Analyze digital credit union terms for membership eligibility, dividend rates, and how being member-owned actually affects your account.
Credit unions are member-owned, but digital ones have unique terms. Know the membership requirements and limitations.
Many digital credit unions require specific affiliations—employer, military, geographic area. Some accept anyone via association membership ($5-10 donation).
Advertised APY may only apply to certain balance tiers. Below $10K might earn 0.25% while $50K+ earns 3%+. Check all tiers.
You must maintain a minimum balance ($5-25) in a share/savings account to remain a member. Closing it terminates all accounts.
Digital credit unions may have no physical branches, or only in certain states. Cash deposits and notarized documents can be challenging.
Credit unions often advertise "rates as low as" but your actual rate depends on credit score and loan type. Range can be 3-18%.
Credit unions are NCUA insured (not FDIC), same $250K limit but different agency. Some credit unions aren't federally insured at all.
Paste the membership agreement to understand your rights and requirements.