Credit Unions work very similar to banks. However, unlike banks, the members of credit unions own it. A credit union is basically a non-profit entity that serves the members by offering them lower loan rates, less fees, better savings rates and more. There are more than 5,000 credit unions in the U.S. of varying size. Some credit unions are even bigger than traditional banks. Let’s take a look at the ten biggest credit unions in America.
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Ten Biggest Credit Unions In America
We have used the asset size data (as of 2020) to come up with our list of the ten biggest credit unions in America. Following are the ten biggest credit unions in America:
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Suncoast Credit Union (Suncoast, over $10 billion)
This credit union was formerly known as Suncoast Schools FCU and is the biggest credit union in Florida. It offers services to more than 892,000 members. Suncoast was initially founded to serve teachers, but now offers services to anyone living in the 39 counties of the credit union service. It has a minimum deposit requirement of $25, but has no monthly service fee.
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America First Credit Union (America First, over $11 billion)
Founded in 1939, this credit union operates out of Utah. It provides services to more than 1.13 million members. America First has a minimum requirement of $1 to open an account. There is no monthly service fee. Its interest yield on average assets was 3.74%. To become a member, you need to live, work, attend a school or do business in Utah or Clark County in Nevada.
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Alliant Credit Union (Alliant, over $13 billion)
Founded in 1935, this credit union operates out of Chicago, Illinois. It offers banking services to more than 521,000 members. Alliant offers services to employees, retirees, members of qualifying organizations, as well as to their immediate family members. There is no minimum deposit requirement, nor does Alliant have a monthly service fee. Alliant’s interest yield on average assets was 3.48% in 2018.
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First Technology Federal Credit Union (First Tech, over $13 billion)
Founded in 1961, this credit union is headquartered in San Jose, California. This credit union serves more than 610,000 members. It offers services to many member groups, but mainly serves manufacturing employees and their immediate family members. First Tech has no minimum amount requirement to open an account and doesn’t charge any monthly service fee.
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The Golden 1 Credit Union (Golden 1, over $15 billion)
Founded in 1933, this credit union is headquartered in Sacramento. It provides services to more than 1.07 million members. This credit union has no minimum deposit requirement to open an account and it doesn’t charge any monthly service fee. In 2018, its interest yield on average assets was 3.16%. This credit union has an excellent financial wellness center.
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SchoolsFirst Federal Credit Union (SFFCU, over $16 billion)
Founded in 1934, this credit union operates out of Santa Ana, California. SFFCU offers services to more than 1.12 million members. It mainly provides services to the members of the education community and immediate family members. SFFCU has a minimum requirement of $25 to open an account, while it doesn’t charge any monthly service fee. In 2018, its interest yield on average assets was 3.21%.
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Boeing Employees Credit Union (BECU, over $22 billion)
Founded in 1935, this credit union operates out of Washington. It provides services to more than 1.26 million members. BECU was started as Fellowship Credit Union by 18 Boeing employees. It has a minimum requirement of $25 to open an account. BECU doesn’t charge any monthly service fee. Its interest yield on average assets was 3.33% in 2018.
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Pentagon Federal Credit Union (PenFed, over $24 billion)
Founded in 1935, this credit union operates out of Alexandria, Virginia. PenFed provides services to more than 2 million members, including military or members in armed forces and their immediate families. It has a minimum requirement of $25 for a deposit and charges a service fee of $10 a month. PenFed has a program that assists members to skip payments, if there is a need.
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State Employees Credit Union (SECU, over $41 billion)
Founded in 1937, this credit union operates out of Raleigh, North Carolina. SECU offers banking services to more than 2.51 million members. It offers services to its members and their immediate family members, as well as residents of North Carolina. You need to deposit at least $1 to open an account with SECU. It doesn’t charge any monthly service fee.
Founded in 1947, this credit union operates out of the state of Virginia. It provides services to more than 9.44 million members. This credit union serves U.S. military members, as well as the immediate family of any current members. NFCU has a reliable mobile banking system that supports all major platforms. It has no minimum dollar requirement for opening an account. As well, it doesn’t charge any monthly service fees.
