Love Your Members this Valentine’s Day
What’s sweeter than candy? Excellent rates, lower fees, and member perks!
With Valentine’s Day just around the corner, it’s a great time for credit unions to remind potential and existing members of all the benefits that come with membership.
Credit unions can show the love this month by visiting the Northwest Credit Union Association’s Marketing Resource Center, where there’s lovable graphics and social media posts ready to share with followers!
It’s no secret credit unions love their members — and their members love them right back! With great perks like free checking accounts, financial education courses, and lower interest rates on loans, it’s not hard to see why over 115 million Americans are credit union members.
In the Northwest, credit unions offer members impressive loan rates that will satisfy their savings sweet tooth. Credit unions in Idaho offer credit card interest rates that are 2.7% lower, and in Oregon and Washington, rates are nearly 3% lower.* Northwest credit union members also see major savings when they apply for car loans. For example, in 2019, members in Oregon and Washington who financed a $25,000 car for 60 months saved an average of $121 and $110 per year in interest, respectively. Now, that’s a sweet deal!
These perks and savings aren’t just sugar-coated promises; they exist because of credit unions’ not-for-profit structure. They’re owned by members, and instead of paying Wall Street, credit unions return profits to their members in the form of favorable loan rates, better returns on savings accounts, and lower fees.
But credit unions do so much more – they also strengthen their communities. Oregon credit unions reinvested $139 million in direct financial benefits to members, charitable contributions to community organizations, donations to over 1,800 nonprofits, and more in 2018. That same year, Washington credit unions provided financial education to a whopping 94,278 Washingtonians, and Idaho credit unions helped members save a collective $240 million toward rainy day funds. **
The “People Helping People” philosophy is in credit unions’ DNA, because credit unions love their members!
* Idaho Membership Benefits Report, Oregon Membership Benefits Report, Washington Membership Benefits Report, Credit Union National Association study based on Datatrac, NCUA, and CUNA comparison of bank and credit union rates for 12 months ending in September 2019.
** Northwest Credit Union Association Community Impact Report analysis for the 12 months ending in December 2018.