Credit union membership has hit an all-time high within the last year due to rising bank fees and other issues. More and more people are beginning to discover the benefits of credit unions. But are they really that much better? And how many people think this upward trend will continue?
In Ask Your Target Market’s latest survey, 63% of respondents said they currently have an account at a bank, while just 12% have an account at a credit union. 16% have accounts at a bank and a credit union, and 9% don’t have an account at either type of place.
Of those who only go to a bank, 57% said they have never considered switching to a credit union. 18% have had accounts at credit unions before. 7% have considered switching to a credit union in the past. And 18% said they are currently considering making the switch to a credit union.
Credit Union Members
Of those who only bank at credit unions, just 22% said they have never had an account at a bank. 20% said they switched to a credit union within the past two years, and 57% said they switched to a credit union over 2 years ago.
When asked what factors made them choose credit unions, 55% said their credit union has fewer fees than banks. 45% said they like that credit unions are run by members. 41% said they like that credit unions are not-for-profit. 35% said they like supporting small businesses. And 31% said they get more personal service at credit unions.
48% of all respondents said they do believe that credit union membership will continue to rise over the next few years. Only 5% do not think it will, and 47% had no opinion.
The widget below shows the results of the AYTM.com survey in full. Be sure to click “open full report” for full details.
What do you want to know? If you need some consumer insights on a particular topic, let us know in the comments below and we’ll consider it for an upcoming survey post.
Results were collected on March 21 via AYTM’s online survey panel.