If you're thinking about changing banks, you're not alone. Whether you've moved to a new city, your current bank has merged with another institution, or you're looking for better interest rates and lower fees, switching banks can be a smart financial decision.

Before opening a new checking or savings account, take time to compare your options. The best financial institution should support your everyday banking needs while helping you save money, earn more on your savings, and achieve your long-term financial goals.

1. Decide What Matters Most in a Financial Institution

Before comparing banks and credit unions, think about the features that are most important to you.

Ask yourself:

• Do you want low auto loan or personal loan rates?
• Are you looking for higher savings account returns?
• Is convenient online and mobile banking a priority?
• Do you want low or no monthly account fees?
• Would you prefer personalized, local customer service?

Knowing your priorities makes it easier to find the right financial institution for your needs.

2. Compare Banks and Credit Unions

While many financial institutions offer similar products, the differences in rates, fees, and member benefits can significantly affect your finances.

Here's how a typical bank compares with Credit Union of Denver:

Feature	Typical Bank	Credit Union of Denver
Auto Loan Rates	Vary by lender & may be higher	As low as 4.95% APR*
Personal Loan Rates	Often higher based on credit	As low as 8.49% APR*
Credit Card Rates	Often 18% - 30% APR	10.74% - 17.74% APR*
Ownership	Owned by shareholders	Member-owned cooperative
Profits	Benefit shareholders	Returned to members through competitive rates & lower fees

 

*Rates shown are current as of publication, are subject to change, and are available to qualified borrowers. Terms and conditions apply.

Even a slightly lower interest rate can save you hundreds or even thousands of dollars over the life of a loan. That's why comparing loan rates, fees, and account features before switching banks is worth the effort.

3. Protect Yourself from Banking Scams

As you research banks and credit unions online, make sure you're visiting legitimate websites. Financial scams and phishing attempts continue to target consumers looking to open new accounts.

Before providing personal information:

• Verify the financial institution is federally insured.
• Confirm you're visiting the correct website URL.
• Never share passwords, one-time verification codes, or account credentials through email or text messages or phone calls.
• Be cautious of unsolicited messages/calls requesting sensitive financial information.

Taking a few extra minutes to verify a financial institution can help protect your identity and your money.

Why Choose Credit Union of Denver?

If you're looking for a trusted credit union in Colorado, Credit Union of Denver offers competitive rates, personalized service, and a member-first approach to banking. It only takes $5 to open an account and we don’t base eligibility around credit scores.

As Colorado's best capitalized credit union, we exceed the minimum net worth and capital standards established by the NCUA, providing members with confidence in our financial strength and long-term stability.

Whether you're opening a checking account, financing a vehicle, applying for a personal loan, or growing your savings, Credit Union of Denver is committed to providing an unbiased consultative approach to assuring our members reach their financial goals while enjoying lower fees, competitive rates, and exceptional service.