A recent survey released by Consumer Reports shows that of 72,000 members polled last summer, those with accounts at credit unions and online-only banks were most satisfied. The data was based on such details as customer service, wait times to see a teller, how easy it is to use the bank’s website and mobile app, and the convenience of hours and locations.
Overall, our members relied more on credit unions than banks for savings accounts, credit cards issued by the financial institution, loans, CDs, and mortgages.
“One reason is that credit unions generally charge lower interest rates on loans,” the article said. “For example, credit unions were charging 2.79 percent on average on a 48-month new-car loan in the fourth quarter of 2017, while banks were charging 4.64 percent, according to the National Credit Union Association, using data from S&P Global Market Intelligence.”
Read the full article here.