Nearly 680,000 Mainers are saving money every year just by choosing to be a member at one of Maine’s Credit Unions. But just how much money are they saving?
Based on previous studies, Maine credit union members collectively save $40 million a year by belonging to a credit union. These collective savings are put together from earnings that are returned to members in lower loan rates, higher interest rates on deposits, and lower fees.
It’s no wonder that more than half of Maine’s population belongs to a credit union.
Maine Credit Union League President John Murphy said that the credit unions’ ability to focus on saving member’s money make credit unions an increasingly viable and valuable option for Maine people.
“The credit union philosophy of putting the interests of members first continues to highlight the difference between credit unions and other financial institutions. Credit unions are owned and operated by and for their members, so all members benefit from better rates and lower and fewer fees.
“That is a key and distinct difference of credit union membership,” Murphy noted.
To find a credit union near you, visit www.mainecreditunions.org.