Guides
How to join a credit union, step by step
Independent site, not the NCUA, a credit union or a bank. General information, not financial advice.
Membership comes down to whether you fit its field and a small share deposit. Enter the amounts on its page to see the money you need on day one.
What does joining cost on day one?
Money needed to open
$105
| Stays yours (shares and deposit) | $105 |
| Gone (fee or donation) | $0 |
Each credit union sets its own amounts: use the figures on its membership page.
To join a credit union you need to fit its field of membership, apply, and open a share account with whatever small deposit it asks, which makes you a part owner. The field is usually tied to your employer, your family, where you live or a group you belong to, according to the official consumer site run by the National Credit Union Administration. Amounts differ: on the pages we read, Affinity Plus asks a $10 minimum balance, Service Credit Union a $5 deposit and Hope a $10 membership fee. Credit unions are not-for-profit and governed by a volunteer board that members elect, so your membership includes a vote. Check that the credit union is federally insured before you put money in, as 85 of the 4,299 filers are not.
What is a higher savings rate worth?
Extra interest
$1,249
| At the first rate | $606 |
| At the second rate | $1,855 |
Enter the rates you are quoted: the defaults are examples, not market rates.
Filings read by Radif Partners · Editorial policy · Method and sources
The steps
- List who you could qualify through. Your employer and your spouse’s, where you live, work, worship or study, associations you belong to, the military, any relative who is already a member.
- Start from your state. Your state’s table lists every credit union based there, with its size and checks, and shows offices run by those based elsewhere. Shortlist two or three.
- Read each membership page. Only the credit union can say if you qualify. For a short list, we have read and summarized the rules, with the date.
- Check the filing. Run the health check. Federal insurance comes first; if the answer is no, ask how shares are insured.
- Ask for the rates and the fees. Neither is in the filing. Write down what you are quoted, the date and the conditions.
- Apply and fund the share account. Keep what you need to prove eligibility and identity at hand, as the application asks. The first deposit buys the share that makes you a member.
What membership means
A credit union’s depositors are its owners. The consumer site’s comparison with banks describes them as not-for-profit and member owned, led by a volunteer board. The same site says surplus income goes back to members as dividends, and that the board is elected by members: “your vote counts” is how it puts it. At a credit union of a million members, one vote is not much, but it is still there.
Things worth asking before you open an account
- Is there a monthly fee, a minimum balance, or a low-balance charge on the share account?
- Does a low or inactive balance lead to an account closure, and would that end my membership?
- Which shared networks, ATMs or branches can I use if yours are far from me?
- Is a loan rate I was quoted conditional on autopay, a credit score, or a second product?
- If I join through an association, who pays the dues after the first year?
How the numbers fit together
The calculator above covers day one. Use the second one if the reason you are moving is a higher rate, because the gain on a small balance may be modest, and the same quote on a larger balance may be worth the trouble. The site gives general information. It does not tell you which account to open, sells no account and is not connected with any credit union.