SEATTLE, WASH. – For many couples, their wallets get lighter in February, as gift giving remains popular around the Valentine’s holiday.
According to the National Retail Federation, Americans spend an average of $137 each year on Valentine’s Day. People buy gifts like chocolates, roses, and jewelry for their sweethearts.
For 50% of Washington residents, their membership with a credit union gave them access to extra spending money for the holiday. Those 3.6 million members save an average of $103 each year by having checking and savings accounts with a credit union.
Credit unions bring value to their members through fewer fees, lower loan rates, and higher returns on deposits than most big banks. That extra savings adds up, so couples have more to save, or spend on each other, for Valentine’s Day. Credit unions structure as not-for-profit cooperatives allow Washington residents to do well by saving more, and do good knowing that their credit union is giving back to the communities it serves.
“At Inspirus Credit Union, we care about our members and supporting them through every financial situation,” said Inspirus Credit Union President Scott Adkins. “We exist to serve our members, and together, we’re able to give back to Washington’s education community, something that’s core to our mission at Inspirus.”
The key difference between credit unions and other financial institutions is that credit unions exist to serve their members. If you’re a member, you’re an owner. Instead of paying Wall Street stockholders, credit unions return direct benefits to Main Street owners – and that means you.
Members save more when they use additional credit union products and services. Research based on data from the National Credit Union Administration and Informa Research found that consumers saved an average of $195 a year in interest payments when they financed a $25,000 vehicle loan at 60 months through a credit union, compared to a bank.
This Valentine’s Day, remember to show your wallet some love switch to a credit union.
Nearly all Washington residents are eligible for credit union membership. Own your money. To find a credit union that’s convenient for you, please visit www.asmarterchoice.org.