Disclosure :: This post is sponsored by Meritus Credit Union.
Five Ways Local Credit Unions Can Help Your Family Crush Their Financial Goals
Credit unions. It’s a word that many find unfamiliar and at times, confusing to define. From wondering if it is a labor union of sorts, or a place to secure a fast cash loan, many families don’t even consider it as a banking option when it comes to personal finances. I’ve made it my mission professionally to educate everyone of the amazing benefit that is your local credit union, and how it should be considered before any banking institution. Especially since having my daughter, managing my money smartly has quickly become one of my top priorities. And while it is my day job to spread awareness of credit unions, I passionately believe every word that I preach and truly think credit unions can be the tool families need to get closer to reaching those financial milestones. Banking at a local credit union, such as Meritus Credit Union, means every cent stays here locally. In 2020, Meritus Credit Union gave nearly $60,000 back to Acadia, Lafayette, Iberia, St. Martin and Vermilion parishes by sponsoring their school systems, issuing scholarships and donating to nonprofit causes. Read on below to learn what benefits Meritus CU can offer to you and your family.
Rates you can’t find anywhere else.
The best part of a credit union is since they are a not-for-profit financial institution, profits made are returned to members via low interest loan rates. And when I say lower, I mean lower than your patience after your toddler rejects their dinner. Meritus CU rates are competitive, with car rates as low as 2.49%* APR, compared to dealerships which average around 4.93% APR. They also always beat those incredibly high credit card rates, with the lowest credit card rate starting at 7.9%* APR. Even if you are already committed to another financial institution at a higher rate, Meritus Credit Union will make the process of switching over to their institution a breeze, in what is called a refinance loan. Many times this will help you save an incredible amount of interest each month, with more paid to your principal, making the life of the loan much shorter.
Helping save for your child’s future while teaching your kiddos how to save.
With our absolutely free kids savings account, your child gets an extraordinary amount of benefits for joining our newly launched Wise Kids Savings Club with Oaklee the Owl. Upon opening an account, your little saver instantly receives a bag of goodies, including an adorable stuffed Oaklee Owl, kids backpack and passbook (savings booklet). Your child will receive a special stamp in their passbook each time they visit a branch and make a deposit of $5 or more. After collecting 10 stamps, turn in your tracking booklet to receive a $10 gift card to Barnes and Noble. Or your child can wait and turn in their booklet with 20 stamps to receive a $25 Barnes and Noble gift card. We also want to help your child achieve their academic goals too! Each youth account member will receive free money deposited into their account when they provide a report card with good grades. Other benefits include trips to our coin machine with no fee, fun activities and coloring sheets on our website. Your child will become an expert saver and learn how important it is to save and manage their money. Visit merituscu.net/wisekid for more details.
High interest checking accounts that pay you really dollars, instead of pennies.
Interest-bearing accounts can be pretty lacking these days. Due to the record-setting low rates on loans, financial institutions typically cannot afford to pay much money on savings and checking. Once again, though, this is the benefit of belonging to a credit union. Opening a free Kasasa Cash checking account at Meritus Credit Union ensures that you will earn 3.00%** APY on balances up to $15,000. This means up to $450 yearly! After all, if you’re storing your money in a financial institution, you should be rewarded for it. If you prefer to keep your checking account open with just the essential amount of cash, you may choose instead to open a Kasasa Cash Back checking account, which pays you 3.00%** APY cash back on debit card purchases, up to $9 per month.
Save that trip to an ATM: You don’t need more errands to run.
Not only are we part of a nationwide 20,000 free ATM network, we also offer free ATM fee refunds on the majority of our checking account products. It has been the best feeling in the world when I’ve been busy vacationing in San Francisco or passing through Florida, I’ve never had trouble locating a fee-free ATM machine.
Instead of cookie-cutter service, expect an authentic and personalized experience.
It goes without saying that every single person has unique financial hurdles, goals and challenges. Unfortunately many bankers can fall into the mistake of recommending the same products or believe what works for customer 1, should also work for customer 2, 3, and 4. At the credit union though, you are a valued member and we recognize your financial journey is unique only to you. We take the time to learn of your situation and advise personalized plans that make sense for you, instead of everyone else.
Local credit unions are a rare financial treasure for the communities they serve, and Meritus Credit Union is the best kept secret in Lafayette and Acadiana. With convenient branches in Lafayette, Carencro, New Iberia, and Crowley, this may be the answer to your family’s financial budget woes. Their member-focused staff would be honored to serve you and show you the true credit union difference experience.
*Minimum and maximum loan amounts may apply. Your APR will be determined based on our internal credit criteria and may differ based on your loan amount, repayment method, and other factors.
**APY = Annual Percentage Yield. View important disclaimers here.
*Anyone who enters is consenting to subscribe to Lafayette Mom. NO SPAM, only the good stuff!