Is it better to use a bank or a credit union for checking and savings?
I have used banks and credit unions for years for bill paying, savings and checking accounts, and getting loans. I have chosen one over the other on the basis of it’s hours of operation and proximity to my home, and the amount of branches that are conveniently available. Are those the best reasons to choose one or the other? I would like to see better interest rates with my savings accounts. Most of the banks I deal with have “chump change” interest rates. These two institutions seem to generally offer the same services, so what’s the purpose of having them both? What are some significant pros and cons of one over the other? Also, in this day and age, what should be the minimum savings interest I should look for to help me decide if I will get a good return at a particular institution?