Life is full of choices, including deciding whether to bank with a credit union, like Advancial, or a traditional bank. Unlike banks, credit unions like Advancial are not-for-profit organizations that exist exclusively to serve their members. Profits earned by a credit union return to members via higher savings rates, lower loan rates and reduced fees. Additionally, credit unions like Advancial generally offer more personal service to members than what banks typically provide.
Because of these differences, Advancial boasts a 94% retention rate with their members compared to the average customer retention rate of banks, which is 75%. In addition, when Advancial members were asked “On a scale of 1-10, how likely are you to recommend Advancial to a friend or family member,” the average score was 8.4.
Why else should you consider being an Advancial member?
- Advancial features democratic leadership – Unlike banks, which typically make decisions to benefit their stockholders and not necessarily their customers, credit unions like Advancial operate democratically, for the benefit of their members. Advancial is run by a volunteer board of directors elected by members to oversee the credit union’s operations and represent members’ best interests.
- Advancial helps you save your money – By providing better interest rates and lower fees than what banks offer, credit unions like Advancial help you save more of your money. Even if your financial gain from Advancial is just $20 or $30 a month (and with many members, it’s much more), in a single year that adds up to hundreds of dollars extra for you! The Credit Union National Association estimates that members of credit unions like Advancial save around $13.5 billion per year in total over their banking counterparts!
- Advancial emphasizes financial education – Unlike many banks, which have little to no interest in providing financial education to their customers, credit unions like Advancial are committed to improving their members’ financial knowledge. That’s why Advancial offers financial education to members of all ages – from young children to older adults – and why Advancial employees are always happy to answer members’ financial questions.
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Advancial to learn more about becoming a member of one of the nation’s oldest and strongest credit unions.