Top 10: Credit Unions
As the financial industry becomes more complex, customers are now seeking alternatives to traditional banking. One alternative that has gained traction in recent months is credit unions.
A credit union is a member-owned, not-for-profit financial cooperative that provides savings, loans and other financial services to its members. Members will combine their savings to provide each other with credit at a low interest rate.
During a time of economic crisis, credit unions have become vital for members when it comes to offering low-interest rates and fees for financial services.
FinTech Magazine considers some credit unions with the most assets, as of December 2023.
10. Randolph-Brooks Federal Credit Union
Total assets: US$18.29bn
Randolph-Brooks Federal Credit Union is a credit union headquartered in Texas, United States, which is chartered and regulated under the authority of the National Credit Union Administration. It serves more than one million members from a network of full-service branch locations, with more than US$18bn in assets as of March 2024.
Currently, the credit union is the largest in Texas and the tenth largest in the United States, based on total assets. The organisation prides itself on being a financial cooperative intent on helping members save time and money, in addition to earning money.
9. Mountain America Credit Union
Total assets: US$18.4bn
Mountain America Credit Union is a federally chartered credit union headquartered in Utah, United States, regulated under the authority of the National Credit Union Administration. It is the second largest credit union in the state and operates as a member-owned, not-for-profit financial cooperative seeking to improve the lives of its members.
In July 2024, the company extended its partnership with cloud-based digital solutions provider Alkami Technology for an additional five years to continue leveraging its digital banking platform, in addition to data and marketing solutions.
8. Alliant Credit Union
Total assets: US$18.47bn
Alliant Credit Union is an American credit union headquartered in Chicago in the United States, which ranks among the largest credit unions in the country. It currently serves over 600,000 members across the nation, operating solely online.
The union was officially established as the United Airlines Employees' Credit Union (UAECU) by United Airlines employees in 1935. Over the years, the union broadened its membership scope and extended its services to multiple sponsor organisations and communities.
7. America First Credit Union
Total assets: US$19.34bn
America First Credit Union is a federally chartered credit union headquartered in Utah, United States. As of January 2020, the credit union was the sixth largest credit union in the US in terms of total membership, alongside 131 branch locations and more than one million members.
In order to be eligible for membership at America First, members must live, work, worship, attend school, conduct business or volunteer in any counties or cities within their field of membership. This includes Utah, Idaho, Oregon, New Mexico, Arizona and Nevada.
6. Golden 1 Credit Union
Total assets: US$21.12bn
Golden 1 Credit Union (Golden 1) is a credit union headquartered in Sacramento, California. Currently, Golden 1 serves its members throughout California across more than 70 branches and 30,000 co-op ATMs across the US.
Founded in 1933, the union’s vision was to create a financial cooperative where Californians could pool their financial resources together to help one another. Today, it boasts a reputation as one of the largest credit unions in the country as it continues to deliver solutions with greater value.
5. SchoolsFirst Federal Credit Union
Total assets: US$29.22bn
SchoolsFirst is a federal credit union that offers personal services to California school employees and their families. It is currently the largest credit union in California by asset size, with more than 1.4 million members.
The union also offers investment and retirement solutions, auto and personal loans in addition to mortgages, debit and credit cards. Every decision it makes aims to serve in the best interest of its members, continually providing its members with world-class personal service to help them better their financial lives.
4. Boeing Employees’ Credit Union
Total assets: US$29.87bn
Founded in 1935, BECU is an American credit union based in Washington. It was named the Boeing Employees' Credit Union for much of its history and originally served employees of The Boeing Company. Now, it is a member-owned, not-for-profit credit union committed to improving the financial well-being of its members and communities.
Likewise, the union holds a range of community giving initiatives that help sustain the vital work of organisations that support where its members live. It also offers its members lower interest rates on loans, fewer fees and benefits and discounts to help their savings grow.
3. Pentagon Federal Credit Union
Total assets: US$34.79bn
Pentagon Federal Credit Union, widely known as PenFed, is a US federal credit union headquartered in the state of Virginia. It is chartered and regulated under the authority of the National Credit Union Administration and boasts more than 2.8 million members as of December 2023.
In addition to a variety of loans, savings and deposit accounts, PenFed also offers credit cards and other financial services. The union is driven to help our members and community, partnering with its members to empower and create lasting change.
2. State Employees’ Credit Union
Total assets: US$54.57bn
State Employees' Credit Union is an American state-chartered credit union headquartered in North Carolina, regulated under the authority of the Credit Union Division of the North Carolina Department of Commerce. Since 1937, the credit union has been a trusted financial services provider for our members as it helps them meet their financial goals.
As the second-largest credit union in the US, it serves nearly 2.8 million members through 275 branch offices and more than 1,100 ATMs.
1. Navy Federal Credit Union
Total assets: US$170.8bn
Navy Federal Credit Union is an American global credit union headquartered in Virginia and is currently the largest natural member credit union in the US, both in asset size and membership numbers. As a not-for-profit credit union, its goal is to do what’s right to offer real value to its members.
The organisation is also dedicated to fostering financial health and wellbeing for the military, veterans and their families across the US. It also seeks to embrace and celebrate diversity and inclusion across all the communities it works for.
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