Introduction
For many individuals seeking savings and checking accounts or hoping to secure a loan, their initial choice is often a bank. However, credit unions, nonprofit financial institutions owned and controlled by their users, are becoming an increasingly popular banking option. According to the National Credit Union Administration (NCUA), the net worth of the credit union system grew by over $21 billion (approximately 10%) in 2022, reaching approximately $233 billion.
The Appeal of Credit Unions
The growing appeal of credit unions is understandable. People who bank with credit unions, insured by the NCUA, are more than mere “customers”âthey are referred to as “members” or “owners,” and they typically share a commonality. Depending on the credit union, members may belong to the same group of employers, be affiliated with the same organizations, or reside in the same geographic region. As nonprofit organizations, credit unions distribute the money they earn back to their members through reduced fees, higher savings rates, and lower loan rates, as stated by the NCUA. In other words, credit union members invest in one another.
Branson Knowles, head of U.S. digital banking at TopMobileBanks, a platform providing information about digital banking, shares his experience: “When I started banking with a local credit union for my personal needs, I discovered a whole new aspect of the banking experience. It combines personalized service, local community investment, and genuine human connection.”
Knowles highlights that the tellers at his credit union know him by name, remember his favorite cinnamon swirls from the nearby bakery, and treat him as more than just “another account number.” He also appreciates the community-oriented initiatives of his credit union. “They sponsor school events, offer loans to local entrepreneurs, and provide financial literacy programs for the underprivileged,” he explains. “In essence, they utilize the funds we deposit to create a tangible impact right in our own neighborhoods.”
Best Credit Unions In Each State 2023
If you are intrigued by the idea of a community-focused banking experience, we invite you to explore our sixth annual ranking of the Best Credit Unions In Each State 2023. To compile this list, Forbes collaborated with market research firm Statista and surveyed approximately 31,000 U.S. residents. Participants were asked to identify all the banks and credit unions where they hold checking or savings accounts and evaluate these institutions based on criteria such as:
- Customer service
- Quality of financial advice provided by representatives
- Transparency and reasonableness of fees
- Ease of navigating the company website
- Availability of branch services
- Overall level of trust inspired by the companies
To ensure representation of the best smaller regional institutions, large nationwide banks and credit unions with branches in more than 15 U.S. states, such as Bank of America, JPMorgan Chase, Wells Fargo, and Navy Federal Credit Union, were excluded from the lists.
Additionally, Google Reviews between March 2020 and April 2023 were considered, accounting for 20% of the scoring, alongside the surveys, which accounted for the remaining 80%.
In total, 147 unique credit unions across all U.S. states received 157 awards.
The Full List
- Mountain America Credit Union
- Profile Spotlight
- Promoted
- Tennessee Valley Federal Credit Union
- Profile Spotlight
- Promoted
- SPIRE Credit Union
- Profile Spotlight
- Promoted
