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Why do credit unions require a savings account?
By Janelle Merritt, Certified Credit Union Financial Counselor

There are two main reasons:

1. It helps you build good money habits.
Credit unions are all about setting you up to win with your money. Starting with a savings account is a built-in reminder to pay yourself first. You’ll still use checking for everyday spending, but keeping savings separate makes it easier to not spend it all.

2. It makes you a member.
Opening a savings account = becoming a credit union member. That means you get access to all products and services and even a voice, like voting for the Board of Directors.

Honestly, reason #1 is my favorite. After 26 years in the credit union world, I’ve seen how powerful it is to start with saving. When your savings and spending are separate, you’re more likely to hold onto your money (instead of wondering where it went).