Credit unions offer a variety of benefits and perks, from lower fees and loan rates to competitive savings rates and relationship benefits. But taking advantage of these perks isn’t as easy as opening an account. First, you have to qualify for credit union membership.

Membership eligibility requirements vary by credit union. For example, some credit unions serve individuals who live in a particular area, work in a certain industry, or are employed by a specific company. However, there are some credit unions anyone can join, sometimes by making a small one-time donation to a partner organization.

If you’re interested in joining a credit union, continue reading for examples of credit unions anyone can join.

What is a credit union?

A credit union is similar to a bank, except it’s a not-for-profit financial cooperative rather than a for-profit business. They typically offer deposit accounts, loans, mortgages, and other financial products and services. Unlike banks, you have to become a member of a credit union before you can open an account.

As a credit union member, you’re also a part owner. This means you not only get a say in how the organization runs but also benefit financially from profits. Credit unions often pass on profits to their members through lower fees, higher savings rates, and lower loan rates.

Credit unions also tend to focus on relationship-building, particularly within their communities. This often means members receive a more personalized banking experience than they would at a traditional bank.

Similar to banks, deposits at credit unions receive federal insurance. The National Credit Union Administration, or NCUA, insures deposits up to $250,000 per depositor, per account ownership category, per insured institution.

Can anyone join a credit union?

Credit unions have unique membership requirements that vary by institution. Some credit unions have specific membership requirements that limit eligibility to a select group. For instance, you may have to be a resident of a particular state or county to join a specific credit union.

On the other hand, some credit unions make it possible for anyone to join. Sometimes, these credit unions require a donation to a partner organization to become eligible for membership.

Why do credit unions have membership requirements?

Credit unions must have a field of membership, as required by law. The field of membership is a common bond, like working in the same industry, belonging to the same organization, or living within the same community. Membership is critical to a credit union’s structure and function, as each member becomes a part owner of the organization.

7 credit unions anyone can join

If you’re interested in taking advantage of credit unions’ many perks, you may be eager to join one. It generally makes sense to look for credit unions in your area since you’re likely to qualify for membership based on your location. But if you’re struggling to find a credit union you’re eligible to join — or you want to compare additional options — consider the following examples of credit unions anyone can join.

1. PenFed Credit Union

Pentagon Federal Credit Union, better known as PenFed, is one of the country’s largest credit unions. Membership is open to anyone. All you need to do to become a member is to apply for a Regular Share account or a Premium Online Savings account and make a deposit of at least $5. You can apply for these accounts and become a member online.

2. Alliant Credit Union

Alliant Credit Union is the largest credit union in Illinois. You can become eligible for membership in several different ways, including living or working near the organization’s headquarters in Chicago or working for one of Alliant’s partner organizations. If you don’t meet other eligibility requirements, you can join by becoming an Alliant Credit Union Foundation digital inclusion advocate. When you join the foundation, Alliant will make a $5 donation on your behalf.

3. Credit Human

Formerly known as SACU, Credit Human is a Texas-based credit union. You can join by living in one of the credit union’s service areas, attending a partner college or university, being an active or retired member of the armed forces, or being an employee or member of a partner organization. You can also join by enrolling in the American Consumer Council (ACC). Credit Human will cover your membership fee to join.

4. Consumers Credit Union

Consumers Credit Union is an Illinois-based credit union that makes membership accessible to anyone. To become a member, you need to join the Consumers Cooperative Association by paying a $5 fee, which the credit union will typically reimburse.

5. Bethpage Federal Credit Union

Based in New York, Bethpage Federal Credit Union has been serving its members for over 80 years. Today, anyone can join the credit union with a $5 minimum share account. You can join the credit union and open an account online or by visiting a branch.

6. Connexus Credit Union

Connexus Credit Union serves members in all 50 states, and membership is available to anyone with a $5 donation to the Connexus Association. However, those who live in certain communities in Illinois, Minnesota, Ohio, and Wisconsin or those who belong to one of Connexus’s partner organizations can join without making a donation.

7. Boeing Employees Credit Union

Contrary to what its name implies, you don’t have to work for Boeing to become a member of Boeing Employees Credit Union. There are several options for membership eligibility, including being a Boeing or credit union employee or living in a select area. But if you don’t meet any other membership requirements, you can join Boeing Employees Credit Union by becoming a member of a partner organization. Joining one of these organizations may involve paying dues or making a donation, but some require as little as $5.

How to choose a credit union

There are thousands of credit unions across the country and many, including those listed above, that anyone can join. With so many options available, consider the following when deciding between different credit unions.

• Products and services: To be a good fit, a credit union has to offer the products and services you’re looking for. Many credit unions offer savings and checking accounts along with a variety of loan and retirement products, but some have more limited offerings than others.

• Fees: Lower fees mean you hold on to more of your money. Look for credit unions that have low or no fees.

• Rates: High interest rates on savings accounts mean your deposits earn more, while low rates on loans mean you pay less in interest. Both are advantageous in building savings and minimizing expenses.

• Customer service: Many credit unions pride themselves on customer service, which goes a long way in a banking relationship. Check out customer reviews and ratings to get a sense of how a credit union treats its customers.

• Accessibility: Whether you prefer in-person or online banking, make sure a credit union has convenient accessibility before joining. That may mean having several convenient branch locations or offering a well-rated mobile app.

• Eligibility: You have to become a credit union member to benefit from its products and services. While some credit unions make it possible for anyone to join, some have more strict eligibility requirements.