Quick Tip 6/26: Credit Unions

  Many universities are affiliated with credit unions. While credit union banks are not the best fit for everyone, they are the most preferred for me. Nowadays, national banks have such low interest rates- as low as .05% for Bank of America. I would rather put my money where I know that it will at least compound a decent amount of interest and where I am treated like a real customer. Credit union banks are smaller, member-owned financial instuitions. And not any random person can open an account. You have to be a member in a participating organization (i.e. universities). My credit union has a savings interest rate at .20%. Both my savings and checking accounts compound daily. While this rate isn't worthy of the highest praise, I still like the fact that there are no hidden fees on my account, like the ones national banks tend to sneak up on you. At credit unions, there are usually no monthly fees attached for student accounts. Look into credit unions to have better control over your finances. Do some research and maybe your local credit union is a great choice for you. It's important to start saving, even at our ripe age...