Credit unions: member-first
Pros: Lower fees, competitive rates, community focus.
Cons: Smaller ATM networks, sometimes slower tech, membership eligibility.
Banks: scale & features
Pros: Broad ATM access, advanced apps, product variety (loans, cards, wealth).
Cons: Higher fees, less personalized service.
Hybrid approach
Use a credit union for savings and loans, a large bank for day-to-day payments and travel.
What to evaluate
Fees, ATM access, APYs, loan rates, mobile features, customer support, insurance/guarantees.
Decision checklist
Pick based on your top 3 priorities (e.g., lowest fees, best app, nearby branches).
Frequently Asked Questions
Are deposits safe at credit unions?
Yes—look for the appropriate federal/provincial insurance.
Can I belong to both?
Absolutely—optimize each account for a purpose.