This International Credit Union Day, See Why More People Are Switching to Credit Unions

Credit union membership keeps growing. According to first-quarter 2026 data, federally insured credit unions serve 145.8 million members, up 2.5 million from a year earlier.

With International Credit Union Day coming up on October 15, it’s a great moment to ask what draws people to credit unions and whether the same advantages could matter to you.

If you’re curious why people are switching to credit unions, start with your own money. Would another institution charge you less to keep and use checking? Could your savings earn more?

A good comparison should also tell you what borrowing could cost and whether you’d still have convenient access when you need it. Those practical differences trace back to one basic feature of a credit union: its members own it.

International Credit Union Day: Why Member Ownership Matters to Your Money

Credit unions have celebrated International Credit Union Day on the third Thursday in October since 1948. The 2026 observance marks the 78th anniversary, which appropriately centers on a theme of cooperative finance. This theme gets to the very heart of how a credit union differs from a traditional bank.

A credit union is a member-owned financial institution. The people who join collectively own the cooperative and elect the board that governs it. At a federal credit union, each member gets one vote in credit union elections, whether that member keeps a balance of $5 or $5,000,000 in the credit union.

Ownership matters because it changes who the institution ultimately serves. Under a not-for-profit banking model, a credit union still earns revenue, pays its expenses, and maintains reserves. It can retain earnings to support the credit union or return them to members through dividends and other member benefits rather than distributing profits to outside shareholders.

How credit unions reinvest in members becomes easier to see when you look at the results. Lower account costs can keep more money in your checking or savings, while competitive lending terms can reduce what you pay to borrow. Investments in technology or expanded access with features like mobile banking can make the credit union easier to use.

Energy One has followed that cooperative model since it began in 1935 as a one-room, one-person operation, bringing benefits to its members every day.

Credit Union vs. Bank: What Could Actually Change for Your Money?

Why join a credit union? One useful way to answer that question is to look at what different accounts and rates could mean in actual dollars.

Checking Fees Can Add Up Over a Year

A $10 monthly checking fee may not feel significant when it leaves your account, but it adds up to $120 over a year. If another account offers the services you use without that monthly charge, you keep that $120 for groceries, a bill, savings, or another priority.

ATM and Overdraft Fees Can Push the Cost Even Higher

Monthly maintenance fees may be only part of what you pay. Suppose your current account charges $3 when you use an out-of-network ATM. Two of those withdrawals each month would cost another $72 over the course of a year.

Add one $35 overdraft fee, and those ATM and overdraft charges reach $107. Combined with the $120 in monthly account fees above, you would spend $227 in one year on those three types of charges alone.

A Higher Savings Rate Can Put More of Your Balance to Work

Savings flips the question from what you pay to what you earn. Suppose you keep $5,000 in an account for a year. At 0.50% APY, that balance would earn about $25 if the balance and APY stayed the same.

At 3.00% APY, the same $5,000 would earn about $150, a difference of roughly $125 for the year. When you compare credit union savings rates, use the APY that applies to the amount you actually expect to keep in the account.

A Small Auto Loan Rate Difference Can Cost Hundreds of Dollars

Rate differences become even more noticeable when you borrow larger amounts over several years.

Consider a $25,000 auto loan with a 60-month term. At 6.00%, the monthly principal and interest payment would be about $483, with roughly $4,000 in total interest over five years. At 7.00%, the payment would rise to about $495, and total interest would be about $4,702.

A difference of one percentage point works out to around $12 more each month and about $703 more in interest over the life of the loan.

When comparing credit union loan rates vs. banks, keeping the loan amount and term the same helps show what the rate difference would really cost.

At Energy One, we publish our current rates, so you can check the numbers that apply to the products you’re actually considering before you make the switch.

Credit Union Member Benefits: Everyday Convenience Matters

Think about the mobile banking tasks you handled over the last seven days. Maybe you checked your balance before making a purchase, transferred money, deposited a check, or paid a bill. A new financial institution should make those routine tasks easy enough that you don’t miss the setup you already have.

But also think about the times when an app isn’t enough. Energy One has branches in Oklahoma and Texas, and members can also use shared branches through participating credit unions across the country. Those local credit union benefits can matter if you travel often, move, or simply prefer to handle certain transactions in person.

It’s worth testing credit union customer service before you move your money. Call with a real question about membership, a fee, or how a transfer works. Pay attention to whether you reach someone who can answer clearly and whether you leave the conversation knowing what to do next.

If the account works well both online and when you need personal help, it could be a good fit for your financial needs.

Think Past Your First Account

Switching savings or checking accounts takes effort, so it helps to know what else the institution can handle before you move. After all, your next major financial decision could involve a vehicle, a home, or another goal that requires a specific kind of account or loan.

If you’re weighing the benefits of joining a credit union, look at whether the same institution can support any later needs that might arise.

At Energy One, we offer auto loans for eligible new and used vehicles. Our savings accounts can help you separate future goals from everyday spending. And with mortgage options for home financing, we make it simple to address multiple financial needs in a single place.

How Does Energy One Give Back to Its Members?

A member-owned credit union should support people beyond the accounts and loans they use. At Energy One, that includes financial education on topics such as budgeting, fraud prevention, credit, and homeownership, giving members practical guidance for financial decisions at different stages of life.

The same member-first focus carries into the communities we serve. Energy One supports local sponsorships and scholarships that benefit students, organizations, and programs close to home. Those efforts extend our role beyond everyday banking and help us contribute to the places where our members live, work, and raise their families.

Use International Credit Union Day to Check What Your Current Accounts Are Doing for You

International Credit Union Day is a good time to ask whether your current financial institution is still working as hard for you as it should. A monthly checking fee, a low savings rate, or frustrating service may seem minor on their own, but together, they can shape how much value you get from your banking relationship.

Switching to a credit union may make sense when the differences are meaningful to your everyday finances, whether that means lower costs, stronger rates, or easier access to the services you use most.

Curious to see how Energy One compares? Become a member online and explore the accounts and services that fit your needs.

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