Grow Financial Federal Credit Union
Front of Grow Financial store location with "What is a Credit Union" text on the bottom right.
April 6, 2023

What is a Credit Union? Full-Service Personal and Business Banking at Grow

Banking doesn’t have to be done at a bank. Credit unions are an alternative, offering similar financial products and services, but unlike banks, credit unions are member-owned and not-for-profit.

What does that mean for our members? We’re not concerned with making stockholders money. In fact, we don’t even have corporate stockholders — we have members who each own a share in the credit union. That means we can focus on increasing the benefits of membership, including better rates, lower fees, personal relationships and more involvement in our local communities.

What is a credit union? Your questions, answered.

Do credit unions actually have better rates?
It’s not just talk that we’ll save our members money. Credit unions save members $214 per household in benefits arising from better interest rates on savings and loans combined with lower fees, when compared to banks.1 To get a little more specific, credit unions saved members an average of $210 on mortgage closing costs, charged 1.08% less on 60-month new car loans and had lower Annual Percentage Rates (APRs) on rewards credit cards by 4.61%. That adds up to big savings when you bank primarily with a credit union.

What products and services does Grow offer?
We’re here to offer members the whole slate of financial products and services that they would expect from a financial institution, including:

As a not-for-profit, member-owned financial cooperative, we prioritize functional financial products that meet the everyday needs of our members. And for those who don’t live near a Grow store, you can bank from anywhere with Grow online and mobile banking.2

Does Grow offer business banking?
We offer comprehensive business banking services, including business savings and checking accounts, Grow Visa® Business Rewards Credit Cards, payment processing solutions, payroll management services and commercial loans — all with the personalized assistance of our local Business team. Learn more about business membership at Grow.

Why choose a credit union?
Beyond just the money-saving benefits of credit union membership, we pride ourselves on what we call the Credit Union Difference. When you choose to bank with Grow, you can expect friendly, personalized member service. We want to get to know your financial needs and goals, then help you grow real wealth in your life. Need to talk to us? You’ll speak to real human beings, who live in and care about the communities we serve.

Are credit unions insured?
Your money is safe with us. All credit union deposits are insured up to $250,000 by the National Credit Union Administration (NCUA), so you can save with peace of mind.

Do credit unions work with bad credit?
Many people assume that if they have bad credit, they won’t be able to get a loan from a credit union. However, there are options available for those with less-than-perfect credit — such as a secured credit card — that can help you rebuild your credit over time. We also share financial literacy resources and tips regularly, including strategies to improve your credit, so you can get back on track faster. We’re here to get to know you and help you map out a path to success.

Serving people, not profit

So, what is a credit union? We’re a different type of financial institution — working for the benefit of our members, not the profit of corporate stockholders. We work to serve our members, improve their lives and give back to our local communities. At Grow, our mission is to serve people, not profit.

Ready to experience the benefits of credit union membership?


1CUNA U.S. Membership Benefits Report, Q3 2022. Accessed February 17, 2023.—economic-data/data—statistics.html
2Additional data charges may apply. Please see your wireless carrier for more information.

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