Definition, Meaning & Synonyms

credit-union

Noun

/ˈkrɛdɪt ˈjuːniən/

Definition

A credit union is a member-owned financial cooperative that provides traditional banking services.

Examples

Many people prefer to use a credit union for their banking needs due to the lower interest rates on loans.
She opened a savings account at her local credit union to take advantage of the higher interest rates.

Meaning

Credit unions are designed to serve the needs of their members by providing options like savings and loan products typically at lower fees and better interest rates than commercial banks.