You already know that banks and credit unions offer a lot of overlapping services. 

Both banks and credit unions take deposits, provide checking and savings accounts, issue credit and debit cards, and provide home loans and other loans, too.

So, what’s the difference, really? It comes down to one main thing: ownership.

Unlike banks, credit unions are not owned by stockholders on Wall Street — we’re owned by our members.

When a bank makes money, they send profits to their stockholders. When a credit union makes a profit, on the other hand, we pass it on to our members.

Here are just three of the ways you can save money or get better deals by working with CommonWealth One:

• Lower loan rates. When you compare loan rates before you buy a car, a home or something else, usually your credit union will be able to offer a lower rate than your local bank. For example, right now the nationwide average for a new car loan from a bank is more than 7%. When you work with CommonWealth One, most of our new car loans are below 6.5% APR.*
•  Higher yields on deposits. Looking to grow your savings? Credit unions typically offer higher yields on deposit accounts compared to traditional banks. At CommonWealth One, our savings and certificate accounts provide competitive rates that help your money grow faster, giving you more for every dollar you save. Check out our Kasasa Saver^® account, which offers an impressive 2.00% APY** to help you reach your financial goals even quicker.
• Free advice. We have a variety of financial professionals who are happy to sit down with you and go over your budget, help you raise your credit score, give investment advice and much more — and it’s all free for our members. In addition, CommonWealth One offers a wide variety of educational tools online, including free webinars. There’s no reason to pay for financial advice when you’re a member at CommonWealth One!

Our mutual ownership structure gives us another advantage, too: Wall Street can’t pressure us to make unwise decisions for short-term gains at the expense of our membership. Every decision we make is solely in the long-term best interest of our shareholders. In good times, credit unions have a great track record. And when times are tough, there’s no comparison.

In addition, being owned by our members means that you have a say in how CommonWealth One is run! We love hearing the ideas and opinions of our members. You have an opportunity to do that this coming week at our Annual Meeting! Join us on Thursday, May 23 at 5:30 p.m. in-person at our Main Branch (Alexandria, VA) and Harrisonburg Regional Branch (Harrisonburg, VA), or virtually! We can’t wait to see you!