A credit union is a member-owned organization, meaning the account holders are members rather than customers. It is also vastly different in its approach to meeting community needs. Instead of being profit-driven, credit unions care about their members and the community, often giving back in many ways. On the Big Island, credit union access is critical to supporting families and households, small businesses, and investors.
What is a Credit Union?
A credit union is a not-for-profit organization that provides many of the same financial tools and services as a traditional bank but without the added costs and structure that a for-profit organization tends to require. As owners, Credit union members highlight the difference between banks and credit unions, often sharing positive feedback about personalized customer service and expressing appreciation for their membership’s unique benefits.
Members are the credit union’s owners, which changes the entire focus of how they work. Members benefit from lower interest rates and better terms when the credit union does well. As a member-owned organization, the credit union’s decisions depend on what it believes is best for the community as a whole rather than just a few people or groups that own the financial institution. Doing so makes credit unions a powerful ally in helping to build financial wealth and well-being.
Why Choose Hawaii Credit Unions on Big Island?
When it comes time to choose a credit union, Big Island residents have few options, and there are some clear benefits to switching from a traditional bank to a credit union.
One of the best reasons is the local focus and personalized service credit unions provide to their members and the community. They invest in the location’s success, which means they are consistently creating loans and financial tools that meet the diverse needs of the people within the community. Hawaii credit unions, particularly those operating within Hawaii County, exemplify this local focus, serving as not-for-profit financial cooperatives dedicated to the unique needs of the region’s residents.
More so, when you look at your options in a federal credit union on the Big Island, you’ll also notice no difference in the quality and level of services, security, or financial tools. Often, it’s less expensive and easier to work with a credit union instead of a bank.
Membership Benefits of a Big Island Credit Union
Being a member of a Big Island credit union brings numerous benefits. At HFS FCU, you’ll gain access to the types of accounts and their features that you want and need with much less frustration. You’ll work with an organization committed to the community. Additionally, members can take advantage of a wide array of banking services, including savings accounts, loans, mortgages, and investment opportunities tailored to meet the diverse needs of our community, from agriculture loans for local farmers to mortgage loans for homeowners.
Beyond these benefits, there are also other advantages to working with a credit union on the Big Island. These include financial benefits such as lower fees and better interest rates and additional perks like financial education resources and community event support.
Financial Benefits
Anyone moving to a new bank must consider the cost, especially when considering mortgage loans. Credit unions are not profit-driven but community- and member-driven, offering competitive rates on mortgage loans. As a result, the profits they earn from being financially savvy organizations are passed on to members in various ways, including through lower interest rates on loans. Mortgages, personal loans, and credit cards tend to have lower rates at a credit union than at other banks. Though fee structures differ between organizations, most are minimal overall compared to the numerous fees banks charge.
Those cost savings also mean credit unions can offer savings and investment accounts with typically higher interest rates. For example, an individual could earn the same amount in their bank savings account while earning much more at the credit union.
Personalized Services
Having a financial institution you trust to handle your investments and someone you can talk to about your needs. With a credit union, you get one-on-one financial counseling and more tailored loan options. The staff gets to know you, which can help them make better lending and investment decisions based on your needs. Plus, Credit union branches have convenient locations to ensure you have easy access to these personalized services.
With more flexible solutions, credit unions on the Big Island are often better prepared to handle your circumstances meaningfully rather than based on industry trends. This type of personalized service is tough to find in a traditional bank.
Financial Products Offered by Credit Union on Big Island
As you explore the range of products Hawaii FCU offers across the islands, you may not notice any limitation on the types of accounts available. Today’s credit union is often fully versed in offering exceptional options.
Consider some of the types of financial products available:
- Checking accounts of all types
- Savings accounts
- IRAs
- Money Manager accounts
- Share certificates
- Credit cards of various types
- Loans for homes, cars, and personal needs
You’ll also find unique options like business accounts for estates, sole proprietorships, and corporations on the Big Island; you may wish to choose a HUTMA account, or a representative payee account.
Savings and Checking Accounts
Checking and savings accounts are at the core of what credit unions offer. An FCU Big Island organization is likely to offer accounts that fit the features you need, including:
- High yield checking accounts
- Free checking accounts
- Regular savings
- Youth accounts
Savings and checking accounts come with all of the features you may need. You can find accounts with high interest rates and rewards, including programs designed to help support your teens as they learn to manage money. Investment tools could also help you to learn about various investing strategies along the way.
Loan and Credit Options
Borrowing from an FCU on the Big Island is also an option for you. It’s a way to get the money you need to buy a home or car, often for less. Though each credit union offers specialized features, you can typically find the following types of loan and credit card offers available:
- 30-year and 25-year mortgages
- Fixed-rate and adjustable-rate mortgages
- Home loans for veterans and first-time home buyers
- Car loans
- Personal loans with or without collateral
How to Join a Credit Union on Big Island?
Often, credit unions have a few stipulations you must meet to join them. For example, you may need to meet specific residency requirements to work with an FCU Big Island institution. Notably, most credit unions on the Big Island offer their services to residents and those associated with local businesses, emphasizing the availability of financial services in these areas.
If you meet those basic qualifications, you can work with the credit union to apply to become a member. The application process is fast and easy, requiring just a bit of verification to determine what is best for your needs. You may need to show proof of your identification and the associated relationship. From there, working with the branch is easy enough to do to set up your account.
HFS Federal Credit Union on Big Island
HFS Federal Credit Union is a trusted, local Big Island credit union. It’s one of the largest credit unions in the state, with over $800 million in assets. Founded in 1937, it’s also one of the most well-established and financially secure locations.
HFS FCU offers a range of services and features to meet the individual needs of community members. With over 50,000 members, HFS FCU offers a variety of products and services to many people. Best of all, it’s open to anyone who lives, works, worships, attends school, volunteers, or participates in associations headquartered on the island of Hawaii. With easy eligibility requirements and outstanding initiatives for the community, HFS FCU is undoubtedly one of the best credit unions to work with for many people and local businesses.
FAQs
What are the primary benefits of joining a credit union on Big Island?
A community-centric organization with competitive interest rates and exceptional service, HFS FCU is a trusted organization for any type of modern banking need.
How can a credit union on the Big Island help individuals achieve their financial goals?
Utilize the low interest rates to buy a car or home, refinance high-interest rate debt, and borrow for college education. You can also utilize the savings and investment tools to build wealth over time.
Are credit unions on Big Island open to everyone, or are there membership restrictions?
Some credit unions have eligibility restrictions. Membership with the HFS FCU is open to anyone who lives, works, worships, attends school, volunteers, or participates in associations headquartered on the island of Hawaii
What sets credit unions apart from traditional banks in terms of service offerings?
With less of a profit focus, we can offer lower interest rates on borrowing and community-focused programs that may not meet big lender requirements.
How do credit union fees compare to those of traditional financial institutions?
They are competitive and oftentimes more affordable at a credit union.
Can members of a credit union on the Big Island access a wide range of financial products and services?
From savings to lending, everything you need is available at a credit union.
What role do credit unions play in contributing to the local community and economy?
By helping to support local efforts and building highly effective financial tools, credit unions can help communities and their members to grow and thrive.
Join HFS Federal Credit Union Today
Consider joining HFS Federal Credit Union. With so many potential opportunities for community-specific support, you’ll be well on your way to achieving your financial goals by partnering with HFS FCU. Learn why you should be a part of HFS, or contact us directly to learn more about becoming a member.
