyone who meets an open-to-anyone requirement, such as depositing a few dollars into a new account or joining a particular organization.
Some credit unions offer shared branches and/or a shared network of ATMs. If your credit union participates in shared branching , that means you can complete some of your banking tasks at other credit unions that belong to the same network. If your credit union belongs to a shared network of ATMs, you’ll have access to more ATMs than just your credit union’s branded ones.
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Ruth Sarreal is a content management specialist at NerdWallet. She has written and edited content on personal finance topics for more than five years. See full bio.
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