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What is a credit union? Credit unions are full service financial cooperatives that provide all the same banking services as other financial institutions. Why should you pick a credit union over another institution? Easy - because it's best for your checkbook. In December 2008, Datatrac release this data comparing the interest rates of credit unions and banks:
| Consumer Loans | Credit Unions | Banks |
| Credit Card | 11.64% | 12.76% |
| 48-Month New Car | 5.46% | 6.91% |
| 48-Month Used Car | 5.72% | 7.50% |
| 36-Month Unsecured | 10.60% | 12.47% |
| Mortgage Loans | ||
| Home Equity Line of Credit | 4.70% | 4.90% |
| 5-Year Adjustable Rate Mortgage | 5.54% | 5.71% |
| 30-Year Fixed | 5.44% | 5.58% |
| Savings | ||
| Regular Savings | 0.68% | 0.44% |
| Interest Checking | 0.48% | 0.36% |
| Money Market | 1.22% | 0.62% |
| 1-Year Certificates of Deposit/Term Share Accounts | 2.93% | 2.26% |
Across the board, credit unions have lower loan rates and higher savings rates. Banking at a credit union just makes more "cents."