Salt Lake’s biggest credit unions offer everything from mortgages to in vitro fertilization loans, but what it costs their members varies.
But I like to test my opinions to see if they’re backed up by the data. Do we see big differences in the rates from our local credit unions? Do the big ones offer better or worse rates than the smaller ones? I compiled rates across eight of the largest credit unions in Salt Lake County, then compared them to national bank and credit union averages, to find out.In the beginning, credit unions were very restrictive about who they allowed in their voting block, and some still are.
I was a little surprised to see that many of the credit unions don’t change their rates as often as I expected — some of them hadn’t yet been changed since the beginning of 2024. Others, though, kept them updated on a weekly or even daily basis. These searches were done on Wednesday of this week, March 27, 2024, for posterity.
None of the credit unions are very good at giving out interest in basic, non-fee checking or savings accounts. America First and UFirst have the best of these in the checking department, giving at least a tenth of a percent, but it’s not going to make you rich. Granite and Utah First give out that same .1% in their savings accounts.
The other fun differentiator: Different credit unions can offer different financial products based on what they believe their members want. Here are some things to know: • Cyprus’ loan rates include a .5% discount for payments that come from a Cyprus checking account. Goldenwest does the same, but with a .25% discount.