Why Millennials Are Choosing Credit Unions Over Big Banks

Do one or more of these characteristics sound like you? 

  • Very comfortable with technology
  • Good at saving money
  • Expect a customer service experience to be positive and fulfilling
  • Are community-minded

If you’ve answered yes, then you’re most likely a millennial! Being smart and savvy, you might want to learn why your age group is choosing to park its money at credit unions rather than big commercial banks. 

According to a recent study conducted by Apiture, about 20% of millennials have turned away from big banks and have joined local credit unions instead. But why the shift? In this blog, we’ll look at why millennials are switching from big banks to credit unions so you can determine if you should make the jump, too.

Priorities: What Matters Most to Millennials

Millennials put financial goals at the top of their New Year’s resolution lists last year, with growing their savings as Priority #1. So it comes as no surprise that they look for financial institutions with lower or no fees since these simple savings help them grow their nest eggs faster.

Being a tech-savvy group, they prefer digital banking over in-person branch visits and therefore place a high premium on platforms that are user-friendly and easy to navigate. They also expect (and enjoy) personalized service. 

In terms of the world around them, millennials gravitate towards socially responsible companies and community-focused organizations that are trying to build a better future. 

What Are the Benefits of Credit Unions for Millennials?

Keeping all that in mind, why should millennials do their banking with credit unions? It’s simple: millennials and credit unions are a good match.

First, because they are not-for-profit, member-owned organizations, credit unions can offer lower fees and more competitive interest rates than traditional banks. Better rates are particularly important to millennials since they might be buying their first car or home.

With advanced digital banking features that include 24/7 access to accounts, transaction notifications, budgeting tools, and enhanced security measures—credit unions are a dream come true for tech-savvy millennials! 

Credit unions are also well-known for their excellent, personalized customer service. You’re never just a customer because once you become a member, you become a part-owner of that credit union.

A core value of credit unions is to provide education to support the financial well-being of its members. Since they have your long-term, financial goals as a top priority, they are committed to offering free tools and resources to help members manage their money responsibly and offer support and guidance.

Why Wait? Become a Member Today! 

Becoming a member of OFCU is super easy – just bring your documents to a branch and we’ll get you set up!

Here’s a step-by-step guide to get you rolling:

  1. Check your eligibility here. Membership is open to anyone who lives, works, worships, or goes to school in these Maine counties: Androscoggin, Cumberland, Franklin, Kennebec, Knox, Lincoln, Oxford, Sagadahoc, Somerset, and York. You're also eligible if you're an immediate family member or share a residence with someone who is already an OFCU member.
  1. You’ll need these documents and information handy: 
  • Government-issued ID/Driver License/State ID or Passport
  • Your complete physical and mailing address
  • Social Security Number
  • Date of Birth
  1. Have $5 ready to deposit into your new Share Savings account.

That’s it! Now that you know all of the benefits of credit unions and how they make a perfect match for a millennial like you—why not join today? Just click the green button below to become a member of the OFCU family and take the first steps toward a stronger financial future!

JOIN NOW